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Gannett to take charge of $4.5B-$5.2B in fourth quarter (Dinosaur Media DeathWatchâ„¢)
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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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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