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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 Co. (NYSE: GCI) has priced a $1.045 billion Term Loan B to refinance its existing 11.5% term loan, expected to close early next week. The new loan offers significant interest savings of 375 basis points, translating to approximately $90 million in cash interest savings in 2021. This refinancing aligns with Gannett's strategy to reduce debt, aiming for a first lien net leverage ratio below 1.0x in two years. Following these transactions, total debt will be $1.545 billion, including various existing notes.
USA TODAY, part of Gannett Co. (NYSE: GCI), has launched its 33rd Ad Meter program, an evaluation system for Super Bowl ads, sponsored by Kia Motors. Participants can rate ads starting Feb. 3, with ratings closing on Feb. 8 at 1 a.m. ET. This year introduces Replay Ratings, allowing votes for ad categories. The partnership with YouTube will provide data insights, enhancing the Ad Meter experience. The winner will be revealed on Feb. 8 at 8:30 a.m. ET, followed by an industry commentary session. Ad Meter aims to engage audiences and advertisers.
Gannett Co., Inc. (NYSE: GCI) reported preliminary fourth-quarter financial results for 2020, with revenues estimated between $865M to $875M and a net loss before taxes ranging from $135M to $130M. Adjusted EBITDA is projected at $142M to $147M. The revenue growth is attributed to a rebound in advertising trends and a notable 46% increase in digital-only circulation. The company has also reduced its term loan by $654M, achieving a total debt balance of approximately $1.575 billion. Gannett aims to refine its financial strategy in 2021 with expectations of improved performance.
Gannett Co. (NYSE: GCI) CEO Michael Reed discussed the company's growth strategy at the 23rd Annual Needham Growth Conference. He emphasized plans to aggressively grow digital-only subscriptions to 10 million in five years and enhance digital marketing services for small to medium businesses. Reed highlighted the progress made since the merger, including debt reduction and integration of legacy companies. The archived video of the presentation is available on Gannett’s Investor Relations site, showcasing their commitment to community engagement and innovative media solutions.
USA TODAY Sports, in collaboration with the National Association of Basketball Coaches (NABC), has launched the 2021 Ferris Mowers Men’s Basketball Coaches Poll. For over 25 years, this poll ranks the top 25 NCAA Division I men’s basketball teams, with weekly updates and a reach of over 60 million sports fans. Ferris Mowers sponsors the poll and gains naming rights to the NABC National Championship Trophy, awarded to the top Division I team in April. The partnership aims to celebrate college basketball's achievements and engage fans nationwide.
Gannett Co., Inc. (GCI) announced the early termination of its external management agreement with FIG LLC, effective December 31, 2020. CEO Michael Reed will transition to a direct employment role from January 1, 2021. The termination aims to generate savings and enhance transparency in executive compensation. Gannett plans a one-time payment of $30.375 million to FIG, which will not affect its debt repayment strategy. The company reported a reduction in term loan balances and improved revenue trends in late 2020, positioning itself to enhance shareholder value moving forward.
Gannett Co., Inc. (NYSE: GCI) announced it repaid $647 million of its 11.5% term loan, lowering the balance to $1.082 billion. This repayment was financed through $497 million from issuing senior secured convertible notes, $135 million from asset sales, and $15 million from excess cash. The company expects to reduce debt further by $100 million by early 2021. This move lowers annual interest payments by $45 million and enhances confidence in refinancing the remaining term loan. Current total debt stands at $1.582 billion.
On December 6, the third American Influencer Awards celebrated top influencers in beauty, hosted by Frankie Grande and Kandee Johnson. This year, a record of over 4.5 million votes determined the winners across various categories including makeup, hair, and skincare. Notable personalities like Tyra Banks and Kris Jenner presented 23 awards. The event was produced in a virtual format due to the inability to host a live ceremony. MGM sponsored the awards, further enhancing its position in the influencer recognition space.
The American Influencer Association (AIA) announces the third annual American Influencer Awards, co-hosted by Frankie Grande and Kandee Johnson, set for December 6. The awards celebrate social media beauty influencers across various categories, with public voting from October 1 to October 31 generating a record 4.5 million votes. The event will be streamed live at 9 PM ET on AIAawards.com. Sponsors include BoxyCharm and The GloZell Show. AIA promotes positivity and recognition in the influencer community.
Gannett Co., Inc. (NYSE: GCI) has successfully refinanced approximately $500 million of its 11.5% term loan, replacing it with 6.0% convertible notes due in 2027. This move lowers annual interest expenses by around $28 million and reduces the outstanding term loan to $1.118 billion. Gannett plans to utilize these savings for accelerated debt repayment. The refinancing, unanimously approved by its Board, is expected to enhance the company's capital structure and improve revenue trends for strong future performance.
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