Gannett Co. plans $3 billion in pretax write-downs

Gannett Co., the largest newspaper publisher in the United States, will take as much as $3 billion in pretax write-downs for the second quarter. The write-downs are linked to Gannett’s poor stock performance, with the price falling 50 percent in the past year.
The slumping economy has resulted in much lower advertising revenues at virtually all newspapers nationwide. Many newspapers have also seen declining subscription rates.
Gannett and Co. publishes 85 daily newspapers including USA Today, The Arizona Republic and The Indianapolis Star. It also has nearly 900 non-daily publications and 19 publications in the United Kingdom under the name of Newsquest Media Group.
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