Gannett Announces Fourth Quarter 2022 Results

“During the fourth quarter the Company continued to make significant progress against its strategic priorities and we ended 2022 with our highest quarterly Adjusted EBITDA for the year, resulting in significant sequential growth over the prior quarter,” said Michael Reed, Gannett Chairman and Chief Executive Office. “This illustrates the effectiveness of our ongoing cost management program which has enabled us to navigate the near-term volatility and we believe will allow Gannett to realize its long-term growth goals. As a result, we believe we have laid the foundation for strong full year 2023 guidance which includes significant cash flow growth.”

“Importantly, in addition to the results from our cost management efforts, we also continued to see the success of our digitalonly subscription and Digital Marketing Solutions growth strategies. In the fourth quarter revenue from our digital-only paid subscriptions rose 29% year-over-year, as we surpassed 2.0 million digital-only paid subscriptions, and our Digital Marketing Solutions business achieved its third consecutive quarter of sequential core platform revenue growth, while maintaining doubledigit Adjusted EBITDA margins.”

Fourth Quarter 2022 Financial Highlights:
• Total revenues of $730.7 million decreased 11.6% compared to the fourth quarter of 2021 ◦ Same store revenues(2) decreased 10.3% compared to the fourth quarter of 2021
• Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store(2) basis mainly as a result of declines in digital media year-over-year
• Net income attributable to Gannett of $32.8 million, an income margin of 4.5%
more at: https://s1.q4cdn.com/307481213/files/doc_financials/2022/q4/GCI-Q4-2022-EX-99.1-Earnings-Release-Final-Version.pdf

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Operating revenues were $854.2 million, including approximately $49.1 million from the 53rd week, compared to $867.0 million in the prior year quarter. Favorable changes in foreign currency exchange rates benefited revenues by $4.2 million. Same store operating revenues declined 8.8%, an improvement compared to a decline of 9.4% in the third quarter of 2017, due to our strategic subscriber pricing initiatives and the inclusion of a full quarter of ReachLocal revenue in our same store calculation. Total digital revenues increased to $272.3 million, or approximately 31.9% of total revenue. GAAP net losses were $13.6 million, including a $42.8 million tax expense from the Tax Cuts and Jobs Act of 2017 and $27.6 million of after-tax restructuring, asset impairment charges and other costs. Click Read More below for additional information.

Empire Magazine Publishes First Tribute Cover in 31-Year History

This month’s issue of EMPIRE magazine is a very special tribute to actor and filmmaker Chadwick Boseman and marks the first tribute issue in the title’s 31-year history. In honour of the Black Panther star who died of colon cancer aged 43 in August, the November issue of EMPIRE will feature personal remembrances from Boseman’s screen collaborators, plus a look back at the iconic roles he portrayed over his career – from Thurgood Marshall to James Brown and beyond – as well as revisiting their interview experiences with the man himself. The special subscriptions cover below was created exclusively for EMPIRE by London-based Nigerian artist Kingsley Nebechi, celebrating Chadwick Boseman and his most beloved roles. “He truly embodies strength and humility”, Kingsley told the EMPIRE team. “I wanted the artwork to reflect his versatility”.

The New York Times Company Reports Second-Quarter 2024 Results

Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “It was a strong second quarter for The Times – one in which we made further progress on the path to grow our subscriber base and become the essential subscription for every curious person seeking to understand and engage with the world. The combination of our world-class news destination plus market-leading lifestyle products means we have complementary offerings in big spaces, each with multiple growth levers fueling multiple revenue streams. Together we believe these make The Times resilient in a changing media landscape and well positioned for continued value creation.”
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