In its 2Q earnings report, Gannett cites weakness in the national ad market. “An increase of almost 1% in local revenue was more than offset by a 7.3% decline in national revenue.”
Gannett today reported that its core advertising revenue dropped 2% in the second quarter compared to the same quarter of 2013 on a pro forma basis.
Gannett blamed the fall off on national spending. “An increase of almost 1% in local revenue was more than offset by a 7.3% decline in national revenue.”
The report on core was included in Gannett’s full second-quarter earnings, which were released this morning. The pro forma figures are presented as if Gannett had acquired Belo as the beginning of 2013.
Overall, Gannett’s broadcasting division reported a pro forma 13.4% increase in revenue, thanks mostly to a $13.8 million increase in political spending, which is not included in the core spot revenue calculation, and a hefty 67% increase in retransmission consent revenue.
Click here for full Gannett earnings report.