Media Meltdown: Gannett Profit Plunges


Gannett Co., the largest U.S. newspaper publisher, said second-quarter profit declined 36 percent after advertising sales at USA Today plunged. The stock dropped to its lowest level since 1985. USA Today's ad sales fell 27 percent in June, the steepest monthly decline this year and worse than the 16 percent drop reported for all Gannett publications. During the quarter, the company's national advertising slid 14 percent to $168.9 million because of cutbacks by retailers and carmakers.

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