07-17-2008 Gannett Tumbles on Drop in Profit; USA Today Ad Sales Down 27% Gannett Co., the largest U.S. newspaper publisher, dropped to its lowest level since 1990 on the New York Stock Exchange after reporting second-quarter profit fell 36 percent, hurt by sliding advertising sales. Gannett declined 78 cents, or 4.5 percent to $16.57 at 4:15 p.m., bringing the stock's drop this year to 58 percent. New York Times Co. also retreated as the results indicated a deepening drop in newspaper industry advertising. Ad sales at USA Today, the biggest U.S. newspaper by circulation, fell 27 percent in June for their steepest monthly decline this year. Gannett's total print ad sales dropped 16 percent in the same period. For the quarter, national advertising for all publications sank 14 percent to $168.9 million because of cutbacks by retailers and carmakers. Link to entire article: http://www.bloomberg.com/apps/news?pid=20601103&sid=aJym2tU8PDow
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