Gannett Warns USAT's Ad Revs Face 30 Percent Decline; Buyers Are Interested In Tucson Citizen
This story was written by David Kaplan.
In a sign of the depth of the declines facing even the strongest newspaper brands, USA Today's Q1 ad revenues could fall 30- to 35 percent year-over-year, Gannett (NYSE: GCI) executives told an analyst conference, Reuters reported. No word yet as to what was said about Gannett's prospects for the digital side. In the meantime, Gannett said that capital expenditures would come in around $100 million by the end of this year.
Separately, Gannett execs confirmed that they were engaged in talks with prospective buyers for its Tucson Citizen, which was nearly declared dead earlier this week. In January, Gannett said that the paper would be shuttered if it wasn't sold by March 21. Yesterday, the 138-year-old Tucson Citizen reported that it was living "day-to-day" and that it's closure was suspended for the time being.
By David Kaplan