Monday, February 2, 2009

Gannett shares fall on debt concerns

Shares of Gannett Co Inc (GCI.N) fell as much as 12.5 percent on Monday after Standard & Poor's said it might cut the U.S. newspaper publisher's debt rating to junk, and after it reported a 36 percent decline in advertising revenue.

Gannett shares fell to as low as $5.05 in early trading on the New York Stock Exchange.

Standard & Poor's on Friday said it might cut Gannett's rating because of concerns about the USA Today publisher's revenue and earnings declines.


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