PROVIDENCE – Gannett Co., parent company of The Providence Journal, on Thursday reported a year-end loss that narrowed to $135 million in 2021, or $1 per diluted share,
That compares with a loss $672.4 million one year prior, or $5.09 per diluted share.
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Company revenue totaled $3.21 billion, a decline from $3.4 billion one year prior. Same store revenue decreased 3.9% year over year.
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.
“During 2021 we made excellent progress executing on our strategy to evolve our business. We continued to make meaningful progress against our key operating pillars and we expect to carry this momentum forward,” said Michael Reed, Gannett chairman and CEO.
Fourth-quarter losses totaled $22.4 million, compared with a $122.5 million loss one year prior. Quarterly revenue totaled $826.5 million, a decrease from $875.4 million in the fourth quarter of 2020. Same store revenue decreased 4.3% year over year.
The company noted that digital revenue surpassed $1 billion in 2021, up 9% year over year. And digital-only, paid subscriptions grew 49%, to more than 1.6 million.
“With the significant growth in free cash flow expected in 2022, we plan to further invest in our growth segments,” Reed said. “We expect to invest $80 million across content, marketing, data, product and digital marketing solutions sales and support operations during 2022 to drive meaningful growth.”
