Gannett Co., Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in total revenues and increased net losses compared to the previous fiscal period. Total revenues for Q3 2024 were $612.4 million, a decrease of 6% from $652.9 million in Q3 2023. For the nine months ended September 30, 2024, total revenues were $1.89 billion, down 5% from $1.99 billion in the same period last year.
Digital revenues showed a slight increase, reaching $277.4 million in Q3 2024, up 5% from $263.6 million in Q3 2023. Digital-only subscription revenues also rose by 25% to $50.1 million, reflecting a growing shift towards digital platforms. However, print and commercial revenues continued to decline, with Q3 2024 figures at $295.7 million, a 15% drop from $349.3 million in Q3 2023.
Operating expenses for the three months ended September 30, 2024, totaled $618.5 million, leading to an operating loss of $6.0 million, a significant decline from an operating income of $34.9 million in Q3 2023. The net loss for Q3 2024 was $19.7 million, compared to a net loss of $2.6 million in Q3 2023. Loss per share attributable to Gannett was $(0.14) for Q3 2024, compared to $(0.02) in the prior year.
The company also reported severance-related expenses of $4.4 million for Q3 2024, reflecting ongoing restructuring efforts. Integration and reorganization costs increased significantly, totaling $17.3 million for the quarter, compared to $1.5 million in Q3 2023.
Gannett's total debt as of September 30, 2024, was $992.1 million, down from $1.04 billion at the end of 2023. The company entered into a new $900 million 2029 Term Loan Facility on October 15, 2024, to refinance existing debt, which includes an initial term loan of $850.4 million and a delayed draw term loan of $49.6 million.
The Domestic Gannett Media segment reported total revenues of $468.5 million for Q3 2024, an 8% decrease from $508.5 million in Q3 2023. The Newsquest segment, however, saw a 131% increase in total revenues to $59.5 million for the same period, driven by growth in digital revenues.
Overall, Gannett's financial performance reflects the challenges of transitioning from traditional print media to digital platforms, alongside ongoing restructuring efforts to improve operational efficiency and profitability.
About Gannett Co., Inc.
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