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Whats Good For Gannett

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by Matt Haber
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Sep 29 2009 1:28pm EDT

What's Good for Gannett is Good For the Newspaper Industry

Talk about a rising tide lifting all the boats. After Gannett Company, the publisher of USA Today and others teased better-than-expected third-quarter earnings today, other newspaper stocks have experienced boosts as well. Nat Worden of the Wall Street Journal reported that Gannett's stock rose 15 percent at the opening bell today after the company announced earnings of nearly $100 million. (It's worth noting, of course, that Gannett, the country's biggest newspaper publisher, announced in July it would be cutting between 1,000 and 2,000 jobs.)

According to Bloomberg's Greg Bensinger, Gannett's surge has also lifted the New York Times Company's stock, which rose 11 percent, and McClatchy Company's, which had a 15 percent bump up. Not bad for an industry almost always described (by its own employees!) as "dying. (Gannett's earnings call is officially set for October 19.)

McClatchy's third-quarter earnings call is set for October 15, and the Times Company's is scheduled for October 22. Journalists hoping for continued employment should keep their ink-stained fingers crossed for more good news.

Matt Haber is the media blogger for Portfolio.com.
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