[Zakeet]

More goodies worth noting in the rather lengthy article:

• Publishing revenues were down 25.8 percent from the same quarter a year ago.

• Classified revenues were 44.9 percent lower. Automotive, employment and real estate declined 40.4 percent, 62.3 percent and 48.4 percent, respectively.

• Broadcasting revenues were down 27 percent compared to the same quarter a year ago.

• The company was able to show a small profit because of accounting gimmicks. They previously wrote off all of their intangible assets, realized a one time gain on restructuring some debt, realized another one time gain resulting from dumping their pension plan, and acquired a controlling interest in CareerBuilder (which allowed them to pick up their share of that company's earnings).

• According to company officers, you can rest assured that they, "continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm."

• The stock market responded with no gain.

etc.

[abb]

Yes. While Gannett continue to slash payroll to cut expenses, note the revenues are declining at a faster rate.

It takes no financial wizard to see how this will come out.

[Lucius Cornelius Sulla]

They are turning balance sheet assets into income? Sounds like a last chance desperate move.