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Gannett to take charge of $4.5B-$5.2B in fourth quarter (Dinosaur Media DeathWatch™)
Marketwatch.com ^ | January 30, 2009 | David B. Wilkerson

Posted on 01/30/2009 1:53:13 PM PST by abb

Gannett Co. (GCI) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: advertising; dbm; gannett; liberalmedia; newspapers
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OUCH!
1 posted on 01/30/2009 1:53:14 PM PST by abb
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To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Caipirabob; ...

ping


2 posted on 01/30/2009 1:53:47 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

Current market capitalization: $1.32 Billion.

They’re running on empty, captain!


3 posted on 01/30/2009 1:55:29 PM PST by ConservativeMind (Who is now in charge of the "Office of the President-Elect"?)
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To: abb

http://cancelthebee.blogspot.com/
Report: layoffs at the Fort Worth Star-Telegram to be announced soon

http://www.thestreet.com/_yahoo/newsanalysis/media/10461176.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
A.H. Belo Cuts Again as Industry Bleeds Out

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936656
‘L.A. Times’ to Cut 70 in Newsroom, Reorganizes to Four Sections

http://www.fool.com/investing/general/2009/01/30/is-this-how-it-ends-for-newspapers.aspx
Is This How It Ends for Newspapers?


4 posted on 01/30/2009 1:56:26 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.latimes.com/business/la-fi-youtube30-2009jan30,0,7162909.story
Where your favorite actress could end up next: YouTube

http://online.wsj.com/article/SB123300754032616997.html?mg=com-wsj
TV Execs Prep for a Tough Year

http://online.wsj.com/article/SB123309277668321299.html
Playing Catch-Up, the GOP Is All Atwitter About the Internet


5 posted on 01/30/2009 1:57:46 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb
Gannett destroyed my favorite paper, the Arizona Republic, after the it was sold by the Pulliam family. Good riddance to them.
6 posted on 01/30/2009 1:57:48 PM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: abb

Dang dude you are fast!!


7 posted on 01/30/2009 1:58:39 PM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: abb

http://gannettblog.blogspot.com/
Gannett writes off up to $5.9 billion in assets as quarterly revenue misses, net income dives 36%

http://newsosaur.blogspot.com/
How well endowed should you be?

http://www.reuters.com/article/marketsNews/idINN3039315720090130?rpc=44
S&P may cut Gannett into junk territory

http://biz.yahoo.com/ap/090130/gannett_dividend.html?.v=3
Gannett to explore dividend cut to conserve cash


8 posted on 01/30/2009 2:00:35 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

NYT closed at $4.97 today, down another 11%.


9 posted on 01/30/2009 2:03:07 PM PST by Crawdad (Barack Obama hates black people.)
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To: abb
FYI....NY Times went BELOW $ 5.00 today..a 10% decline..YIPPEE..getting into VERY DANGEROUS TERRITORY FOR PINCHEROO...
10 posted on 01/30/2009 2:04:35 PM PST by ken5050 (Don't blame me, I voted for Palin!!)
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To: ken5050; Crawdad

Yay!


11 posted on 01/30/2009 2:07:30 PM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: abb

http://www.adweek.com/aw/content_display/news/media/e3i35bdd2d07c219452a616fa59060d09f0
More Pain in Store for Media Giants

http://www.broadcastingcable.com/article/162975-Analyst_Sell_News_and_CBS_Shares.php
Analyst: ‘Sell’ News and CBS Shares
Pali’s Greenfield says TV station business in free fall

http://www.laobserved.com/archive/2009/01/los_angeles_times_kills.php
Los Angeles Times kills local news section

http://www.portfolio.com/views/blogs/mixed-media/2009/01/30/cuts-coming-next-week-at-the-wall-street-journal
Cuts Coming Next Week at ‘The Wall Street Journal’

http://www.guardian.co.uk/media/greenslade
How should we fund newspapers?

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936522
Save the ‘Rocky’: Supporters Rally in Denver


12 posted on 01/30/2009 2:09:17 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb
Raoul's First Law of Journalism
BIAS = LAYOFFS

13 posted on 01/30/2009 2:11:32 PM PST by Doctor Raoul (Somewhere In Kenya, A Village Is Missing It's Idiot)
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To: Doctor Raoul
Raoul's First Law of Journalism
Bias = Layoffs

Raoul's Second Law of Journalism
Ignoring Bias = Bankruptcy



14 posted on 01/30/2009 2:13:54 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936557
A.H. Belo Chooses Layoffs — 500 of Them - Over Furloughs, Pay Cuts

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936566
Journal Register Sells Pennsylvania Paper, New Owner Shutters

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936613
MediaNews Group Unpaid Furloughs Spreading


15 posted on 01/30/2009 2:15:33 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.hollywoodreporter.com/hr/content_display/finance/news/e3i4a91743e701a2ac6e0161ffd4078bca3
More bad economic news for biggies
Analysts cutting financial estimates for key players

http://www.thewrap.com/article/1184
Wrap: Will the economic challenges posed by the Internet destroy Hollywood, or create new opportunities?

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alfCm3k35Kz8
DVD Plunge May Force Studios to Write Down Movies

http://www.guardian.co.uk/media/2009/jan/30/news-international-papers-braced-for-job-cuts
News International journalists braced for job cuts

http://www.minnpost.com/braublog/2009/01/29/6315/too_few_take_buyout_so_star_tribune_hands_out_layoff_notices
Too few take buyout, so Star Tribune hands out layoff notices

http://www.thewrap.com/article/1182
Media reporters chronicle their own demise


16 posted on 01/30/2009 2:19:44 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://blogs.westword.com/latestword/2009/01/in_the_minutes_before_last.php
The Rocky Mountain News throws one heck of a migil

http://www.ajr.org/Article.asp?id=4685
Share and Share Alike

http://www.pbs.org/mediashift/2009/01/college-newspapers-finally-hit-by-economic-downturn028.html
College Newspapers Finally Hit by Economic Downturn

http://www.editorandpublisher.com/eandp/columns/stopthepresses_display.jsp?vnu_content_id=1003936131
The All-Digital Newsroom of the Not-So-Distant Future

http://www.newwest.net/topic/article/the_problem_with_non_profit_journalism/C559/L559/
The Trouble with Non-Profit Journalism

http://uk.reuters.com/article/autoNews/idUKTRE50T3AN20090130?sp=true
Recession rocks Hollywood’s showbiz papers

http://www.statesman.com//business/content/business/stories/other/01/30/0130statesman.html
Statesman offers early retirement program

http://mediamemo.allthingsd.com/20090130/time-incs-ann-moore-makes-the-case-for-magazines-and-is-glad-shes-not-in-newspapers/
Time Inc.’s Ann Moore Makes the Case for Magazines–And Is Glad She’s Not in Newspapers


17 posted on 01/30/2009 2:29:33 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.newspaperdeathwatch.com/
Newspaper Death Watch
Chronicling the Decline of Newspapers and the Rebirth of Journalism

http://www.niemanlab.org/
Endowing every U.S. newspaper: $114 billion. Innovation: Priceless.

http://recoveringjournalist.typepad.com/recovering_journalist/
Not-For-Profit: Just Say No


18 posted on 01/30/2009 2:34:08 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

A flood of news today! Wow!


19 posted on 01/30/2009 3:16:29 PM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: ken5050; abb

What happens to the NYTime’s revenue if they are delisted from the exchange?


20 posted on 01/30/2009 3:54:40 PM PST by GOPGuide
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