Gannett loses $54.1m as revenues continue to slide

In brief

USA Today publisher Gannett declared a net loss of $54.1m in Q3 as the company’s financials continue to slide following a poor Q2 that led to significant layoffs and further stringent cost-cutting policies.

Adjusted Ebitda (the publisher’s measure of profit) totaled $51.9m, a 49.1% year-over-year decrease and 2.1% sequential improvement compared to Q2 2022, attributed to said cost-cutting.

Total revenues of $717.9m amounted to a 10.3% year-over-year decrease. Total digital revenues, which make up 35.7% of total revenue, fell 2.3% year-over-year, though digital-only paid subscribers increased 28.5% year-over-year.