Gannett Q2 Profits Down 36%, Shares Tank (GCI)
mtippett | July 16, 2008 at 08:24 amby
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More pain in the newspaper business today.
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.
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