Gannett Second-Quarter Earnings Drop

Gannett Co., the media company behind daily newspaper USA Today, on Monday reported weaker second-quarter financials, but said its broadcasting and digital revenue grew.

Earnings of $126.7 million compared with $135.6 million in the year-ago period, down 6.5 percent.

Revenue reached $1.3 billion, down 0.3 percent.

The company recently agreed to acquire TV station group Belo Corp. for $2.2 billion.

Gracia Martore, president and CEO, said: "We are very pleased to report solid revenue growth in our broadcasting and digital segments as well as our fourth consecutive quarter of year-over-year circulation revenue growth overall in our publishing segment. Earnings per share were higher in the quarter as our strategic initiatives, particularly our content subscription model and digital offerings, continued to gain momentum and positively impact our results."

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