Gannett continues its digital push

Article Excerpt

GANNETT CO., INC. $12 (New York symbol GCI; Conservative Growth Portfolio, Consumer sector: Shares outstanding: 111.8 million; Market cap: $1.3 billion; Price-to-sales ratio: 0.4; Dividend yield: 5.3%; TSINetwork Rating: Average; www.gannett.com) publishes over 100 U.S. daily newspapers and their associated websites. That includes the company’s flagship daily USAToday. It also has papers in the U.K., and over 200 magazines and other publications. The company has agreed to pay an undisclosed sum for a majority stake in Grateful Ventures. That privately held firm operates food-related websites, including Thanksgiving.com and FoodBlogs.com. Their merger with Gannett’s own websites should win them more visitors. Meantime, Gannett’s revenue in the quarter ended September 24, 2017, fell 3.6%, to $744.3 million from $772.3 million a year earlier. If you adjust for the new operations and foreign currency rates, revenue fell 9.4%. That’s mainly due to declining revenue from print advertising. However, the company continues to expand its Internet businesses: they now supply 33% of its total revenue. Thanks…