PROVIDENCE – Gannett Co., parent company of The Providence Journal, on Thursday reported a year-end loss that narrowed to $27.8 million in 2023, or 20 cents per diluted share.
That compares with a loss of $78 million one year prior, or 57 cents per diluted share.
Company revenue totaled $2.66 billion in 2023, a decline from $2.95 billion a year prior. Same store revenue decreased 8.6% year over year.
The McLean, Va.-based company owns and operates several other papers in Rhode Island and Massachusetts, including 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.
"In 2023, we made excellent progress executing on our strategy to drive our digital transformation,” said Michael Reed, Gannett CEO and chairman. “Over the past year, we’ve expanded our digital audience, improved engagement, grown the monetization of our audience and driven significantly improved financial results over the prior year.”
The company posted a fourth-quarter loss of $22.9 million reporting a profit of $32.8 million a year ago.
Quarterly revenue totaled $669.4 million, a decrease from $750.7 million in 2022. Same store revenue decreased 8% year over year.