Gannett Co., owner of WKYC-TV, is reporting lower first-quarter earnings and a deepening slump in advertising revenue. Gannett, the largest U.S. newspaper publisher, said Thursday it earned $77.4 million, or 34 cents per share. That was down 60 percent from the same quarter in 2008, when it earned $191.8 million, or 84 cents per share.
Excluding one-time gains and losses, earnings came to 25 cents per share. Analysts had expected 24 cents, according to Thomson Reuters.
Revenue fell to $1.4 billion from $1.7 billion, roughly in line with Wall Street forecasts. Ad sales in the company's publishing unit, which includes newspapers, fell 34 percent.
---
Source: The Associated Press
