Internet provides highlight for Gannett in first three quarters
Media company Gannett Co. Inc., whose holdings include The Des Moines Register, saw publishing income drop and digital income soar in the first three quarters of the year, according to a Nov. 2 filing with the Securities and Exchange Commission.
Virginia-based Gannett said net operating income in the publishing segment fell 23.4 percent; in the digital area, results were up 86 percent. Overall, the company experienced a 10.3 percent decline in net operating income.
The company credited “strong revenue growth at CareerBuilder,” its job-hunting website, for the strong digital results.
Gannett noted that it is exploring “the possible printing of the Cincinnati Enquirer and the Kentucky Enquirer at the Columbus (Dispatch) printing facilities. … If this agreement is reached, the company will incur charges for the partial withdrawal from multi-employer pension plans which will be negotiated with the representatives of those pension plans. The company will also incur severance-related costs for the reduction of its work force in Cincinnati.”