Gannett Co. Inc.GCI

Morningstar Rating

Stock Research and Analysis

by Carlton Moore

Despite being the nation's largest newspaper publisher, we don't think Gannet possesses an economic moat. The firm faces secular and cyclical challenges in our opinion.

The newspaper publishing industry is caught in a perpetual decline. Advertising, Read more

Bulls Say

USA Today is the preferred newspaper among domestic travelers and will benefit when travel picks up with the economy.

Usatoday.com is one of the Internet's most popular Web sites. The 50 million monthly visits it receives will attract advertising dollars in the future.

Gannett recently negotiated retransmission consent agreements for its broadcast TV operation. The fees, which provide approximately $50 million annually, are almost entirely profit. Read more

Bears Say

The industry's ongoing circulation declines reflect the fact consumers find other sources more convenient, timely, and relevant than newspapers.

USA Today's circulation declined 17% in the first half of the year and will suffer as consumers travel and book hotels less frequently because of the poor economy.

Gannett operates several newspapers in Florida, California, and the U.K., areas which have been particularly hurt by the recession. Read more

Strategy

Gannett seeks to deliver content and information to as wide an audience as possible by expanding its presence to new platforms beyond its print operations. The firm has recently invested in several Internet Read more

Management

Craig A. Dubow has served as president and CEO of Gannett since 2005 and became chairman in 2006. Prior to assuming these positions, Dubow held various executive roles within the firm, including president and CEO of Gannett's broadcast television division. Read more

Profile

With more than 80 daily newspapers including USA Today, and nearly 1,000 nondaily publications, Gannett is the largest newspaper publisher (74% of sales) in the United States. Read more

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