Gannett
reported fourth quarter broadcasting revenue of $183.2 million in the fourth
quarter of last year, a 13.9% decrease from the fourth quarter of 2008. While
last year's quarter lacked substantial political advertising, Gannett said
"almost three-fold" retransmission revenues and strong growth in its
elevator-programming Captivate division helped make up the loss.
Television
revenues, which exclude Captivate, were $174.5 million, compared to $205.6
million in the fourth quarter the previous year, reflecting a $47.5 million
decrease in political ad demand.
Gannett's
publishing division saw operating revenues of $1.1 billion, compared to $1.4
billion in the fourth quarter of 2008.
"As
the year progressed, we continuously showed improvements in revenue comparisons
and in the permanent restructure of our cost base, culminating in a strong
finish to the year," said Gannett Chairman/President/CEO Craig Dubow. "These
operating improvements, together with a number of strategic financing actions
this year, led to a significant strengthening of our balance sheet."
Total
operating revenues for the Virginia-based media giant were $1.5 billion in the
quarter, compared to $1.7 billion in the fourth quarter of 2008-a 14.4%
decline.
Gannett
forecasted television revenues to show an increase in the "very high single
digits" for the first quarter of 2010, thanks in large part to the Olympics
being on NBC. Gannett owns a large share of NBC affiliates.
