Wednesday, December 10, 2008

Gannett sees 2008 revenue down 8 pct from 2007

Newspaper publisher Gannett (GCI.N: Quote, Profile, Research, Stock Buzz) said on Wednesday it expects its 2008 revenue to fall to $6.8 billion from $7.4 billion last year, underscoring what is shaping up to be the worst advertising market in decades.

The publisher of newspapers such as USA Today also told attendees of a UBS investor conference that it expects to shoulder severance costs of $45 million to $50 million in the current quarter for its previously announced plan to cut 10 percent of its workforce.

"We're focusing on leaner operations across the board," Chief Executive Craig Dubow told attendees during a Webcast of the conference two days after rival newspaper publisher Tribune Co. filed for bankruptcy protection under a mountain of debt.

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