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Gannett Q2 Earnings Poor; Write-Off Looms

Newspaper and TV-broadcasting media conglomerate Gannett posted a 36.4% decline in second-quarter profit, and the publisher of USA Today said it will take a $2.4 billion-$2.7 billion noncash after-tax write-down on the value of its newspapers.

In preliminary earnings for its 23-station TV group, revenue fell 5.9% to $193 million while operating cash flow slid 6.8% to $89.4 million in broadcasting (which is less severe than the 24.7% operating-cash-flow dive in Gannett's larger publishing segment).