Fueled by heavy political and automobile ad spending, Gannett Co. Inc. said
Tuesday that third-quarter revenues for its TV-station division were up 24
percent to $184 million, while operating cash flow was up 44 percent to $88
For the first nine months of the year, Gannett's TV revenues are up 12
percent to $543 million, with operating cash flow up 18 percent to $268
In a conference call with investors and analysts, Gannett CEO Doug
McCorkindale said political spending was not just 'exceeding expectations,' but
it may well surpass by year's end the record political revenues Gannett
generated during 2000, the last presidential election year.
Overall, he added, fourth-quarter TV ad sales are pacing in the high-20
percent range above fourth-quarter 2001, with October sales pacing around 30
percent better and November and December up about 20 percent.
The view from Gannett's 120 media properties spread around the country,
McCorkindale said, is that 'the economy is clearly improving, but slowly.'
Areas where manufacturing operations dominate the local economy are
recovering more slowly than other areas, he added.