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Gannett Results: News for Newspapers Gets Worse
Eeesh. Profits for Gannett, the nation's biggest newspaper company, dove 9%, the company announced this morning. Classified revenue -- thanks to the Web -- is off 16%. Total revenue is down 8.4%.
Other than putting more emphasis on its newspapers' Web sites, the company seems to have few breakthrough ideas about how to deal with the Internet era. "We are focused on positioning the company for the future from both a revenue and expense perspective as we navigate the uncertain economic environment," says CEO Craig Dubow, which at this point mostly means cutting employees and costs.
Gannett's stock is atrocious, falling from over $60 a share a year ago to under $30 now. What's going to happen to this company?
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