While Gannett and the newspaper industry had a chance to celebrate last week for the first time in a long time it appears that the party has been raided and closed down today.
While the news of investment last week by Ariel Investments was welcomed even that was short lived as noted in the WSJ on Monday. You see there are some serious games being played with Gannett and all are happening with full knowledge of the fact the newspaper advertising industry is spiraling downward as quickly as ever.
Today at All Things Digital the real news on Gannett was given as they delivered their Q1 numbers. First, the ‘good’ news. The company’s earnings per share beat the street by a penny. Ok, not so bad. In addition, the company did generate $1.38 billion in revenue which is a very big number although it fell short of the $1.44 billion estimate.