November 16, 2024 10:53 am
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Divorce in the Gannett family: ‘Republic’ and 12News

GabbettBy Mike Sunnucks | Phoenix Business Journal

Newspaper advertising and circulation revenue declined in the first quarter at Gannett Co. Inc. as the owner of The Arizona Republic and KPNX-TV Channel 12 prepares to divorce its broadcasting and publishing divisions.

Newspaper publishing generated 52 percent of Gannett’s $1.5 billion in first quarter revenue, according to the company’s earnings results.

But that $768.2 million in publishing revenue is down 8.8 percent from a year ago. Newspaper advertising revenue was down 11 percent for the quarter while digital media revenue of $333 million was up 85 percent. Part of that stems from Gannett’s purchase of Cars.com.

Gannett (NYSE: GCI) turned a $112.8 million profit for the quarter, up 91 percent from a year earlier.

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