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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
08/24/201616:00:00Toyota’s “Stand Together” Ad Wins USA TODAY Sports First Ever...
08/17/201622:40:00Gannett Sweetens Bid for Chicago Tribune Parent Tronc
08/15/201614:12:31Statement of Changes in Beneficial Ownership (4)
08/12/201614:30:00USA TODAY Sports Launches First Ever Rio Ad Meter Bracket
08/10/201616:30:57Initial Statement of Beneficial Ownership (3)
08/09/201610:39:12Current Report Filing (8-k)
08/09/201610:30:00Gannett Completes Acquisition of ReachLocal, Inc.
08/03/201618:30:00Tronc, Formerly Tribune Publishing, Raises Annual Guidance
08/03/201616:22:41Quarterly Report (10-q)
08/02/201619:12:25Statement of Changes in Beneficial Ownership (4)
08/02/201619:09:04Statement of Changes in Beneficial Ownership (4)
08/02/201619:01:23Statement of Changes in Beneficial Ownership (4)
08/01/201616:54:00Gannett Extends Tender Offer for ReachLocal, Inc. Until August...
08/01/201614:10:00CORRECTING & REPLACING GRAPHIC USA TODAY NETWORK Enhances Successful...
08/01/201610:21:00USA TODAY NETWORK Enhances Successful Gravity Ad Unit with 360...
07/27/201610:40:00Gannett Revenue Climbs but Misses Views
07/27/201609:03:58Current Report Filing (8-k)
07/27/201608:50:00Gannett Reports Second Quarter 2016 Results of Operations
07/21/201616:55:00Nucleus Marketing Solutions Selects Rubicon Project To Power...
07/19/201617:06:00Gannett declares regular quarterly dividend

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