Gannett revenue down 31 percent

AP & CNN report: Gannett Co. (NYSE:GCI), the largest newspaper publisher in the United States, said Friday that falling revenue from broadcast and newspaper ad sales combined with an impairment charge drove fourth quarter earnings down 31 percent. Don’t send care packages to PNJ headquarters just yet. They still made $245.3 million.

…some of the company’s biggest newspaper markets are also among the hardest hit by the housing downturn, which dragged on advertising results. Arizona, California, Nevada and Florida accounted for about 40 percent of the decline in ad revenue at Gannett’s community newspapers in the fourth quarter.

Read Lower broadcasting revenue hurts Gannett