Gannett (GCI)

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Gannett (NYSE:GCI) is a media company that publishes USA Today, the nation's largest newspaper by circulation, along with 85 other daily newspapers in the U.S.^[1] Additionally, GCI publishes 17 daily newspapers internationally as well as more than 200 weekly newspapers in the United Kingdom, which together account for 84% of GCI's revenue.^[2] Apart from publishing, Gannett also earns revenue through its digital and broadcasting segments.^[1]

Gannett's circulation numbers and attendant advertising revenues have been declining - a trend shared by many of the company's competitors, who are losing advertising dollars to the internet and other media. This spells doom for Gannett's publications as 73% of GCI's publishing revenues are earned through advertising sales.^[3] In an effort to offset these struggles with the print paper, Gannett is turning its focus to emphasizing other mediums (such as online and mobile) while de-emphasizing the print paper.^[4]

In an attempt to capitalize on internet advertising revenue, Gannett has built websites for its publications, and has acquired, built, or partnered with a number of websites like its CareerBuilder.com. The company's online advertising revenues increased by 72% in 2008 as the company continues to expand its online presence.^[5] However, the company's declines in traditional print and broadcasting advertising revenue contributed to GCI's 9% decrease in overall revenue during 2008.^[2]

1 Company Overview
2 Trends and Forces
3 Competition
4 References

Company Overview

Gannett is a media conglomerate that operates three businesses: publishing, digital, and broadcasting.^[6] GCI's publishing division, which includes its primary USA Today newspaper, is the company's largest segment in terms of revenue.^[2]

Publishing (84.4% of Revenue)

Gannett is the largest newspaper publisher in the U.S. by circulation.^[1] GCI publishes 85 daily newspapers including its flaghship USA Today and about 850 non-daily publications as well as affiliated websites.^[1] GCI also owns publication operations in the United Kingdom, with 17 daily newspapers and more than 200 weekly publications.^[1] The company's U.S. publications reach about 14 million readers every weekday and 12.6 million readers every Sunday, with the USA Today reaching about 2.25 million readers daily.^[7]^[8]

The publishing segment depends greatly on advertising revenues to run its businesses.^[3] GCI's publications also earn revenue through circuIation fees and commercial printing.^[3]

Digital (4.2% of Revenue)

The digital segment, created in 2008, includes its online businesses like CareerBuilder.com and ShopLocal.^[9] CareerBuilder.com is primarily based in North America- the website is the largest online recruitment and career advancement source for employees, recruiters, and job seekers.^[10]

Broadcasting (11.4% of Revenue)

GCI's broadcasting segment includes 23 television stations and affiliated websites in markets with a total of 20.8 million households reaching 18% of the U.S. population.^[10] Like its other segments, GCI's broadcasting business earns revenue primarily through advertising sales.^[10]

Trends and Forces

Slumping Advertising Expenditures Leads to Lower Revenues

Gannet generates most of its revenue from advertising, which includes both print and online channels. Like most newspaper companies, Gannett has suffered declines in print advertising revenue due in large part to the increasing popularity of the Internet and online advertising. Gannett has responded to the challenges of the print industry by increasing its own online presence, but is still failing to stem its decreases in advertising sales in its publishing and broadcasting businesses.

Several areas of print advertising have been particularly affected by economic conditions and the shift towards the Internet. GCI's publications rely primarily on automotive, retail, and classified advertising to earn revenue.

Gannett has worked to increase its online competitiveness and created the Gannett Digital group in 2006 to focus on these efforts. Its online initiatives have focused around developing Web sites for its existing newspapers and television networks. In theory, the company will be able to leverage its existing user base while gaining a better understanding of its audience through registration and measuring behavior online.

Declining Circulation Compounds Revenue Woes

Though the age of the Internet has diminished the importance of the circulation of print newspapers, it nevertheless remains an essential factor to newspapers’ profitability. This includes both newspapers sold on newsstands as well as subscriptions. USA Today is the paid newspaper with the largest circulation in the country and Gannett has the highest total circulation numbers of any newspaper company, averaging about 6.6 million in daily paid circulation.^[1]

Similar to the decline in advertising, Gannett has suffered from ongoing decreases in circulation as readers transition to the Internet for their news.

Vulnerable to Newsprint Prices

Newsprint prices are a significant cost for any newspaper, and consolidation among suppliers has increased prices for newsprint.^[11] Gannett has been more aggressive than its competitors to minimize these costs, however. In the past, the company reduced the width of all but one of it presses and newspapers.^[12]

Competition

Gannett's competition is twofold: other newspapers chains, and increasingly, Internet websites. Gannett's national print competitors include New York Times Company (NYT)-publisher of the iconic namesake newspaper--and News Corporation (NWS)-publisher of the Wall Street Journal. It also competes with countless local newspapers such as the The Washington Post, and Hearst-Argyle Television (HTV)'s San Francisco Chronicle.

References

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 '''Gannett''' ([[NYSE]]:GCI) is a media company that publishes USA Today, the nation's largest newspaper by circulation, along with 85 other daily newspapers in the U.S.<ref name=Over/>   Additionally, GCI publishes 17 daily newspapers internationally as well as more than 200 weekly newspapers in the United Kingdom, which together account for 84% of GCI's revenue.<ref name=Fin/> Apart from publishing, Gannett also earns revenue through its digital and broadcasting segments.<ref name=Over/>
-Gannett's circulation numbers and attendant advertising revenues have been declining - a trend shared by many of the company's competitors, who are [[Impact of Internet Advertising|losing advertising dollars to the internet]] and other media.  This spells doom for Gannett's publications as 73% of GCI's publishing revenues are earned through advertising sales.<ref name=Why/>
+Gannett's circulation numbers and attendant advertising revenues have been declining - a trend shared by many of the company's competitors, who are [[Impact of Internet Advertising|losing advertising dollars to the internet]] and other media.  This spells doom for Gannett's publications as 73% of GCI's publishing revenues are earned through advertising sales.<ref name=Why/> In an effort to offset these struggles with the print paper, Gannett is turning its focus to emphasizing other mediums (such as online and mobile) while de-emphasizing the print paper.<ref>[http://www.wikinvest.com/wikinvest/api.php?action=viewNews&aid=1714302&page=Stock:Gannett_(GCI)&format=html&comments=0 Wikinvest: Gannett Revamps USA Today for Web]</ref>
-For the fiscal year 2009, Gannet posted an overall revenue of $5.61 billion, a steep decrease from the $7.85 billion in 2008. Its net income for the year was $355.27 million, up from -$6.65 billion the year before.<ref>[http://www.google.com/finance?q=NYSE:GCI&fstype=ii Google Finance: GCI]</ref> In Q1 2010, Gannett posted a revenue of $1.32 billion, down from $1.38 billion the year before. Its net income, meanwhile, was $117.18 million, up from $77.44 million the year before. These results were consistent with the estimates of analysts, who predicted revenues of $1.32 billion.<ref>[http://www.rttnews.com/Content/QuickFacts.aspx?Node=B1&Id=1271579%20&Category=Quick%20Facts RTT News: Gannett Q1 Profit Rises]</ref>
 In an attempt to capitalize on internet advertising revenue, Gannett has built websites for its publications, and has acquired, built, or partnered with a number of websites like its CareerBuilder.com.  The company's online advertising revenues increased by 72% in 2008 as the company continues to expand its online presence.<ref>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 10]</ref>  However, the company's declines in traditional print and broadcasting advertising revenue contributed to GCI's 9% decrease in overall revenue during 2008.<ref name=Fin/>
 ==Company Overview==
-Gannett is a media conglomerate that operates three businesses: [[Newspapers| publishing]], digital, and [[broadcasting]].<ref name=News>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 4]</ref>  GCI's publishing division, which includes its primary USA Today newspaper, is the company's largest segment in terms of revenue as it accounts for 84.4% of the company's 2008 revenue.<ref name=Fin>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, pg. 67]</ref>  In 2008, GCI earned $6.8 billion in revenue.<ref name=Fin/>
+Gannett is a media conglomerate that operates three businesses: [[Newspapers| publishing]], digital, and [[broadcasting]].<ref name=News>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 4]</ref>  GCI's publishing division, which includes its primary USA Today newspaper, is the company's largest segment in terms of revenue.<ref name=Fin>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, pg. 67]</ref>
-===Business financials===
-In 2009, GCI earned a total of [[stock:Gannett_(GCI)/Data/Revenue/2009|$5.61 billion in total revenues]]. This was a decline from its previous year's revenues of [[stock:Gannett_(GCI)/Data/Revenue/2009|$6.6 billion in 2008]]. However, despite the decline in total revenues, GCI was able to improve its [[net income]] situation. Between 2008 and 2009, GCI's net income increased from a net loss of [[stock:Gannett_(GCI)/Data/Net_Income/2008|$6.6 billion in 2008]] to a net profit of [[stock:Gannett_(GCI)/Data/Net_Income/2009|$382 million in 2009]].
 ===Publishing (84.4% of Revenue)===
-Gannett is the largest newspaper publisher in the U.S. by circulation.<ref name=Over/>  GCI publishes 85 daily newspapers including its flaghship USA Today and about 850 non-daily publications as well as affiliated websites.<ref name=Over/>  GCI also owns publication operations in the United Kingdom, with 17 daily newspapers and more than 200 weekly publications.<ref name=Over/>  The company's U.S. publications reach about 14 million readers every weekday and 12.6 million readers every Sunday, with the USA Today reaching about 2.25 million readers daily.<ref name=USA>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 5]</ref><ref>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 31]</ref> In October of 2009, Gannett reported that USA Today was posting a 17% drop in circulation, the largest decline in its 27-year history. This drop is a direct result of the growth in online news and the struggles of the [[Airline Travel|travel industry]] due to the economy's struggles, and should threaten the publication's number 1 position among U.S. dailies.<ref>[http://abclocal.go.com/kgo/story?section=news/business&id=7057656 ABC: USA Today has 17 percent drop in circulation]</ref>
+Gannett is the largest newspaper publisher in the U.S. by circulation.<ref name=Over/>  GCI publishes 85 daily newspapers including its flaghship USA Today and about 850 non-daily publications as well as affiliated websites.<ref name=Over/>  GCI also owns publication operations in the United Kingdom, with 17 daily newspapers and more than 200 weekly publications.<ref name=Over/>  The company's U.S. publications reach about 14 million readers every weekday and 12.6 million readers every Sunday, with the USA Today reaching about 2.25 million readers daily.<ref name=USA>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 5]</ref><ref>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 31]</ref>
-The publishing segment depends greatly on advertising revenues to run its businesses- advertising represented 73% of the segment's 2008 revenue.<ref name=Why>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 30]</ref>  GCI's publications also earn revenue through circuIation fees and commercial printing.<ref name=Why/> 2008, GCI's publications division earned $5.7 billion in revenue, a 13% drop from 2007, primarily because of a 16% drop in advertising sales in 2008.<ref name=Why/>  Moving forward, the company expects that its publication revenues will be further threatened by the [[U.S. Economic Cycles| global recession]] in 2009 as advertisers continue to slash advertising expenditures.<ref name=Why/>  In Q2 2009 for example, the company's ad woes contributed to a 25.8% drop in publishing revenue year-over-year.<ref name=street>[http://www.streetinsider.com/Press+Releases/Gannett+Co.,+Inc.+Reports+Second+Quarter+Results/4794913.html "Gannett Co., Inc. Reports Second Quarter Results" StreetInsider.com 7/15/2009]</ref>
+The publishing segment depends greatly on advertising revenues to run its businesses.<ref name=Why>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 30]</ref>  GCI's publications also earn revenue through circuIation fees and commercial printing.<ref name=Why/>
 ===Digital (4.2% of Revenue)===
-In 2008, GCI created its digital segment, which includes its online businesses like CareerBuilder.com and ShopLocal.<ref name=Dig>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 32]</ref>  CareerBuilder.com is primarily based in North America- the website is the largest online recruitment and career advancement source for employees, recruiters, and job seekers.<ref name=More>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 33]</ref>  GCI's digital segment earned $281 million in revenue in 2008.<ref name=Dig/>  In 2009, the company expects its digital business to grow following expansion of its CareerBuilder.com website to Europe and Asia.<ref name=More/>  In Q2 2009, for example, the digital segment earned $142.4 million in revenue compared to $20 million in Q2 2008- however, this figure is about 18.5% lower than pro forma estimates because of lower employment revenue from CareerBuilder.<ref name=street/>
+The digital segment, created in 2008, includes its online businesses like CareerBuilder.com and ShopLocal.<ref name=Dig>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 32]</ref>  CareerBuilder.com is primarily based in North America- the website is the largest online recruitment and career advancement source for employees, recruiters, and job seekers.<ref name=More>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 33]</ref>
 ===Broadcasting (11.4% of Revenue)===
-GCI's broadcasting segment includes 23 television stations and affiliated websites in markets with a total of 20.8 million households reaching 18% of the U.S. population.<ref name=More/>  Like its other segments, GCI's broadcasting business earns revenue primarily through advertising sales.<ref name=More/>  In 2008, the broadcasting segment earned $773 million in revenue, a 2% decrease from a year earlier because of drops in advertising sales.<ref name=More/>  However, the segment's online revenues increased by 13% in 2008 as the company attempts to transition its television broadcasting to the [[The Internet Impact| Internet]].<ref name=More/>  In 2009, GCI expects its broadcasting revenue to decline further because of a weakening [[advertising]] market.<ref name=More/>  In Q2 2009, the revenue in the broadcasting segment declined 12.9% because of slumping ad sales.<ref name=street/>
+GCI's broadcasting segment includes 23 television stations and affiliated websites in markets with a total of 20.8 million households reaching 18% of the U.S. population.<ref name=More/>  Like its other segments, GCI's broadcasting business earns revenue primarily through advertising sales.<ref name=More/>
-[[Image: GCIrev.jpg|center|thumb|400px| GCI Revenue Breakdown by Business Segment <ref name=mula>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, pg. 66]</ref>]]
 ==Trends and Forces==
 ===Slumping Advertising Expenditures Leads to Lower Revenues===
-Gannet generates most of its revenue from advertising, which includes both print and online channels. For example, in 2008, GCI earned 73% of its publishing revenue from advertising sales.<ref name=Why/>  Like most newspaper companies, Gannett has suffered declines in print advertising revenue due in large part to the increasing popularity of the Internet and [[Impact of Internet Advertising|online advertising]]. Gannett has responded to the challenges of the print industry by increasing its own online presence, but is still failing to stem its decreases in advertising sales in its publishing and broadcasting businesses.
+Gannet generates most of its revenue from advertising, which includes both print and online channels. Like most newspaper companies, Gannett has suffered declines in print advertising revenue due in large part to the increasing popularity of the Internet and [[Impact of Internet Advertising|online advertising]]. Gannett has responded to the challenges of the print industry by increasing its own online presence, but is still failing to stem its decreases in advertising sales in its publishing and broadcasting businesses.
-Several areas of print advertising have been particularly affected by economic conditions and the shift towards the Internet. GCI's publications rely primarily on [[Auto Makers| automotive]], [[retail]], and [[Classified Advertising Revenue| classified]] advertising to earn revenue.  In 2008, retail and classified advertising sales fell by 10% and 25%, respectively.<ref name=Why/>  As a result, advertising revenue dropped 16% overall in the publishing segment.<ref name=Why/>  Furthermore, Gannett's broadcasting revenue fell by 2% in 2008 because of slumping advertising expenditures.<ref name=Dig/>  Additionally, GCI's publishing ad revenue declined by 34% and broadcasting revenue decreased by 15.7% in Q1 2009, spurring a 60% drop in GCI's quarterly profit.<ref name=whoa>[http://uk.reuters.com/article/autoNews/idUKTRE53F3LD20090416 "Gannett profit tumbles on ad declines, shares up" Reuters.com 4/16/2009]</ref>  Moving forward, GCI expects that its publishing segment will be hit hard in 2009 as advertisers continue to cut their advertising expenditures because of the global recession.<ref name=Why/>  In Q2 2009, advertising revenues fell 32% year-over-year, leading to the company's 18% drop in overall revenue during the quarter.
+Several areas of print advertising have been particularly affected by economic conditions and the shift towards the Internet. GCI's publications rely primarily on [[Auto Makers| automotive]], [[retail]], and [[Classified Advertising Revenue| classified]] advertising to earn revenue.
-Gannett has worked to increase its online competitiveness and created the Gannett Digital group in 2006 to focus on these efforts. Its online initiatives have focused around developing Web sites for its existing newspapers and television networks. In theory, the company will be able to leverage its existing user base while gaining a better understanding of its audience through registration and measuring behavior online.  The number of visitors to GCI's websites rose 6.2% and revenues from online advertisements grew 72% in 2008<ref name=Ads>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 1, pg. 7]</ref> as the company seeks to expand its online presence.
+Gannett has worked to increase its online competitiveness and created the Gannett Digital group in 2006 to focus on these efforts. Its online initiatives have focused around developing Web sites for its existing newspapers and television networks. In theory, the company will be able to leverage its existing user base while gaining a better understanding of its audience through registration and measuring behavior online.
-Advertising woes persisted in Q3 2009, as advertising revenue dropped 28% from Q3 2008, leading to a 53% decrease in the company's net income for the quarter. This marked a large improvement from Q2, however, when advertising revenue dropped 32% from the year before, and Gannett was able to use its strategy of slashing payroll costs to keep its business from suffering too much.<ref name=forbesq3 />
 ===Declining Circulation Compounds Revenue Woes===
 Though the age of the Internet has diminished the importance of the circulation of print newspapers, it nevertheless remains an essential factor to newspapers’ profitability. This includes both newspapers sold on newsstands as well as subscriptions. USA Today is the paid newspaper with the largest circulation in the country and Gannett has the highest total circulation numbers of any newspaper company, averaging about 6.6 million in daily paid circulation.<ref name=Over/>
-Similar to the decline in advertising, Gannett has suffered from ongoing decreases in circulation as readers transition to the [[The Internet Impact| Internet]] for their news.  In 2008 for example, GCI's newspaper circulation revenue declined by $36 million, or 3% from 2007.<ref name=wow>[http://sec.gov/Archives/edgar/data/39899/000136231009002765/c81466e10vk.htm GCI 2008 10-K, Item 7, pg. 31]</ref>  Excluding sales of its flagship USA Today newspaper, circulation revenue decreased 6% during 2008.<ref name=wow/>
+Similar to the decline in advertising, Gannett has suffered from ongoing decreases in circulation as readers transition to the [[The Internet Impact| Internet]] for their news.
 ===Vulnerable to [[Lumber Prices| Newsprint Prices]] ===
-[[Timber Prices|Newsprint prices]] are a significant cost for any newspaper, and consolidation among suppliers has increased prices for newsprint - Gannett's newsprint prices went up 9% in 2008.<ref name=Cash/>  Gannett has been more aggressive than its competitors to minimize these costs, however. In 2007, the company reduced the width of all but one of it presses, and the company says it plans additional page size reductions for 30 newspapers in 2008.<ref>[http://www.sec.gov/Archives/edgar/data/39899/000119312508041403/d10k.htm#toc99200_11 Gannett 2007 10-K] page 8</ref> Because of these measures, GCI reduced its consumption of newsprint by 16% in 2008, leading to an overall 9% decline in newsprint expenditures.<ref name=Cash/>  In 2009, GCI expects slight decreases in newsprint prices which should ease the pressure on their publishing operations.<ref name=Cash/>
+[[Timber Prices|Newsprint prices]] are a significant cost for any newspaper, and consolidation among suppliers has increased prices for newsprint.<ref name=Cash/>  Gannett has been more aggressive than its competitors to minimize these costs, however. In the past, the company reduced the width of all but one of it presses and newspapers.<ref>[http://www.sec.gov/Archives/edgar/data/39899/000119312508041403/d10k.htm#toc99200_11 Gannett 2007 10-K] page 8</ref>
 ==Competition==
 Gannett's competition is twofold: other newspapers chains, and increasingly, [[Impact of Internet Advertising|Internet websites]].  Gannett's national print competitors include [[New York Times Company (NYT)]]-publisher of the iconic namesake newspaper--and [[News Corporation (NWS)]]-publisher of the Wall Street Journal. It also competes with countless local newspapers such as the [[Washington Post Company (WPO)|The Washington Post]], and [[Hearst-Argyle Television (HTV)]]'s San Francisco Chronicle.
-{| border="1" cellpadding="3" style="border-collapse:collapse" | align=center
-|+ '''Comparison to Competitors in 2008
-|- bgcolor=lightblue
-|Company
-|Total Revenue (Millions)
-|Advertising Revenue (Millions)
-|Average Weekday Circulation (Millions)
-|-
-|[[New York Times]]<ref>[http://www.wikinvest.com/stock/New_York_Times_Company_(NYT) NYT Wikinvest Page]</ref>
-|$2,948.9
-|$1,759
-|1.03
-|-
-|[[News Corporation (NWS)]]
-|$32,996<ref>[http://idea.sec.gov/Archives/edgar/data/1308161/000119312508175187/d10k.htm#tx25224_8 NWS 2008 10-K, Item 7, pg. 53]</ref>
-|$6,248 (Publishing Revenue)<ref>[http://idea.sec.gov/Archives/edgar/data/1308161/000119312508175187/d10k.htm#tx25224_8 NWS 2008 10-K, Item 7, pg. 56]</ref>
-|1.7 (Wall Street Journal)<ref>[http://idea.sec.gov/Archives/edgar/data/1308161/000119312508175187/d10k.htm#tx25224_8 NWS 2008 10-K, Item 1, pg. 16]</ref>
-|-
-|Gannett (GCI)
-|$6,767.7
-|$4,145.6
-|2.25 (USA Today)
-|-
-|}
 {{clr}}