Gannett Q1 profits down

GannettBlog reports Gannett Co., the owner of Bella Magazine, Pensacola News Journal and 81 other newspapers as well as television stations, reported first-quarter profit decreased 23% as circulation and print advertising continued to decline.

Net income fell to $90.5 million, or 37 cents a share, from $117.2 million, or 49 cents, a year earlier, the McLean, Va.-based company said today in a statement. Excluding some items, earnings fell to 41 cents a share, matching the average of analysts’ estimates compiled by Bloomberg.

The bright spot is the digital segment revenues are 12% and now account for almost 20% of overall revenue.

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