Home Economy Economic Activity Projo parent company’s Q1 loss narrows to $7.3M

Projo parent company’s Q1 loss narrows to $7.3M

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PBN Staff

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05/01/2025

created by dji camera — GANNETT CO., parent of The Providence Journal and other local papers, posted a loss of $7.3 million in the first quarter of 2025 that was an improvement from the $84.8 million loss reported a year ago, the company reported Thursday. /PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Gannett Co., parent of The Providence Journal and other local papers, posted a loss of $7.3 million in the first quarter that improved on an $84.8 million loss from a year ago, the company reported Thursday. The company said it had a loss of 5 cents per diluted share in the 2025 first

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PROVIDENCE – Gannett Co., parent of The Providence Journal and other local papers, posted a loss of $7.3 million in the first quarter that improved on an $84.8 million loss from a year ago, the company reported Thursday. The company said it had a loss of 5 cents per diluted share in the 2025 first quarter, compared to a loss of 6 cents per diluted share the year prior. Company revenue fell 10% in the first quarter to $571.6 million, due in part to the sale of the Austin-American Statesman earlier this year and the decision to sell or shut down certain nonstrategic assets in 2024. "In the first quarter, we delivered significant improvement to our bottom line compared to the prior year period, along with sustained year-over-year growth in free cash flow,” said Michael Reed, Gannett chairman and CEO. “We continued to make notable progress towards debt reduction, repaying approximately $75 million of debt during the quarter, which lowered our leverage and further strengthened our capital structure.” Total digital revenue, which accounts for 42.1% of the company’s total revenue, was $250.3 million for the quarter. That's down from $267.4 million a year ago. "We maintained our position as the nation’s leading news and information provider among content creators with 195 million average monthly unique visitors, growing over 4% compared to the prior year” Reed said. “We also continued to expand our efforts to strategically monetize the vast library of content produced across our platform as we incrementally added subscription products and AI licensing deals to our platform." The company owns and operates several papers in Rhode Island and Massachusetts, including The Providence Journal, The Taunton Gazette, The Newport Daily News, The Cape Cod Times, The Herald News in Fall River, The Worcester Telegram and The Standard-Times in New Bedford. Gannett also owns publications in nearly every state in the nation, as well as operations in the United Kingdom.