Gannett Q2 Profits Down 36%, Shares Tank (GCI)

Thanks to a write-down of nearly $3 billion, we knew Gannett (GCI) was looking at an ugly Q2. And Gannett delivered, announcing 36% earnings drop in preliminary results reported today.

The nation's largest newspaper company hasn't finalized the amount of the write-down announced last quarter, but said it would come in between $2.5 and $2.9 billion.