Gannett Co., Inc. announced that the Company used proceeds of $21.3 million from real estate sales completed in January 2023 to reduce its first lien debt by $22.3 million. Approximately $5.0 million of the proceeds were used to repurchase approximately $6.1 million of 6.00% first lien notes due November 1, 2026, representing a discount to par. The remaining $16.3 million of proceeds were used to repay amounts under its five-year senior secured term loan facility. “We continue to make meaningful progress in reducing our first lien debt, which will continue to lead toward an improved capital structure and stronger balance sheet. We expect to sell another $50 million to $60 million in real estate and other assets in 2023, the proceeds of which we expect to use to pay down debt. As a result, we expect to reduce our debt within the year by approximately $120 million through the sale of real estate and other assets, along with our scheduled quarterly amortization payments,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

Publisher Lee Enterprises has discovered “material weaknesses” in its financial reporting and has not yet filed its annual report for the fiscal year ended September 25, 2022, the company states in a Form 8-K filing with the Securities and Exchange Commission. Management “did not maintain appropriately designed information technology general controls in the areas of user access for certain of its information systems that are relevant to the preparation of the Company's consolidated financial statements and system of internal control over financial reporting,” Lee says.