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Gannett Co., Inc. (GCI)

  • Wed, Apr. 29, 6:44 PM
    • In their annual meeting, shareholders of Gannett (NYSE:GCI) re-elected their nine-member board, while the company set up the boards that will serve once the company spins off into two entities -- one focused on broadcast and digital (TEGNA, to trade as TGNA), the other on publishing and its digital assets (Gannett).
    • After the separation, current Chairman Marjorie Magner will serve as chairman of TEGNA's board. Current Gannett directors Howard Elias, Lidia Fonseca, Gracia Martore, Scott McCune, Susan Ness and Neal Shapiro will join her on that board.
    • Current Gannett director John Jeffry Louis will chair the "new Gannett," joined by current directors John Cody and Tony Prophet, as well as designated CEO Robert Dickey.
    • Bruce Nolop, former E-Trade CFO, has joined Gannett's board and will switch to TEGNA's board at the split; Jill Greenthal of Blackstone Group was elected to the TEGNA board; and Coursera CBO Lila Ibrahim is expected to join Gannett's board after the split.
    • Current Gannett CEO Gracia Martore will move to the same position at TEGNA, and has named Victoria Harker that entity's CFO and Todd Mayman its chief legal and administrative officer. Ali Engel will join Dickey on the new Gannett leadership team as CFO.
    • Previously: Gannett TV-side spinoff to be called TEGNA (Apr. 21 2015)
    • Previously: Gannett up on Q1 profit beat; spin-off on track for mid-year (Apr. 21 2015)
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  • Wed, Apr. 29, 2:31 PM
    • Gannett (NYSE:GCI) declares $0.20/share quarterly dividend, in line with previous.
    • Forward yield 2.32%
    • Payable July 1; for shareholders of record June 5; ex-div June 3.
    | Comment!
  • Tue, Apr. 21, 4:05 PM
    • Gannett (NYSE:GCI) has climbed through the afternoon to close up 2.5% in the wake of its profit beat this morning, and it's announced a name for its upcoming spinoff.
    • The broadcasting/digital result of the company's separation will be called TEGNA and trade on NYSE under the symbol TGNA.
    • That company will become an independent power, holding Gannett's current portfolio of 46 TV stations (making it the largest indie affiliate group in the top 25 markets) and digital properties including and CareerBuilder.
    • The publishing side and its digital assets will retain the Gannett name and GCI ticker symbol.
    • Previously: Gannett up on Q1 profit beat; spin-off on track for mid-year (Apr. 21 2015)
    | Comment!
  • Tue, Apr. 21, 9:35 AM
    • Gannett (NYSE:GCI) is up 1.7% after a solid near-9% surprise in EPS for Q1, though revenue missed slightly and EBITDA of $325.3M missed an expected $327.2M. The company says its businesses are executing strategically heading into this year's upcoming split into two companies.
    • While publishing revenue slipped nearly 9% -- affected in part by dropping Gannett Healthcare Group and ending USA Weekend in Q4 -- broadcast revenue rose nearly 4% to a record, even accounting for the absence of Olympic and political revenues present in Q1 2014. Digital revenue gained substantially to contribute, up 85% on the strength of performance at recently acquired and CareerBuilder.
    • Revenue by segment: Broadcasting, $396.8M (up 3.8%); Digital, $332.7M (up 85.1%); Publishing, $768.2M (down 8.8%).
    • The company expects to complete the business spinoff by mid-year.
    • Conference call at 10 a.m. ET.
    • Press release
    | Comment!
  • Tue, Apr. 21, 8:17 AM
    • Gannett (NYSE:GCI): Q1 EPS of $0.49 beats by $0.04.
    • Revenue of $1.47B (+5.0% Y/Y) misses by $50M.
    • Press Release
    | Comment!
  • Mon, Apr. 20, 5:30 PM
  • Mon, Apr. 6, 12:29 PM
    • Gannett (NYSE:GCI) is off 3.6% following a downgrade by FBR Capital, to Market Perform from Outperform.
    • The firm set a price target of $38. Shares closed Thursday at $37.39 and are down to $36.06 today.
    • Shares are up 13.3% in 2015, and up 23.4% over the past six months.
    • The company will report Q1 earnings premarket on April 21.
    | Comment!
  • Thu, Mar. 12, 1:02 PM
    • Gannett (NYSE:GCI) is up 2.6% as it updates on its plans to divide its print and broadcast/digital assets between two publicly traded companies, saying it should be complete by the middle of 2015.
    • The publishing company will use the Gannett name, expects to pay a $0.32/share dividend and start a three-year $150M share repurchase program.
    • The yet-unnamed broadcast-and-digital firm will pay a $0.56/share dividend with a $750M buyback program.
    • What was formerly a publishing-heavy firm built up its digital assets last year with the $2.5B purchase of Classified Ventures (owners of, and late in 2014 it paid $1.5B for broadcaster Belo Corp.
    • How much is Carl Icahn driving? He bought a 6.6% stake in the firm last year with a goal to create value by splitting it up, and earlier this month ended a dispute over governance pushed by his concerns the two firms would become takeover targets.
    | Comment!
  • Wed, Mar. 11, 6:24 PM
    • Gannett (GCI +2%) hires Bob Sullivan away from Scripps Media to lead programming efforts as senior VP.
    • Sullivan, a Gannett veteran, will build a pipeline of non-news local content for the company's stations and for syndication.
    | Comment!
  • Mon, Mar. 2, 8:11 AM
    • Gannett (NYSE:GCI) announced its corporate governance plans for its proposed print-operations spinoff, and after "productive conversations" it includes a deal where Carl Icahn withdrew two board nominations he had made in January.
    • Icahn owns about 6.6% of Gannett and had expressed concern about governance at the new operation.
    • In the plan, the board will be elected annually and special meetings can only be called by holders of 20% of shares.
    • In addition, if a shareholder rights plan is adopted, it will expire after 135 days unless extended by a majority of shareholders.
    | Comment!
  • Tue, Feb. 24, 3:04 PM
    • Gannett (NYSE:GCI) declares $0.20/share quarterly dividend, in line with previous.
    • Forward yield 2.28%
    • Payable April 1; for shareholders of record March 6; ex-div March 4.
    | Comment!
  • Fri, Feb. 20, 9:37 PM
    • Graham Holdings (NYSE:GHC) -- the former Washington Post Company -- was up 3.7% at the open and easily crested the $1,000/share mark again, following its Q4 earnings, before giving back all of the day's gains by midday.
    • Education revenues from Kaplan operations ($551.4M, nearly flat) still made up the bulk of its $925.3M in revenues, but particularly strong were revenues in TV broadcasting, up 20% to $102.4M (aided by political ads in a midterm election year). Operating income in broadcast was up 24% to $54.4M.
    • Revenue from "other businesses" (which includes digital-heavy publishing operations like Slate, Foreign Policy, The Root) more than doubled to $73.8M, from $30.7M.
    • Seems like unloading The Washington Post to Jeff Bezos made the rest of the business great, Benjamin Freed says. He notes that now-GHC shares opened at $560.14 that summer 2013 day, headed to $584.97 that week and it's been a "robust trajectory" ever since. From the time of the sale, shares are up 83% vs. the S&P's +22%.
    • Other companies are doing the same, he notes: See News Corp. (NASDAQ:NWSA) splitting off Twenty-First Century Fox (FOX, FOXA); Tribune Media (NYSE:TRCO) dropping publications into Tribune Publishing and thriving as a broadcast/real estate company; and Gannett (NYSE:GCI), which plans to spin off USA Today and its dailies.
    • Q4 earnings; press release
    | Comment!
  • Tue, Feb. 3, 10:17 AM
    • The New York Times Co. (NYSE:NYT) is up 5.9% on news of its Q4 earnings beat.
    • Digital ad growth of 19% is seen as encouraging as the company wrestles with slipping print advertising revenue.
    • News peers are also trading higher today: (GCI +2.8%), (SSP +2.9%), (LEE +3.4%), (AHC +2.5%).
    • The NYT conference call comes up at 11 a.m.
    | Comment!
  • Tue, Feb. 3, 8:50 AM
    • Broadcast and Digital were strong areas leading Gannett (NYSE:GCI) to an earnings beat in Q4.
    • EPS of $1.02 was up 55% Y/Y and overall revenue grew 24%. Broadasting revenue increased 117% (25% pro forma) to a record $495.3M; Digital revenue rose 77% (10% pro forma) to a record $345.4M.
    • Adjusted EBITDA was up 57% Y/Y.
    • The Digital segment was boosted by acquisition of, where revenue grew 24.8%
    • Free cash flow grew 32% to $203M. The company has resumed its share repurchase program ahead of schedule and has about $150M left under current authorization.
    • Separation into two companies -- one focused on publishing, one on broadcast/digital -- is "on track" and more details will come in coming months.
    | Comment!
  • Tue, Feb. 3, 8:23 AM
    • Gannett (NYSE:GCI): Q4 EPS of $1.02 beats by $0.02.
    • Revenue of $1.7B (+24.1% Y/Y) misses by $40M.
    • Press Release
    | 1 Comment
  • Mon, Feb. 2, 5:30 PM
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Company Description
Gannett Co Inc is an international media and marketing solutions company and diverse local content providers in the United States. It operates in three segments; Broadcasting, Publishing and Digital.