Gannett earnings slip

The media giant's value drops as proof
of the Internet's growing strength

Gannett Co. Inc, owner of the Arizona Republic, continues a downward earnings trend for the nation’s largest newspaper chain. Gannett, which also owns La Voz in Phoenix, in February saw a drop in it’s operating, ad and broadcast revenue. The corporation reported operating revenue of $528 million – a 7.2 percent drop from a year ago. Monthly ad revenue fell 8.3 percent, to $347 million. The biggest hit came in classified ad revenue, which saw a 13.6 percent, or $141 million fall. Retail ads dropped 7.7 percent, to $149 million. Broadcast revenues in February fell 7.1 percent, to $55 million. One bright spot for Gannett was national ad revenues, which rose  6 percent, to $57 million. Gannett owns USA Today, a nationwide newspaper. The numbers reflect a similar trend in the newspaper industry as more readers, especially younger readers, flock to the Internet for news. Gannett also owns azcentral.com and KPNX-TV Channel 12 in Phoenix, The Tucson Citizen in Tucson, and 43 niche magazines in the Valley. For more, www.gannett.com.