Gannett profits down 36 percent

Bloomberg reports that second-quarter profits at Gannett Co., the largest U.S. newspaper publisher, declined 36 percent sending the stocks to their lowest level since 1985.
The decrease has much to do with USA Today, Gannett's flagship paper where ad sales fell 27 percent in June, the steepest monthly decline this year. That's worse than the 16percent drop reported for all Gannett publications.
"The weakening economy had a dramatic impact on our results," Chief Executive Craig Dubow said in the statement.
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