Total Revenue Down At Gannett - Broadcasting & Cable

Total Revenue Down At Gannett

Q3 operating revenue was $1.64 billion, down from $1.8 billion in the same quarter last year, but Olympics help boost broadcast revenue.
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Gannett’s total reported operating revenue was $1.64 billion for the third quarter, down from $1.8 billion in the same quarter last year. But Gannett’s broadcasting revenue was up 3.9% in the quarter to $197 million, helped by the Olympics on its NBC affiliates ($24 million) and political advertising ($26 million).

 “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,” said Gannett Chairman/President/CEO Craig Dubow.

Gannett’s digital business includes CareerBuilder, ShopLocal and PointRoll, among others, some of which had previously been grouped under publishing. Total digital operating revenue from the digital businesses was $77.6 million, a significant jump over its $17.1 million in the same quarter last year. Gannett acquired all of its partners’ ownership stakes in ShopLocal and an additional 10% stake in CareerBuilder. “Our positive online results confirm, for instance, the importance of digital to our plan going forward,” said Dubow.

Dubow said political will bolster the start of Q4. “Political advertising is strong and continues to surge as we move toward November,” he said. “Meanwhile, we continue to transform our cost structure and create efficiencies as we manage through this economic downturn.”

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