Oct 12 (Reuters) – Gannett Co Inc reported better
than expected revenue and higher profit on television
advertising related to the Olympics and the presidential
election and on subscription revenue at its newspapers, thanks
to its online pay model.
The newspaper and broadcast owner said on Monday that
third-quarter revenue rose 3.4 percent to $1.31 billion.
Analysts were expecting revenue of $1.29 billion, according to
Thomson Reuters I/B/E/S.
Gannett, which is the largest U.S. newspaper chain with 82
properties including USA Today and the Indianapolis Star, said
revenue at its publishing division declined 3 percent to $890.2
million.
Broadcasting revenue increased 36 percent to $237.0 million.
Third-quarter net income rose to $133.1 million, or 56 cents
per share, compared with $99.8 million, or 41 cents per share,
in the same quarter last year.
