GCI - Gannett Co., Inc.

NYSE - NYSE Delayed Price. Currency in USD
6.65
-0.20 (-2.92%)
At close: 4:02PM EST
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Previous Close6.85
Open6.82
Bid6.66 x 2200
Ask6.97 x 4000
Day's Range6.55 - 6.82
52 Week Range5.69 - 14.11
Volume1,593,458
Avg. Volume1,966,725
Market Cap817.159M
Beta (5Y Monthly)1.05
PE Ratio (TTM)N/A
EPS (TTM)-0.19
Earnings DateFeb 17, 2020 - Feb 23, 2020
Forward Dividend & Yield1.52 (22.19%)
Ex-Dividend DateOct 30, 2019
1y Target Est7.50
  • Business Wire

    Gannett Earns Top Marks in 2020 Corporate Equality Index

    Gannett proudly announced that it received a score of 100 percent on the Human Rights Campaign Foundation’s 2020 Corporate Equality Index (CEI), the nation’s premier benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality. Gannett joins the ranks of more than 680 major U.S. businesses that also earned top marks this year.

  • Business Wire

    USA TODAY NETWORK Launches "Women of the Century" Project, Calling for Nominations of Inspiring Women from Across America Who Will Receive National Recognition and Coverage in Commemoration of the 100th Anniversary of the 19th Amendment

    To commemorate the 100th anniversary of the 19th Amendment, USA TODAY NETWORK, part of Gannett Co., Inc. (NYSE: GCI), launched the multiplatform "Women of the Century" project, which will recognize and celebrate women from across America for their inspiring accomplishments in the 100 years since the ratification of women’s right to vote.

  • American City Business Journals

    CEO of Journal Sentinel's new owner predicts financial success, will entertain asset sales

    The CEO of the Milwaukee Journal Sentinel’s new owner says the company will achieve its ambitious financial goals despite ongoing revenue decreases by paying down debt through strategies including selling real estate — and perhaps some of its daily newspapers.

  • Business Wire

    Gannett Announces Early Debt Pay Down

    Gannett Co., Inc. ("Gannett", the "Company") (NYSE: GCI) announced today it has made a prepayment of approximately $36.2 million in principal and accrued interest of its senior secured term loan facility ("Term Facility"). As a result of this prepayment, the Company reduced the outstanding principal amount under the Term Facility by $35.8 million, from $1.792 billion as of November 19, 2019 to approximately $1.756 billion.

  • Columbus Dispatch moving production to Indianapolis, up to 188 employees to be laid off as printing facility shutters
    American City Business Journals

    Columbus Dispatch moving production to Indianapolis, up to 188 employees to be laid off as printing facility shutters

    The Columbus Dispatch is moving its print production to Indianapolis. The paper announced Monday that it would close its printing and production facility at 5300 Crosswind Dr. and print the paper from a sister facility in Indianapolis. The company is telling 188 full- and part-time employees that the last shift in Columbus will be March 6.

  • MarketWatch

    USA Today parent Gannett's CFO to leave company

    USA Today parent Gannett Co. Inc. said Chief Financial Officer Alison Engel will leave the company at the end for the first quarter, after more than 4 1/2 years with the company. Engel, who was named CFO in June 2015, is leaving to "pursue other opportunities." The company said Treasurer Mark Maring will lead the finance duties until a new CFO is named. Gannett's stock, which was still inactive in premarket trading, has tumbled 49.3% over the past 12 months while the Dow Jones Industrial Average has gained 22.2%.

  • Business Wire

    Gannett Announces Q1 Departure of Chief Financial Officer

    Gannett Co., Inc. ("Gannett" or the "Company") (NYSE: GCI) announced today that Alison (Ali) K. Engel, Chief Financial Officer, will depart the Company at the end of the first quarter to pursue other opportunities. The Board of Directors has begun a process to identify and appoint a successor to Ms. Engel. Mark Maring, current Treasurer of Gannett, is expected to lead the finance function after Ms. Engel’s departure until a new Chief Financial Officer is appointed. Mr. Maring had most recently served as the Treasurer of GateHouse Media for 10 years prior to the merger.

  • Bearish Bets: 2 Stocks You Should Consider Shorting This Week
    TheStreet.com

    Bearish Bets: 2 Stocks You Should Consider Shorting This Week

    Using recent actions and grades from TheStreet's Quant Ratings and layering on technical analysis of the charts of those stocks, Trifecta Stocks identifies five names each Friday that look bearish. While we will not be weighing in with fundamental analysis we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Gannett Co. recently was downgraded to Sell with a D rating by TheStreet's Quant Ratings.

  • Omega's Leon Cooperman Ups Bet on Gannett
    GuruFocus.com

    Omega's Leon Cooperman Ups Bet on Gannett

    Guru increases stake in newspaper publisher Continue reading...

  • Business Wire

    Gannett Media Corp., a Subsidiary of Gannett Co., Inc., Announces Final Results of Tender Offer for Its 4.750% Convertible Senior Notes Due 2024

    Gannett Media Corp. (formerly known as Gannett Co., Inc.) (the "Issuer"), a subsidiary of Gannett Co., Inc. ("Gannett", the "Company", or the "Parent") (NYSE: GCI) announced today the expiration and final results of the Issuer’s previously announced cash tender offer (the "Tender Offer") for any and all of its 4.750% Convertible Senior Notes due 2024 (the "Notes") issued pursuant to the Indenture, dated as of April 9, 2018, between the Issuer and U.S. Bank National Association, as trustee (the "Trustee"), as amended and supplemented by the First Supplemental Indenture, dated as of November 19, 2019 (such Indenture, as so amended and supplemented, the "Indenture"), among the Issuer, Parent and the Trustee.

  • Hedge Funds Got Back Into Gannett Co., Inc. (NYSE:GCI) At The Wrong Time
    Insider Monkey

    Hedge Funds Got Back Into Gannett Co., Inc. (NYSE:GCI) At The Wrong Time

    At Insider Monkey, we pore over the filings of nearly 750 top investment firms every quarter, a process we have now completed for the latest reporting period. The data we've gathered as a result gives us access to a wealth of collective knowledge based on these firms' portfolio holdings as of September 30. In this […]

  • American City Business Journals

    Here's what crushed it, and what got crushed, in 2019

    This year, in addition to providing our annual snapshot of the biggest news stories in Boston business over the past year, we've compiled a list of people, companies and things that either "crushed it" (i.e., was successful) in 2019 or "got crushed" (i.e., struggled). See the above slideshow for our list of "what crushed it, and what got crushed" in 2019, and read below for a wrap-up of the year's biggest stories.

  • Business Wire

    Gannett to Present at Citi Global TMT West Conference and at Needham Growth Conference

    Gannett Co., Inc. ("Gannett", the "Company") (NYSE: GCI) announced today that its Chief Executive Officer, Michael Reed, will present at the following conferences in January:

  • Is Gannett Co., Inc. (NEWM) Going To Burn These Hedge Funds ?
    Insider Monkey

    Is Gannett Co., Inc. (NEWM) Going To Burn These Hedge Funds ?

    We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]

  • Arizona Republic lays off employees in wake of Gannett acquisition
    American City Business Journals

    Arizona Republic lays off employees in wake of Gannett acquisition

    Gannett Co., which has been acquired by the parent company of GateHouse, has 200 daily newspapers and is now the largest U.S. newspaper chain.

  • McClatchy Goes Digital to Ward Off ‘Ghost Papers’
    Bloomberg

    McClatchy Goes Digital to Ward Off ‘Ghost Papers’

    (Bloomberg Opinion) -- When I interviewed Craig Forman, the chief executive officer of McClatchy Co., last week, shares of the regional newspaper chain stood at 39 cents. Like its peers, it has struggled as print advertising has dwindled and subscribers have abandoned ship. Last month, the company said in a regulatory filing that it might not be able to continue “as a going concern” because of a pension overhang. That explains the depressed stock price.Coincidentally, last month was also when Alden Global Capital LLC bought a 25% stake in another struggling media company, Tribune Co. As I’ve noted before, the Alden Global business model is to treat newspapers as declining assets and bleed them for cash until there’s nothing left but a carcass. It will no doubt be imposing its draconian business model on the Chicago Tribune, the Baltimore Sun and the other Tribune papers.Meanwhile, in August, the New Media Investment Group announced that it was buying Gannett Co. and combining it with its GateHouse Media subsidiary, which instantly created the largest newspaper chain in the country. New Media is controlled by Fortress Investment Group, and its approach is not terribly different from Alden Global’s. People are starting to call papers owned by hedge funds “ghost papers” — defined by the New York Times as “thin versions of once robust publications put out by bare-bones staffs.”Although they’ve had their share of layoffs, McClatchy’s 30 media properties, which include the Miami Herald, the Kansas City Star and the Fort Worth Star-Telegram, are not ghost papers. A little more than a year ago, Julie K. Brown, a journalist at the Miami Herald, published an extraordinary expose of the convicted sex offender Jeffrey Epstein; that series sparked an outcry that led to Epstein’s arrest in July. In October, the well-regarded McClatchy Washington bureau documented a disturbing rise in the rate of cancer treatments at Veterans Affairs hospitals. And just a few weeks ago, the Kansas City Star published a powerful examination of Missouri’s public defender system.“We are still determined to do essential journalism of genuine impact in our communities,” Forman told me in an email a few days before we met.The “death of local news” has become a meme among journalists. According to a study by University of North Carolina researchers, 1 in 4 papers has shut down since 2004. Newspaper employment has been cut in half. Combined weekday circulation has shrunk from 122 million to 73 million. The New York Times ran a series of articles over the summer called “The Last Edition,” which examined “the collapse of local news in America.”But Forman believes that, notwithstanding that 39 cent stock price, McClatchy can beat the odds and craft a model that will allow it to avoid the clutches of a rapacious hedge fund. In fact, he says, that’s what McClatchy is doing. That’s what I wanted to talk to him about.To be clear-eyed about this, it will be not be easy. In 2006, with industry-wide circulation already in steep decline, McClatchy bought another regional chain, Knight Ridder, for $4.5 billion. When the deal was completed, McClatchy was saddled with $5 billion in debt. (The “ball and chain of debt,” Forman called it when we spoke.) The company has to pay $124 million into its pension in 2020 — cash it doesn’t have. In the first three quarters of 2019, its adjusted earnings were a slim $64.9 million. Its revenue has declined 27 consecutive quarters on a year-over-year basis.On the other hand, McClatchy has reduced its debt from $5 billion to $700 million and has pushed off further payments to 2026. McClatchy family members haven’t received a dividend in a decade. And it is negotiating with the Pension Benefit Guaranty Corp. to take over its pension, which holds $1.3 billion in assets. These three moves — assuming the latter happens — will free up the cash McClatchy needs.To do what, exactly? Forman’s goal is to complete a digital transformation that will allow McClatchy to thrive again by going from a business that relies primarily on advertising to one that relies mainly on digital subscribers, just as the New York Times and the Washington Post have done so successfully.That may sound obvious, but no other regional chain has been able to accomplish it. That is partly because most of them were too busy cutting costs as revenue fell to spend the millions it would take to create a winning digital platform. And it’s partly because most of them lacked the scale to take full advantage of the ways digitalization could help revive them.“It’s not just about putting your content on a website,” Forman told me. “Any digital effort has to be centralized.” A sophisticated digital platform is far too expensive for any one of McClatchy’s papers to do on its own — it has to be done companywide. If done right, it offers data analysis and analytics, targeting of potential customers, site personalization and so on.Because McClatchy lacked a robust digital infrastructure during the 2016 election, “we mostly missed the Trump bump,” Forman said. The New York Times and the Washington Post have signed up millions of digital subscribers since the election. McClatchy hasn’t.“We have newspapers in much of purple America,” Forman said, pointing to states such as Florida and Georgia where Democrats suddenly have at least a fighting chance. “That’s where the 2020 election is going to be decided.” This time, he wants McClatchy to be ready to offer digitized political news to a national audience hungry to consume it.That may help on the margins, but for a company like McClatchy, the core subscriber is still going to live in the 30 metropolitan areas its papers serve. Forman told me that the top five categories McClatchy’s readers want are local opinion, breaking local news, sports, news-you-can-use service articles and investigations. That’s what his papers are trying to deliver. “You have to be essential to your community,” he said. The papers run by hedge funds have largely lost that ability because they are too thinly staffed. McClatchy is betting that high-quality digital journalism will be a winning strategy.So far, McClatchy has 200,000 digital subscribers and nearly 500,000 “paid digital relationships,” which include print subscribers who have activated their digital accounts. This year, for the first time, its revenue is split 50-50 between subscriptions and advertising. But given that the chain’s total circulation is close to 1 million (1.3 million on Sundays), it has a long way to go.“We’re in a race,” Forman told me. A race against the debt that will come due in six years. A race against the 2020 election that could boost its digital fortunes. A race to replace advertising dollars with subscription dollars while there’s still time.Forman and McClatchy are running as fast as they can.To contact the author of this story: Joe Nocera at jnocera3@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Business Wire

    America Is Dangerously Divided. USA TODAY and Partners Launch "Hidden Common Ground" to Find Solutions.

    Hidden Common Ground, a nine-month examination of issues that divide America along with potential solutions, launches today by USA TODAY, part of Gannett Co., Inc. (NYSE: GCI), and partners with a poll that finds Americans believe political divisiveness is harming our democracy. Nine out of 10 say it’s important for the United States to reduce the chasm.

  • How Much Are Gannett Co., Inc. (NYSE:GCI) Insiders Spending On Buying Shares?
    Simply Wall St.

    How Much Are Gannett Co., Inc. (NYSE:GCI) Insiders Spending On Buying Shares?

    We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be...

  • Weekly CEO Buys Highlight
    GuruFocus.com

    Weekly CEO Buys Highlight

    Insiders invest in Gannett, Aramark, ServiceNow, UroGen Pharma and Enphase Energy Continue reading...

  • Business Wire

    Gannett Media Corp., a Subsidiary of Gannett Co., Inc., Announces Fundamental Change Company Notice and Offer to Repurchase for Cash Relating to its 4.750% Convertible Senior Notes due 2024

    Gannett Media Corp. announced today that, in connection with the closing on November 19, 2019 of the merger contemplated by the Agreement and Plan of Merger , dated as of August 5, 2019, by and among Gannett Co., Inc.

  • A Hedge Fund Comes for Another Newsroom
    Bloomberg

    A Hedge Fund Comes for Another Newsroom

    (Bloomberg Opinion) -- Michael Ferro’s tumultuous run at the top of Tribune Publishing Co.’s shareholder register is ending in a pile of hypocrisy: with a sale to a hedge fund known for cutting newsrooms to the bone.Alden Global, the hedge fund whose firm MNG Enterprises tried to buy Gannett Co. earlier this year, is acquiring Ferro’s 25% stake in the Chicago Tribune owner and is in discussions with the company to add two people to its board. Alden has made a business out of gobbling newspapers, ruthlessly cutting costs and gutting the staff and then, cutting even more when the product is invariably damaged, as my colleague Joe Nocera has written here, here and elsewhere. It will pay $13 a share for the privilege of getting the chance to push the same strategy at Tribune.Ferro, who had made his millions by investing in technology companies including Click Commerce and Merge Healthcare and subsequently orchestrating their sales, built his Tribune stake starting in 2016 and ascended to the chairman post. He repeatedly rebuffed takeover bids from Gannett, owner of USA Today and other newspapers, in the early part of his tenure. He argued that he had a plan to fundamentally reinvent the news business by incorporating machine-learning video technology and “content-harvesting robots” and just needed more time to execute it. Gannett, of course, was welcome to get in ahead of time — but would have to pay up.This meant pushing back on takeover bids that reportedly got as high as $18.75, despite the fact that Ferro himself paid only $8.50 a piece for his initial 5.2 million shares. There were also plans for more celebrity coverage, foreign bureaus in places like Lagos, Nigeria, and who could forget that regrettable name change to “Tronc” — all in the name of what one might charitably deem as an effort to be hip. It was a cockamamie strategy from the start with little chance of succeeding, but the odds were made more complicated by Tribune’s mismanagement of its business.The idea to milk more money out of content via artificial intelligence was based in part on a technology-licensing agreement with a company backed by biotech billionaire Patrick Soon-Shiong. Ferro brought Soon-Shiong in as a white-knight investor to help fend off Gannett, then had a falling-out with him that included accusing the No. 2 shareholder of angling to buy the L.A. Times — only to one year later agree to sell him the Times for $500 million. Ferro himself stepped down as chairman of Tribune last year, mere hours before Fortune published a detailed story of sexual harassment allegations against him. After that, he appeared to want as little to do with the company as possible.A $23 a share deal that Ferro inked for his stake last April with McCormick Media ultimately collapsed for unclear reasons. A rumored sale to private equity last August never happened, and takeover talks with McClatchy Co. also fizzled. Tribune even reportedly tried to reengage Gannett in the weeks before the Alden Global-backed MNG approached the latter this year, but too many bridges were seemingly burned in the first rendezvous. Gannett agreed to sell itself to private-equity-backed New Media Investment Group Inc. in a deal that closed this week, and the loss of that potential partner has weighed on Tribune’s shares. So instead, Ferro – the “tech entrepreneur” as so many publications have deemed him over the years – has decided to sell his stake to Alden Global, just a few short months after the hedge fund (via MNG) lambasted Gannett’s digital investments for a lack of return and called for a moratorium on new initiatives.Tribune shareholders are thrilled at the prospect of bolstered profitability. At the very least, Alden will soon be able to do away with Ferro’s $5 million-a-year consulting fee and corporate jet benefits. It seems highly possible that Alden may try to parlay its stake into a bigger takeover; Soon-Shiong still has a nearly 25% stake, but I’d imagine he’s ready to bail on this adventure as well and focus on his purchase of the L.A. Times. I think the thing that bothers me the most is that I can’t honestly say this would have ended any differently if Ferro hadn’t come into Tribune’s life. There would have been less to write about, that’s for sure. Maybe Gannett would have even pulled off the takeover. But that may have ultimately only made for a bigger target for the Wall Street firms wielding their cost-cutting knives.(Corrects the name of the magazine that published a detailed article about sexual harassment allegations against Michael Ferro in a column published on Nov. 20. )To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • American City Business Journals

    Most Gannett papers are losing print circulation faster than average

    Of the 200 daily newspapers at the newly-merged Gannett Co. that file print circulation numbers publicly, more than 80% are losing circulation at a faster rate than the national average and 10% are declining at twice that rate or more, according to a Business Journal analysis.

  • Two days after Gannett sale, Journal Sentinel initiates newsroom buyouts
    American City Business Journals

    Two days after Gannett sale, Journal Sentinel initiates newsroom buyouts

    Two days after the Milwaukee Journal Sentinel’s owner closed its sale to New Media Investment Group, the publication informed its news staff of a new round of voluntary buyouts.

  • Business Wire

    Gannett Announces Senior Leadership

    Gannett Co., Inc. announced today the senior leadership for the newly combined company.