EmptyGannett Q3 profit tumbles
Gannett, the largest U.S. newspaper publisher, reported a 10.5% drop in third-quarter profit Wednesday on poor demand from real estate advertisers, and management said it had no plans to split its TV and newspaper businesses into separate stocks. Shareholders and analysts have suggested such a move after similar decisions recently by Belo and E.W. Scripps. The publisher of USA Today said third-quarter net income fell from $261.4 million to $234 million, slightly above average Wall Street expectations. Revenue fell 3.7% to $1.8 billion, with broadcast revenue down 3.4% to $189.5 million. Separately, Gannett said it has purchased a controlling interest in Schedule Star, which runs HighSchoolSports.net.
Street rewards Yahoo earnings
Shares of Yahoo surged 8% on Wednesday to $28.82, a day after the company reported quarterly earnings that exceeded Wall Street expectations. RBC Capital Markets analyst Jordan Rohan upped his price target from $34 to $36, saying that "the worst may be behind Yahoo." One impressive metric, Rohan said, was 19% year-over-year growth in display advertising revenue.