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Gannett’s TV Stations Slump in 3Q

Gannett Co. Inc.’s third-quarter TV-station revenue was down 6% to $172.3 million with an 11% drop in operating income to $72.6 million.

But newspaper revenues and operating profits were both up, giving the company a 4% total revenue gain for the quarter to $1.63 billion with operating profits of $462.5 million, up almost 3%.

The company cited lack of political advertising as the reason for the shortfall on the TV side.