Medford Transcript Owner Gannett Losing Money Hand over Fist: " media company reported a net loss of $53.7 million in the second quarter, compared with a net income of $15.1 million the same period a year earlier."

 

Gannett reports 'challenging' Q2 earnings, plans cost reductions

Bailey SchulzSwapna Venugopal Ramaswamy

USA TODAY

The media company reported a net loss of $53.7 million in the second quarter, compared with a net income of $15.1 million the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $50.9 million, down 56% from the prior-year quarter, with declines driven by a decline in print revenue and inflationary pressures. 

“We are not satisfied with our overall performance in the second quarter,” Gannett CEO and Chairman Michael Reed said in a release, noting the results reflect “industry-wide headwinds” in digital advertising and tightening across the economy.   https://www.usatoday.com/story/money/business/2022/08/04/gannett-second-quarter-earnings/10219506002/ 

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