Four Gannett markets hit hard by housing slump

The shake-up in the real estate market hit four Gannett states hard.
And the media outlets in those states -- Arizona, California, Nevada and Florida-- account for more than 40 percent of the company's revenue in community newspapers.
Declines for classified advertising in those states were generally two times higher than the rest of Gannett's markets and national and local advertising also dropped significantly in the fourth-quarter for those media outlets.
"The slowing economy driven by the meltdown in the housing market in some of our communities all contributed to a very soft advertising environment," said Craig Dubow, president and chief executive officer of Gannett. "Four states in which we have a presence and the four states hardest hit by the downturn in real estate had a larger relative impact on our results."
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