Gannett: Our UK Papers Are Screwed, Too

A lot of write-downs from the nation’s publicly-held newspaper companies of late, but none as big as Gannett’s $3 billion whopper, planned for Q2. Gannett (USA Today) is the nation’s largest newspaper company, but we’re told this write-down, which represents 19% of the company, isn’t about the ailing US business. It’s about the declining value of a chain of 17 papers … in the UK.

Specifically, some of the same conditions hitting papers in the U.S. are inflicting pain in the UK, including a nose-dive in the real estate market and the associated classified advertising that went with it.

Shares in Gannett (CGI) have lost half their value over the past year.

Up for Grabs: $42 Billion Of Newspaper Ad Revenue

No Spring Sunshine For Cratering Newspaper Business
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Impoverished Newspapers Can’t Afford To Cover Campaigns Anymore

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