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Gannett Co., Inc. (symbol: GCI) is a leading media and marketing company with a unique local-to-national reach that successfully connects consumers, communities, and businesses. The company is best known for its iconic publication, USA TODAY, and operates 92 strong local media organizations across 33 states and Guam. In the U.K., Gannett is represented by Newsquest, which oversees more than 160 local news brands online.
Gannett provides rich content through an extensive portfolio of digital, mobile, and print products, reaching more than 95 million unique visitors each month. This makes the company one of the top 10 news and information providers in the U.S. Additionally, its U.S. newspapers attract an extra audience of 9 million readers every weekday.
The company is divided into three main segments: Domestic Gannett Media, Newsquest, and Digital Marketing Solutions. The majority of its revenue comes from the Domestic Gannett Media segment, which includes more than 250 daily newspapers and digital marketing service companies like ReachLocal and WordStream. Besides traditional media, Gannett also produces over 350 annual events, ranging from themed expos to community gatherings.
Gannett continues to thrive by leveraging advancements in technology, digital media, and print publishing. Its 360-degree storytelling approach ensures that audiences, whether in local townships or on national stages, stay informed about what matters most to them. The company's dedication to community engagement and high-quality journalism is evident in its widespread reach and loyal readership.
Gannett (NYSE: GCI) reported Q3 2024 financial results showing mixed performance. Total revenues decreased 6.2% to $612.4 million, while digital revenues grew 5.2% to $277.4 million, surpassing 45% of total revenues. The company reported a net loss of $19.7 million but achieved a 5.6% increase in Adjusted EBITDA to $62.9 million. Digital-only subscription revenues grew 25% to $50.1 million, with 2.06 million paid subscriptions.
Notable achievements include record monthly unique visitors exceeding 200 million, 168% year-over-year increase in free cash flow, and debt reduction of $29 million. The company completed debt refinancing transactions on October 15, 2024, extending maturities and reducing potential share dilution by 46%.
Gannett Co. (NYSE: GCI) announced the expiration of its Exchange Offer and Consent Solicitation for its 6.000% Senior Secured Notes due 2026. The initial settlement for Notes tendered before the Early Tender Time on October 10, 2024, was completed on October 15, 2024. The company did not accept Notes tendered after the Early Tender Time. Gannett received the required consents for the Proposed Amendments, and a supplemental indenture was executed on October 15, 2024.
Gannett Co., Inc. (NYSE: GCI) has announced the release of its third quarter 2024 financial results on Thursday, October 31, 2024, before the New York Stock Exchange opens. The company will host a conference call at 8:30 A.M. Eastern Time on the same day to discuss the results. Interested parties can join the call by dialing 1-888-506-0062 (U.S.) or 1-973-528-0011 (outside U.S.), using the access code "926379". A simultaneous webcast will be available at investors.gannett.com.
A telephonic replay will be accessible until November 14, 2024. Gannett, a diversified media company, operates the USA TODAY NETWORK in the U.S. and Newsquest in the UK. It also offers digital marketing solutions through LocaliQ and manages events via USA TODAY NETWORK Ventures.
Gannett Co., Inc. (NYSE: GCI) announced the closing of its debt refinancing transactions, which extend debt maturities and reduce future dilution from the 6.000% Senior Secured Convertible Notes due 2027. The company completed:
1. An exchange offer for its 6.000% Senior Secured Notes due 2026, with 98.61% of notes tendered.
2. Privately negotiated transactions to repurchase and exchange $447,227,737 of 2027 Convertible Notes.
3. An amended credit facility providing a five-year senior secured term loan of up to $900 million.
These actions aim to strengthen Gannett's capital structure, provide financial flexibility, and position the company for growth and transformation.
Gannett Co., Inc. (NYSE: GCI) announced preliminary results of early participation in its exchange offer and consent solicitation for outstanding 6.000% Senior Secured Notes due 2026. As of October 10, 2024, 98.61% of the $278,541,000 outstanding notes were tendered:
- 14.51% ($40,428,000) for the Loan Option: $1,000 in Term Loans and 1.5% upfront fee
- 84.10% ($234,253,000) for the Cash Option: $1,000 cash
Gannett received requisite consents for proposed amendments to the notes' indenture. The exchange offer is set to expire on October 25, 2024. The company expects to settle the exchange offer for tendered notes on October 15, 2024.
Gannett Co., Inc. (NYSE: GCI) has announced an exchange offer and consent solicitation for its outstanding 6.000% Senior Secured Notes due 2026. Eligible holders can exchange their notes for either first lien term loans with a 1.5% upfront fee or cash. The exchange offer includes an early participation premium for holders who tender their notes by October 10, 2024.
This exchange offer is part of Gannett's broader debt refinancing strategy, which includes a new $900 million senior secured credit facility with Apollo Funds. The company also plans to repurchase up to 50% of its outstanding 6.000% Senior Secured Convertible Notes due 2027 and exchange another 50% for new notes due 2031.
The refinancing aims to restructure Gannett's debt and improve its financial position. The company describes itself as a diversified media company with a focus on empowering local communities through its portfolio of trusted media brands, including USA TODAY NETWORK and Newsquest.
Gannett Co., Inc. (NYSE: GCI) has announced the promotion of Caren Bohan to USA TODAY Editor in Chief, effective immediately. Bohan, with over 30 years of news experience, will oversee USA TODAY Network's flagship national publication, reporting to Monica Richardson, Senior Vice President of USA TODAY.
Bohan's career includes 20 years at Reuters, leadership positions at National Journal, and various roles at USA TODAY since 2018. She has served as Washington editor, deputy Washington bureau chief, managing editor for politics and Washington, and executive editor for politics. Most recently, Bohan served as Interim Editor in Chief of USA TODAY.
Monica Richardson expressed excitement about Bohan's appointment, highlighting her success in the interim role and her potential to drive growth and innovation for the USA TODAY brand. Bohan, a McGill University graduate with a Master of Journalism from UC Berkeley, stated her commitment to delivering excellent journalism and content to attain new heights for USA TODAY.
USA TODAY, part of Gannett Co., Inc. (NYSE: GCI), has launched the USA TODAY Wine Club, offering consumers a way to discover local winemakers and their stories. The club provides bi-monthly and quarterly collections starting at $89.99, supporting small businesses and local economies. Members receive curated wine selections, Southern Kitchen recipe pairings, and discounted access to USA TODAY Wine & Food Experience events.
The club aims to extend USA TODAY's brand and storytelling by spotlighting local producers and suppliers. Each shipment includes a unique 'Wine Words' crossword challenge and a corkage wine club credit. The procurement and fulfillment partner, Studio Beverage Group, brings over 50 years of wine club experience and expert guidance from certified professionals.
Gannett Co., Inc. (NYSE: GCI) has announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports, providing sports betting odds and information across the USA TODAY Network in over 200 local U.S. markets across 43 states.
The partnership aims to deliver trusted sports betting information to Gannett's audience of more than 44 million sports fans. It includes integrating BetMGM sports betting odds into stories and content, as well as featuring a BetMGM "Bet Now" option. Gannett anticipates this collaboration will immediately increase the overall monetization of its content platform.
USA TODAY Sports and the NFL have launched the USA TODAY Sports Super 25 Girls Flag Football High School Poll, ranking the top 25 girls flag football teams in the 2024 fall season. The poll covers seven states: Alabama, Alaska, Arizona, California, Colorado, Georgia, and Illinois. USA TODAY Network writers will determine an overall Super 25 Champion and highlight top performances in each participating state. The initiative aims to promote girls' flag football, which is rapidly growing globally and was recently included in the 2028 Olympic Games in Los Angeles. The poll results will be published across the USA TODAY Network online and on NFL channels.
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