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).
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.