PROVIDENCE – Gannett Co., parent company of The Providence Journal and other local papers, posted a $142 million loss in the first quarter of 2021, compared with a loss of $80.6 million one year prior, the company reported Friday.
Company revenue totaled $777.1 million for the quarter, a decline from $948.7 million one year prior.
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“The first quarter of 2021 was our best quarter to date for new digital-only subscriptions subsequent to the acquisition of Legacy Gannett, surpassing 1.2 million, and a very encouraging start to the year as a whole. Our core digital marketing solutions teams also had a fantastic quarter, setting new records in productivity,” said Gannett Chairman and CEO Michael Reed.
The company’s same-store revenue declined 16.5% year over year, which was attributed to the impacts of the COVID-19 pandemic, as well as general trends impacting the publishing industry.
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.
The company also said it incurred $5.9 million in integration and reorganization costs in the first quarter, a decline from $13.5 million one year prior. The decline in costs was attributed to a $7.5 million decrease in severance costs, which were incurred in the first quarter of 2020 related to “acquisition-related synergies” following the purchase of Gannett, the company said.
