Gannett Co, which owns the largest newspaper chain in the United States, reported lower quarterly revenue and profit on Tuesday but said its television revenues were expected to jump 100 percent this quarter following its acquisition of Belo.Gannett, which is diversifying away from print and toward TV stations, acquired Belo last year for $1.5 billion, nearly doubling its broadcast holdings to 43 stations from 23.It is placing big money on TV because newspapers are having a difficult time shaking a persistent advertising slump which has dogged the industry for several years."Broadcasting continues to be the star performer," said Ed Atorino, an analyst with Benchmark Co.
Gannett Co., Inc. is an international media and marketing solutions company, delivering content and services across an integrated, multiplatform portfolio. Shares of GCI traded higher by 3.77% or $1.0/share to $27.51. In the past year, the shares have traded as low as $18.56 and as high as $30.43. On average, 2538140 shares of GCI exchange hands on a given day and today's volume is recorded at 845932.
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