Skip to comments.Gannett to take charge of $4.5B-$5.2B in fourth quarter (Dinosaur Media DeathWatch™)
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 ...
Current market capitalization: $1.32 Billion.
They’re running on empty, captain!
Report: layoffs at the Fort Worth Star-Telegram to be announced soon
A.H. Belo Cuts Again as Industry Bleeds Out
‘L.A. Times’ to Cut 70 in Newsroom, Reorganizes to Four Sections
Is This How It Ends for Newspapers?
Where your favorite actress could end up next: YouTube
TV Execs Prep for a Tough Year
Playing Catch-Up, the GOP Is All Atwitter About the Internet
Dang dude you are fast!!
Gannett writes off up to $5.9 billion in assets as quarterly revenue misses, net income dives 36%
How well endowed should you be?
S&P may cut Gannett into junk territory
Gannett to explore dividend cut to conserve cash
NYT closed at $4.97 today, down another 11%.
More Pain in Store for Media Giants
Analyst: ‘Sell’ News and CBS Shares
Pali’s Greenfield says TV station business in free fall
Los Angeles Times kills local news section
Cuts Coming Next Week at ‘The Wall Street Journal’
How should we fund newspapers?
Save the ‘Rocky’: Supporters Rally in Denver
Raoul's Second Law of Journalism
Ignoring Bias = Bankruptcy
A.H. Belo Chooses Layoffs — 500 of Them - Over Furloughs, Pay Cuts
Journal Register Sells Pennsylvania Paper, New Owner Shutters
MediaNews Group Unpaid Furloughs Spreading
More bad economic news for biggies
Analysts cutting financial estimates for key players
Wrap: Will the economic challenges posed by the Internet destroy Hollywood, or create new opportunities?
DVD Plunge May Force Studios to Write Down Movies
News International journalists braced for job cuts
Too few take buyout, so Star Tribune hands out layoff notices
Media reporters chronicle their own demise
The Rocky Mountain News throws one heck of a migil
Share and Share Alike
College Newspapers Finally Hit by Economic Downturn
The All-Digital Newsroom of the Not-So-Distant Future
The Trouble with Non-Profit Journalism
Recession rocks Hollywood’s showbiz papers
Statesman offers early retirement program
Time Inc.s Ann Moore Makes the Case for MagazinesAnd Is Glad Shes Not in Newspapers
Newspaper Death Watch
Chronicling the Decline of Newspapers and the Rebirth of Journalism
Endowing every U.S. newspaper: $114 billion. Innovation: Priceless.
Not-For-Profit: Just Say No
A flood of news today! Wow!
What happens to the NYTime’s revenue if they are delisted from the exchange?
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.
Some Lee Enterprises Papers, Including ‘Post-Dispatch,’ Ordering Furloughs
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
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.
[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
If you like, I can put you on the ping list.
These losses might get serious one of these days.
Rumors of more McClatchy layoffs heating up
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. Thats right. Too small. We cant imagine $825 billion isnt 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.
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.
Any mutual fund manager/company which has bought NYT in the past 5 years should be sued, flogged and then tarred and feathered.
As Sergeant Schultz on Hogan’s Heros always said... “Very interestink!”
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.
“Fell the Pain”
I think I had better sign up for a ‘English is a Second Language’ course..
(fond memories of yesteryear and pre-EnvironMental nut-jobs, ya know)(snarl)
Well that simply was the second “immortal tree” in your neck of the woods!!!