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Gannett's 2Q profit jumps as ad slump eases

Gannett's 2Q profit jumps as ad slump eases

Gannett Co., the largest U.S. newspaper publisher, says its second-quarter profit more than doubled as the industry's advertising slump eased.
Gannett, which owns USA Today, more than 80 other daily newspapers and 23 TV stations, is a bellwether for other publishers. The New York Times Co., Lee Enterprises Inc. and McClatchy Co. report earnings over the next two weeks.
Gannett says it earned $195.5 million, or 81 cents per share, for the three months ended June 27. That's up from $70.5 million, or 30 cents per share, a year earlier.
Excluding one-time items, it says it earned 61 cents per share. That beats analysts' forecast of 53 cents per share.
It says revenue slipped 1.6 percent to $1.37 billion. Analysts expected $1.4 billion.