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Is it time to buy heavily indebted, and usually unprofitable, Gannett stock? Perhaps not just yet.
USA Today publisher Gannett Co. Inc. GCI, +5.60% said Friday it has used the proceeds of real estate sales totaling $21.3 million in January to reduce first lien debt by $22.3 million. The McLean, Va.
With high flying growth stocks taking it on the chin in 2022, searching for deep value, cyclical stocks has led me to Gannett Co Inc. ( GCI , Financial), a U.S.-based newspaper and digital media and marketing company that provides local media and marketing solutions.
Hundreds of media industry employees were laid off this week as Warner Bros. Discovery, Gannett and others reduced headcount amid economic uncertainty.
Sometimes, companies with a lot of debt can be good turnaround stories.
Many stocks this year have simply been forgotten due to high inflation, rising interest rates, and brutal market conditions.
Gannett Co., Inc. (NYSE:GCI ) Q3 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants Matthew Esposito - IR Mike Reed - Chairman, CEO Doug Horne - CFO Conference Call Participants Doug Arthur - Huber Research Jason Bazinet - Citi Operator Greetings, and welcome to the Gannett 3Q Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
The digital transformation of Gannett over the past three years continues, yet its stock price reflects none of the progress. The pandemic-induced recession in 2020 and surge in inflation during 2022 were both major headwinds for progress.
Gannett Co. Inc. GCI, -4.64% informed staff on Wednesday that it's temporarily suspending its 401(k) match from Oct. 24 and mandating five days of unpaid leave in December, as part of a latest round of cost cuts. In a memo circulated by Editor & Publisher, Chief Executive Mike Reed said the publisher is also offering voluntary severance and will pause hiring apart from for key revenue and operating roles of others deemed critical.
Subscription-led company, Gannett Co. is using know-how accumulated in the traditional print media business to form a digital marketing platform. With a new cost-cutting program in place and a massive distribution network, the new Gannet's subscription-led business strategy could be quite successful.