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Those Dynamite Gannett Earnings Still Spell Bad News For Newspapers
Philip M. Stone July 21, 2010 Follow on Twitter
Gannett, the largest US newspaper publisher, reported Q2 earnings up a third over the same period and Wall Street greeted that with a thud – the shares fell 11% on the day. A disconnect? No. While Gannett is into broadcasting and digital services – both of which did very well -- it’s still newspapers that drives the company and overall revenue fell 1.6% in the quarter as newspaper advertising revenues continue to decline.
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