Gannett Company, which publishes USA Today and more than 80 other daily newspapers and owns more than 20 TV stations in the United States, said its fiscal second quarter earnings more than doubled from last year—to $196 million—due to gains in broadcast revenue and a smaller drop in print ads.
The profit was also helped by massive expense cuts, including layoffs and plant closures. Investors sent its shares down 11 percent last Friday as revenues fell during the period and print advertising declined by 4 percent. Gannett also announced that it has joined the Yahoo Newspaper Consortium, a group of 150 newspapers aiming to consolidate their content and classifieds search.
