Political ad drop hits Gannett

Investor's Business Daily

The publisher of USA Today and about 80 local dailies fell sharply after it guided for weaker broadcast revenue growth in Q1. Gannett (GCI) Q4 EPS climbed 24% to 89 cents, a penny over views. Revenue climbed 9% to $1.52 bil, also beating. But it projected 1st-quarter television revenue up by high single digits, with negative impacts from the decline in political advertising, and the shift of the Super Bowl from NBC to CBS. That would be down sharply from Q4's 45.7% growth to $280.2 mil, helped by strong political ad spending. Shares fell 6.7% to 18.51.

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