Gannett’s Q1 Revenue Drops 8 Percent as It Battles MNG Takeover
MNG fires back with concerns that Gannett leadership cannot successfully lead the company forward.
Gannett’s first quarter results, announced May 1, did not do much to quell concerns that the company can successfully fight off a takeover attempt by MNG Enterprises. Operating revenue for the quarter was $663.4 million, an 8.2% decrease compared to operating revenue of $723.0 million in the first quarter of 2018. The biggest decline was in advertising and marketing services revenue which totaled $365.2 million, compared to $410.3 million for the same period last year. Circulation revenue was $252.7 million, compared to $266.6 million, and other revenue was $45.4 million, compared to $46.1 million in the first quarter of 2018.
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