Gannett Co., Inc. reported a total revenue of $2.51 billion for the fiscal year ending December 31, 2024, a decrease of 6% from $2.66 billion in 2023. The company's digital revenues, which include digital advertising, marketing services, and digital-only subscriptions, accounted for approximately 44% of total revenues, amounting to $1.1 billion, up from $1.05 billion in the previous year. However, print and commercial revenues fell to $1.41 billion, down 13% from $1.61 billion in 2023, primarily due to declining print advertising and circulation revenues, which decreased by 9% and 16%, respectively.
The company experienced a net loss of $26.4 million, or $0.18 per share, compared to a net loss of $27.8 million, or $0.20 per share, in 2023. This loss was attributed to various factors, including a significant increase in integration and reorganization costs, which rose to $66.2 million from $24.5 million in the prior year. Additionally, Gannett recorded impairment charges of $46.6 million related to the write-off of an operating lease asset in McLean, Virginia, following the relocation of its corporate headquarters to New York.
In terms of strategic developments, Gannett has focused on expanding its digital footprint, achieving approximately 2 million paid digital-only subscriptions by the end of 2024, surpassing its print subscriptions. The company’s digital marketing solutions segment, LocaliQ, reported stable revenues of $477.8 million, with a slight decline from $477.9 million in 2023. The average revenue per user for digital-only subscriptions increased by 21.2%, reflecting higher rates and a growing subscriber base.
Operationally, Gannett's U.S. media network averaged about 140 million unique monthly visitors, while its U.K. subsidiary, Newsquest, attracted approximately 53 million unique visitors. The company continues to prioritize a digital-first strategy, aiming to diversify revenue streams and enhance audience engagement. Looking ahead, Gannett anticipates ongoing challenges due to macroeconomic conditions, including inflation and interest rate fluctuations, which may impact advertising demand and overall revenue performance. The company remains committed to reducing debt and improving its capital structure to support future growth initiatives.
About Gannett Co., Inc.
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