USA Today publisher Gannett reduces debt by $22.3 million using proceeds from real estate sales
USA Today publisher Gannett Co. Inc. (GCI) said Friday it has used the proceeds of real estate sales totaling $21.3 million in January to reduce first lien debt by $22.3 million. “We expect to sell another $50 million to $60 million in real estate and other assets in 2023, the proceeds of which we expect to use to pay down debt,” Chief Executive Michael Reed said in a statement. “:As a result, we expect to reduce our debt within the year by approximately $120 million through the sale of real estate and other assets, along with our scheduled quarterly amortization payments.”