Gannett Reports Q3 Decline

Oct 11, 2005  •  Post A Comment

Gannett said Tuesday that its third-quarter profit fell more than 4 percent due to weakness at its broadcasting unit and rising costs associated with newsprint at its publishing division.

The McLean, Va.-based owner of 21 television stations reported a third-quarter profit of $297 million, compared with a year-earlier profit of $310.2 million. Revenue rose 4 percent to $1.86 billion.

At the company’s broadcast division, the absence of political advertising and revenue generated by the Summer Olympics led to a 19 percent decline in revenue to $166.4 million, though analysts point out that excluding those factors, revenue would have risen 7 percent in the quarter.