Providence Journal parent reports $53.7M loss in Q2

GANNETT CO., parent company of The Providence Journal and several other local newspapers, on Thursday reported a $53.7 million loss in the second quarter of 2022, a drop from a $14.7 million profit one year prior. / PBN FILE PHOTO/ARTISTIC IMAGES

PROVIDENCE – Gannett Co., parent company of The Providence Journal and several other local newspapers, on Thursday reported a $53.7 million loss in the second quarter, a drop from a $14.7 million profit one year prior.

The company said it had a loss of 39 cents per share compared to an 11 cents per share profit in the same quarter last year.

Revenue for the company totaled $748.7 million, a decline from $804.3 million one year prior. Quarterly revenue included $383.6 million in advertising and marketing services, a drop from $420.1 million the previous year, and $274.6 million in circulation revenue, a decline from $310.3 million one year prior.

Same-store revenue decreased 6.3% year over year.

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“Our second quarter results and updated full year outlook reflect industrywide headwinds in digital advertising, as well as rising costs and pressures on consumers, which are impacting our near-term performance.” said Michael Reed, Gannett chairman and CEO. “During the quarter we experienced a rapidly tightening macroeconomic environment caused by rising inflation, coupled with distribution labor shortages and price-sensitive consumers, which [have] affected our traditional print business. Despite these challenges, our investments in our key operating pillars are yielding impressive results.”

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.

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