Tuesday, July 17, 2012

Gannett suffering from weakening ad sales

By NBCNews.com staff

Shares of media company Gannett, publisher of USA Today, are up 2.8 percent at just under $15 Monday after the company said its earnings fell 21 percent in the second quarter.

Despite the negative news, the company?s stock price was higher because results were better than Wall Street had expected.

The largest newspaper chain in the United States made new investments in digital media in the quarter, but suffered from the ongoing decline of the print advertising business.

Traditional print publishers such as Gannett, which publishes 82 newspapers in the United States, are facing continued downward pressure on their advertising revenue.

Advertising revenue at Gannett's publishing division fell 8 percent during the quarter.

The newspaper industry lost more than $20 billion in advertising revenue over the last five years, indicating that major advertisers are taking their ad dollars and investing them elsewhere.

For a complete list of the latest market movers click here.?

Reuters contributed to this report.

Source: http://marketday.msnbc.msn.com/_news/2012/07/16/12770759-gannett-suffering-from-weakening-ad-sales?lite

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