Gannett Broadcasting Revenue Up 4%

Poised for print-broadcast split/digital to happen mid-year
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Gannett reported broadcasting segment revenues in the first quarter of $396.8 million, up 3.8% over the same quarter of 2014. Last year’s Q1 was paced by $51 million in Olympic and political advertising, while higher retransmission revenue and record Super Bowl advertising boosted this year’s quarter. Core advertising was down 2% in the quarter, and digital revenue grew 11.2%.

Gannett forecasts second quarter television revenue to be up in the mid-single digits.

Operating revenues in Gannett’s first quarter were $1.5 billion, compared to $1.4 billion in the first quarter of 2014, an increase of 4.9%.

Publishing segment revenues were $768.2 million, down 8.8% compared to the first quarter of 2014. Print’s advertising revenues were 11.3% lower in the quarter. Digital segment operating revenues increased 85.1% in the quarter, totaling $332.7 million. That was fueled by the acquisition of Cars.com.

“With all three of our businesses gaining momentum, we are very well-positioned to complete the separation of our businesses later this year,” said Gracia Martore, Gannett CEO and president. “We expect to complete the spin-off by mid-year, and look forward to the enhanced opportunities we expect the separation will create for both companies.”

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