View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. Media Business
October 24, 2008

Profits dive at Newsquest US parent company

By Dominic Ponsford

Gannett – the US publishing and broadcasting giant which owns UK regional press group Newsquest – has announced a sharp drop in profits in the third quarter.

Operating income for the 13 weeks to the end of September was down 32.5 per cent year-on-year to $158m on revenue down nine per cent to $1.63bn.

The news comes as Newsquest continues a programme of cost cutting with editorial redundancies at many of its UK titles.

Chairman Craig Dubow said: “While our results this quarter reflect the difficult and volatile economy both here and in the UK, they also highlight our determination to move forward with our strategic plan.

“Our positive online results confirm, for instance, the importance of digital to our plan going forward.”

The company revealed that income from Newsquest was hit by the weak pound.

Income from classified advertising at Newsquest was said to be down 27 per cent year-on-year in recent months.

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

At Gannett’s US flagship daily USA today advertising revenues were 7.1 percent down year on year in the third quarter.

The results announcement revealed that Newsquest’s network of websites attract 6.5 million unique users.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network