Gannett Co. Inc. said TV operating cash flow for the third quarter dropped 34
percent to $60.8 million on a 19 percent revenue decline to $148.2 million.
For the first nine months, TV revenues were down 13 percent to $482.5
million, while cash flow was down 23 percent to $226.2 million.
Chairman Doug McCorkindale said the TV group faces its toughest comparisons
of the year for the fourth quarter due to the down ad market, coupled with
between $50 million and $55 million that the group generated in political and
Olympic Games advertising in the fourth quarter of 2000. The company said
fourth-quarter TV ad sales were pacing about 20 percent below last year.
Gannett did not provide guidance for 2002, but McCorkindale did say in a
teleconference with analysts that ad sales for the 2002 Winter Olympics are 'not
being as aggressively booked on the broadcast side as one would have hoped.'
But he also cautioned that the pace of bookings in the current environment,
which is volatile, can change quickly.