Tuesday, September 29, 2009

Gannett forecasts earnings beat

Gannett Co Inc (GCI.N) forecast stronger-than-expected quarterly results, sending shares up nearly 19 percent, as cost cuts helped the largest U.S. newspaper publisher soldier through a tough ad market.

The announcement, which comes three weeks before Gannett plans to report third-quarter financial results, is rare for a U.S. newspaper publisher, and comes on the same day that the company said it was raising $400 million in debt.

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