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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
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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Comment #21 Removed by Moderator

To: TenthAmendmentChampion

Al Neuharth and the rest of his evil empire at Gannett destroyed my local paper, Florida Today, turning it into little less than mullet wrapper.


22 posted on 01/30/2009 4:03:20 PM PST by AdvisorB (Obamatude could be defined by Blago as something tangible, but not quite as tangible as JJJ's offer.)
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To: Milhous

Late developments...

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003936760
Some Lee Enterprises Papers, Including ‘Post-Dispatch,’ Ordering Furloughs


23 posted on 01/30/2009 4:39:13 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://biz.yahoo.com/ap/090130/apfn_newspapers_sector_snap.html?.v=2
Newspapers fall on deeper cost-cutting measures
Friday January 30, 6:47 pm ET
Newspaper stocks fall on Gannett write-down, Belo job cuts, Media General dividend suspension


24 posted on 01/30/2009 4:41:40 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

Wowwwwww.


25 posted on 01/30/2009 6:11:04 PM PST by StAnDeliver
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To: StAnDeliver

In terms of a Freerepublic context, “I absolutely live for the Dinosaur Media Death Watch!”

I scan for it, and whenever it pops up, I am so there.

This thread (rubbing my hands together with an eyes glazed over smirk), is particularly delicious.


26 posted on 01/30/2009 6:29:21 PM PST by SanFranDan
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To: AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; justiceseeker93; ..

[s/b “Journalism Eats Away at Democracy”]

My Industry Is Hemorrhaging:
Journalism Layoffs Eat Away at the Watchdog of Democracy
by Olivia Loyd
Women’s International Perspective
January 30, 2009
http://thewip.net/contributors/2009/01/my_industry_is_hemorrhaging_jo.html


27 posted on 01/30/2009 8:27:28 PM PST by SunkenCiv (https://secure.freerepublic.com/donate/____________________ Profile updated Monday, January 12, 2009)
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To: SanFranDan

If you like, I can put you on the ping list.


28 posted on 01/31/2009 2:42:16 AM 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

These losses might get serious one of these days.


29 posted on 01/31/2009 6:39:55 AM PST by Grampa Dave (Does Zer0 have any friends, who are not criminals or foriegn or domestic terrorists or both?)
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To: Grampa Dave

http://cancelthebee.blogspot.com/
Rumors of more McClatchy layoffs heating up


30 posted on 01/31/2009 6:45:04 AM 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
Credit where credit is due...This is not a letter to the editor either, it is from the editorial staff

I know it is easy to beat on the media, but wanted to pass this along from the Ames (Iowa) Trib. And as an aside, I think the Ames Trib is actually generally rather fair minded. Their endorsements in November crossed party lines, and were for the most part reasonable. Of course I skip most of the main section, because there is a lot of claptrap from the AP, which deserves the scorn of the Freepers. They are owned by the Omaha World-Herald, which from my experience, the Western Iowa edition may be the best “Iowa” paper out there. Anyway, how about this from their Cheers and Jeers section....

(picture of a thumbs down) To Tom Harkin. Our esteemed senator said Thursday the $825 billion stimulus bill that was passed by the US House may be too small. That’s right. Too small. We can’t imagine $825 billion isn’t able to stimulate something. The stimulus bill seems to include too much money earmarked for Democratic special interests, such as $4.19 billion for ACORN. Senator, can you explain just how is ACORN going to stimulate the economy? Maybe if Democrats would spread the money to all instead of just using to to pay off those who helped get President Obama elected, it would be better received.

31 posted on 01/31/2009 6:52:26 AM PST by Pappy Smear
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To: abb; Milhous; SierraWasp; tubebender; BOBTHENAILER

I don’t know about the economic conditions for these fishwraps outside of California.

In Sacramento down to Fresno, ad $’s for the Bees have to be rarer than an honest rat politician in Sacramento or DC.

Does anyone have idea of the $ burn rate of McClatchy is versus any capital they have left.

A friend, who is a CPA and former CFO of some local corporations, told me that many California businesses are in the same cash burn rate problem as many of the dot.coms during the dot com bust last decade. He feels that most of our California Fishwraps are in mortal danger of going bankrupt this year.


32 posted on 01/31/2009 6:57:26 AM PST by Grampa Dave (Does Zer0 have any friends, who are not criminals or foriegn or domestic terrorists or both?)
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To: Crawdad; abb; Milhous; martin_fierro; Liz; BOBTHENAILER; BIGLOOK; tubebender
The Slimes 5 Day Chart looks like a Black Diamond Ski Slope.

Any mutual fund manager/company which has bought NYT in the past 5 years should be sued, flogged and then tarred and feathered.

33 posted on 01/31/2009 7:08:52 AM PST by Grampa Dave (Does Zer0 have any friends, who are not criminals or foriegn or domestic terrorists or both?)
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To: Grampa Dave; abb; SierraWasp; fish hawk
Thanks to abb I didn't have to look this one up. They publish the local Times-Standard but I must give them a D for putting in a home boy editor who changed the cartoon content on the Editorial Page for the better... FELL THE PAIN
34 posted on 01/31/2009 1:40:13 PM PST by tubebender (Your Tag Line offends me...)
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To: tubebender

As Sergeant Schultz on Hogan’s Heros always said... “Very interestink!”


35 posted on 02/01/2009 9:51:14 PM PST by SierraWasp (The Jim Jones of the 21st Century is now POTUS!!! Premier 0bama the illegitimate!!!)
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To: abb

I wish some rich guy would buy just one newspaper somewhere and fill it with conservative bias just to watch what would happen. Could be a ton of fun....but expensive.


36 posted on 02/01/2009 9:57:17 PM PST by cookcounty ("A ship in harbor is safe, but that's not why the ship is built, also." ---Governor Sarah Palin)
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To: SierraWasp

“Fell the Pain”

I think I had better sign up for a ‘English is a Second Language’ course..


37 posted on 02/02/2009 8:24:22 AM PST by tubebender (Your Tag Line offends me...)
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To: tubebender
Well, if'n ya'd been an old tree feller instead of "Joe the plumber," then that l'il ol booboo would have been completely understandable!!! (grin)

TIMMMMMMMMMMMMMMMMMMMMMBERRRRRRRRRRRRRRRRRRRR!!!
(fond memories of yesteryear and pre-EnvironMental nut-jobs, ya know)(snarl)

38 posted on 02/02/2009 5:39:37 PM PST by SierraWasp (The Jim Jones of the 21st Century is now POTUS!!! Premier 0bama the illegitimate!!!)
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To: SierraWasp
The bar and chain are still stuck in the first tree I tried to fall in 1972. That damn Homelite was a piece of crap...
39 posted on 02/02/2009 6:04:24 PM PST by tubebender (Your Tag Line offends me...)
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To: tubebender

Well that simply was the second “immortal tree” in your neck of the woods!!!


40 posted on 02/02/2009 7:58:57 PM PST by SierraWasp (The Jim Jones of the 21st Century is now POTUS!!! Premier 0bama the illegitimate!!!)
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