Gannett Co Inc Stock Price, News & Analysis

Gannett Co., Inc. (NYSE: GCI) has announced expected asset sales of approximately $13.0 million in the third quarter of 2024, with proceeds to be used for debt repayment. The company aims to reduce debt by $53 million year-to-date and remains on track to repay at least $110 million for the full year. While these sales and the closure of Reviewed.com will impact total revenue, they are not expected to materially affect Adjusted EBITDA.

Gannett also provided an update on its refinancing efforts, expecting to commence negotiations for the exchange of its 6.0% Senior Secured Convertible Notes due 2027 and 6.0% first lien notes due November 1, 2026. Preliminary results from these exchange offers are anticipated in October, with transactions expected to close later in the fall.

LocaliQ, part of Gannett Co., Inc. (NYSE: GCI), has expanded its Search Ads product by adding Yelp Ads to its offerings. This addition allows LocaliQ customers to reach Yelp's high-intent audience of over 74 million monthly users. The integration began in June 2024, with 60% of campaigns seeing stabilized or improved cost per lead while increasing audience diversification.

LocaliQ's Search Ads use proprietary technology to optimize campaigns across multiple search engines, including Google and Bing. To be eligible for Yelp Ads, businesses must have a Yelp page with accurate information, photos, and a minimum 3-star rating. This expansion aims to provide small to mid-sized businesses with more effective and efficient ways to connect with potential customers and grow their businesses.

Gannett Co., Inc. (NYSE: GCI) has entered into a commitment letter for a comprehensive debt refinancing plan. The plan includes a new senior secured credit facility of up to $900 million with Apollo Funds, comprising an initial term loan of $675 million and a delayed draw facility of $225 million. The refinancing aims to:

1. Extend debt maturities
2. Reduce future dilution from 6.0% Senior Secured Convertible Notes due 2027
3. Repay existing term loan and 2026 Notes
4. Repurchase up to 50% of outstanding 2027 Notes

Apollo Funds will exchange $441 million of 2027 Notes, with 50% in cash and 50% for new 2031 Notes. The transactions are expected to close later this fall, subject to approvals and conditions.

USA TODAY, part of Gannett Co., Inc. (NYSE: GCI), announced the winners of its inaugural USA TODAY Ad Meter Brand Spotlight: Olympics Edition. Following the 2024 Summer Games in Paris, the editorial team selected three brands for their outstanding Olympic-themed advertisements. Nike claimed the gold medal with its ad "Winning Isn't for Everyone | Am I a Bad Person," featuring legendary actor Willem Dafoe and numerous iconic athletes. DICK'S Sporting Goods secured silver with "Big Moments," while Volkswagen took bronze for "Water Girl."

The initiative aimed to spotlight creative and impactful Olympic advertisements, similar to Super Bowl commercials. USA TODAY's Ad Meter Editor, Rick Suter, congratulated Nike for its winning spot, which aligns with the company's mission to inspire athletes worldwide. For more details on the 2024 Summer Olympics Ad Meter Brand Spotlight, readers can visit the USA TODAY website.

USA TODAY Sports, part of Gannett Co., Inc. (NYSE: GCI), and the American Football Coaches Association (AFCA) have launched the 2024 US LBM Coaches Poll for NCAA Football Bowl Subdivision teams. The poll, sponsored by US LBM, ranks the Top 25 teams weekly from preseason through the College Football Playoff. 55 AFCA-member FBS head coaches participate in the voting panel.

USA TODAY Sports will publish the rankings online on Sundays and in print on Mondays during the season. Additionally, USA TODAY's Branded Content Studio, GET Creative, will launch a new series featuring college football coaches on USATODAY.com. The poll marks the start of the longest season in college football history, with an expanded 12-team playoff system.

Gannett (NYSE: GCI) reported Q2 2024 financial results, showing growth in Adjusted EBITDA and digital revenues. Digital revenues now account for 44% of total revenues, with a 22.3% increase in digital-only subscription revenues. The company repaid $24.3 million of debt, reducing total net debt below $1 billion. Total revenues decreased by 4.8% YoY to $639.8 million. Gannett maintains a strong liquidity position with $99 million in cash. CEO Michael Reed reiterated the positive outlook for 2024, expecting total digital revenues to grow by 10%, while total revenues are expected to decline slightly. The company projects continued growth for 2025-2026, with digital revenues making up 50% of total revenues by 2025.

Gannett Co., Inc. (NYSE: GCI) has announced the release of its second quarter 2024 financial results on Thursday, August 1, 2024, before the New York Stock Exchange opens. The company will host a conference call at 8:30 A.M. Eastern Time on the same day to discuss the results. Investors can access the call by dialing 1-888-506-0062 (US) or 1-973-528-0011 (outside US) with the access code '598135'. A simultaneous webcast will be available on the company's investor relations website. A telephonic replay will be accessible until August 15, 2024.

Gannett is a diversified media company operating the USA TODAY NETWORK in the US and Newsquest in the UK. It also owns LocaliQ, a digital marketing solutions brand, and USA TODAY NETWORK Ventures, an events division.

The 2024 USA TODAY Wine & Food Experience tour is set to take place from September through November across eight U.S. cities. Organized by USA TODAY NETWORK Ventures, the event kicks off on September 28 in Denver, CO, and Providence, RI, and features renowned chefs, emerging talents, and culinary leaders. Attendees can enjoy food and beverage samples, exclusive demonstrations, and mixology classes in an outdoor setting. Tickets are available in general and early admission categories, with the event running from 1:00 p.m. to 4:00 p.m. for general admission and from 12:00 p.m. to 4:00 p.m. for early admission. Sponsorship and participation opportunities are open for restaurants and businesses. The tour aims to highlight local cuisine and provide unique culinary experiences.

SEICon 2024, a pioneering conference in sports, entertainment, and innovation, has announced USA TODAY Sports as its presenting sponsor. The conference will feature 120 experts and take place from July 15-17, 2024, at Virgin Hotels Las Vegas. USA TODAY Sports will set up a press center and broadcast studio and will also appear on panels and judge the SEICon Innovation Hub's Best in Show Award. Attendees will have opportunities to network with industry leaders and explore innovations in various fields, including esports, sports sociology, and media.