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CORRECT: Gannett Sees 1Q Publishing Revenue Falling 6%-7% On UK Weakness

("Gannett Sees 1Q Revenue Falling 6%-7% On UK Weakness," which ran 4:46 p.m. Eastern time, miscategorized Gannett's expected revenue declines. A corrected version follows.) By Nat Worden Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Gannett Co. (GCI) said Thursday it expects its first-quarter publishing revenue to decline 6% to 7% from year-ago levels, continuing a worrisome trend at the company's newspaper division as the industry struggles amid the rise of digital media. At an investor conference at the company's offices in New York City, Gannett Chief Operating Officer Gracia Martore said the company's overall first-quarter revenue is expected to decline by about 4% -- in line with expectations on Wall Street. She also said the company expects to post earnings in line with Wall Street's consensus earnings estimate of 41 cents a share. Gannett, like many newspaper publishers, has suffered persistent declines in print advertising and circulation at its publishing division, despite a broader rebound in the advertising market, in a sign that marketers are diverting their spending to other outlets as consumers migrate online for news. Shares of Gannett closed down 2.9% to $14.93. At the conference, Gannett Chief Executive Craig Dubow acknowledged that newspapers are suffering "secular" declines, but he said he wouldn't characterize the trend as "irreversible," stressing the value of the company's content generated by original, professional reporting -- particularly in local markets. Martore said Gannett's publishing division is headed for a quarterly decline in ad revenue of 7% to 8%. She said the drop-off was partly driven by economic weakness in the U.K., where cutbacks in government spending have taken a toll. Martore also said its broadcast TV division is expected to report a revenue decline of more than 2% for the quarter. However, excluding $24 million worth of revenue that came last year from political advertising, the Super Bowl and the Olympics, the division will see its revenue rise 6% to 7%. At the end of February, Martore said Gannett's companywide digital revenue was up 12%. --By Nat Worden, Dow Jones Newswires; 212-416-2472; nat.worden@dowjones.com

Stock News for Gannett (GCI)
DateTimeHeadline
04/27/201610:00:00Gannett's Profit Falls 5.9%
04/27/201608:33:31Current Report Filing (8-k)
04/27/201608:30:00Gannett Reports First Quarter 2016 Results of Operations
04/26/201609:30:00Tribune CEO Blasts Gannett as "Playing Games" With Takeover Bid
04/26/201608:44:17Current Report Filing (8-k)
04/25/201616:41:25Current Report Filing (8-k)
04/25/201609:46:00U.S. Hot Stocks: Hot Stocks to Watch
04/25/201608:30:00Gannett Offers to Acquire Tribune
04/25/201608:13:00Tribune Publishing Confirms Receipt of Unsolicited Proposal from...
04/25/201607:30:00Gannett Proposes to Acquire Tribune Publishing Company for $12.25...
04/14/201616:15:00Gannett to Webcast Discussion of its First Quarter 2016 Results
04/11/201617:26:33Current Report Filing (8-k)
04/08/201614:30:00Gannett completes acquisition of Journal Media Group
04/07/201616:15:00Gannett and Journal Media Group Receive Clearance from the Department...
03/30/201616:30:00Gannett announces update on proposed acquisition of Journal Media...
03/23/201610:16:25Additional Proxy Soliciting Materials (definitive) (defa14a)
03/23/201610:07:00Proxy Statement (definitive) (def 14a)
03/21/201616:15:00Gannett Invests in Digital News Outlet Spirited Media
03/21/201606:00:00See Who’s Embracing VR and In-Video Shopping on the Latest B...
03/10/201614:00:00USA TODAY NETWORK Premieres Virtual Reality News Show

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