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press release

Aug. 6, 2021, 6:30 a.m. EDT

Gannett Announces Second Quarter 2021 Results

Launched Digital Subscription Model at USA TODAYAchieved Record Digital-Only Subscriber Growth of 41% to Approximately 1.4 million Paid SubscribersDigital Revenues Rose 33% and Digital Marketing Solutions Revenue Rose 21.5% Over Prior Year Same Store

MCLEAN, Va., (BUSINESS WIRE) -- Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") /zigman2/quotes/202050177/composite GCI +1.32% today reported its financial results for the second quarter ended June 30, 2021.

"The solid results of the second quarter of 2021 underscore the strength of our strategy and the execution of our team. Digital-only subscriber growth continued to set new records in the second quarter of 2021, ending the quarter at approximately 1.4 million, up 41% compared to a year ago. Our Digital Marketing Solutions segment posted significant year-over-year growth and continued to grow platform client count sequentially each quarter,” said Michael Reed, Gannett Chairman and Chief Executive Officer. "The Company once again grew Adjusted EBITDA year-over-year, now for the third quarter in a row. With digital revenues making up approximately one-third of our total revenue and growing, we believe we are well positioned for the second half of the year and beyond."

Second Quarter 2021 Financial Highlights:

  • Total revenues of $804.3 million rose 4.9% compared to the prior year quarter

  • Total digital revenues were $259.3 million or 32.2% of total revenues

  • Net income attributable to Gannett of $15.1 million

  • Adjusted net income attributable to Gannett of $30.1 million

  • Adjusted EBITDA totaled $115.8 million, an increase of $37.8 million or 48.4% compared to the second quarter of 2020 and represented a 14.4% margin

  • Net cash flow provided by operating activities of $31.3 million

  • Free cash flow of $23.1 million

Additional Business Highlights:

  • Signed strategic sports betting agreement with Tipico US Technology, Inc. ("Tipico")

  • Launched digital subscription model at USA TODAY with subscriber-only content

  • Digital-only circulation subscribers totaled approximately 1.4 million at the end of the second quarter of 2021, up 41% compared to the same period in the prior year

  • 174 million average monthly unique visitors per ComScore in the second quarter of 2021 across USA TODAY NETWORK and U.K. digital properties

  • Digital Marketing Solutions segment revenues were $110.0 million, and on a same store basis increased 21.5% in the second quarter of 2021 compared to the same period in the prior year

  • During the second quarter of 2021, the Company repaid approximately $45.8 million in principal under its 5-Year Term Loan using the proceeds from real estate and other asset sales totaling $11.2 million and excess cash, bringing the 5-Year Term Loan principal under $1.0 billion

  • As of June 30, 2021, the Company had cash and cash equivalents of $158.6 million

Financial Highlights
 
in thousands Second Quarter 2021
Revenues $ 804,275
Net income attributable to Gannett   15,115
Adjusted EBITDA [(1)] (non-GAAP)   115,769
Adjusted Net income attributable to Gannett [(1)] (non-GAAP)   30,058
Net cash flow provided by operating activities   31,271
Free cash flow [(1) ] (non-GAAP)   23,057

(1) Refer to "Use of Non-GAAP Information" below for the Company’s definition of Adjusted EBITDA, Adjusted Net income attributable to Gannett, and Free cash flow, as well as the reconciliation of such measures to the most comparable GAAP measure.

Earnings Conference Call

Management will host a conference call on Friday, August 6, 2021 at 8:30 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of Gannett’s website, investors.gannett.com. The conference call may be accessed by dialing 1-877-451-6152 (from within the U.S.) or 1-201-389-0879 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Gannett Second Quarter Earnings Call” or access code “13719790”. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at investors.gannett.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available approximately two hours following the call’s completion through 11:59 P.M. Eastern Time on Friday, August 20, 2021 by dialing 1-844-512-2921 (from within the U.S.) or 1-412-317-6671 (from outside of the U.S.); please reference access code “13719790”.

About Gannett

Gannett Co., Inc. /zigman2/quotes/202050177/composite GCI +1.32% is a subscription-led and digitally focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer Prize-winning content, consumer experiences and benefits, and advertiser products and services. Our current portfolio of media assets includes USA TODAY, local media organizations in 46 states in the U.S., and Newsquest, a wholly owned subsidiary operating in the United Kingdom with more than 120 local news media brands. Gannett also owns the digital marketing services companies ReachLocal, Inc., UpCurve, Inc., and WordStream, Inc., which are marketed under the LOCALiQ brand, and runs the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. To connect with us, visit www.gannett.com .

Same Store Revenues

Same store revenues are based on GAAP revenues for Gannett for the current period, excluding (i) exited operations, (ii) currency impacts, and (iii) deferred revenue impacts related to the acquisition of Legacy Gannett.

Cautionary Statement Regarding Forward-Looking Statements

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to grow Adjusted EBITDA, our ability to achieve our operating priorities, our digital revenue performance and growth in our Digital Marketing Solutions segment, the potential sales of assets, including the anticipated use of any proceeds from such sales, our expectations, in terms of both amount and timing, with respect to debt repayment, real estate sales and debt refinancing, growth of and demand for our digital-only subscriptions and digital marketing and advertising services, our strategic alliance and sports betting agreement, our strategy, and future revenue trends and our ability to influence trends. Words such as "expect(s)", "plan(s)", "believes(s)", "will", and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s 2020 Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

GANNETT CO., INC. CONDENSED CONSOLIDATED BALANCE SHEETS
 
Table No. 1      
In thousands, except share data June 30, 2021   December 31, 2020
Assets (Unaudited)    
Current assets:      
Cash and cash equivalents $ 158,563     $ 170,725  
Accounts receivable, net of allowance for doubtful accounts of $17,955 and $20,843, as of June 30, 2021 and December 31, 2020, respectively 291,452     314,305  
Inventories 34,535     35,075  
Prepaid expenses and other current assets 113,275     116,581  
Total current assets 597,825     636,686  
Property, plant, and equipment, net 522,347     590,272  
Operating lease assets 278,389     289,504  
Goodwill 534,218     534,088  
Intangible assets, net 770,811     824,650  
Deferred tax assets 58,571     90,240  
Other assets 211,627     143,474  
Total assets $ 2,973,788     $ 3,108,914  
       
Liabilities and equity      
Current liabilities:      
Accounts payable and accrued liabilities $ 351,919     $ 378,246  
Deferred revenue 184,619     186,007  
Current portion of long-term debt 106,644     128,445  
Other current liabilities 49,939     48,602  
Total current liabilities 693,121     741,300  
Long-term debt 823,009     890,323  
Convertible debt 396,964     581,405  
Deferred tax liabilities 22,567     6,855  
Pension and other postretirement benefit obligations 90,019     99,765  
Long-term operating lease liabilities 262,390     274,460  
Other long-term liabilities 157,708     151,847  
Total noncurrent liabilities 1,752,657     2,004,655  
Total liabilities 2,445,778     2,745,955  
Redeemable noncontrolling interests (2,067)     (1,150)  
Commitments and contingent liabilities      
       
Equity      
Preferred stock, $0.01 par value, 300,000 shares authorized, of which 150,000 shares are designated as Series A Junior Participating Preferred Stock, none of which were issued and outstanding at June 30, 2021 and December 31, 2020      
Common stock, $0.01 par value per share, 2,000,000,000 shares authorized; 144,638,938 shares issued and 142,624,274 shares outstanding at June 30, 2021; 139,494,741 shares issued and 138,102,993 shares outstanding at December 31, 2020 1,446     1,395  
Treasury stock, at cost, 2,014,664 shares and 1,391,748 shares at June 30, 2021 and December 31, 2020, respectively (6,935)     (4,903)  
Additional paid-in capital 1,395,191     1,103,881  
Accumulated deficit (913,638)     (786,437)  
Accumulated other comprehensive income 54,013     50,173  
Total equity 530,077     364,109  
Total liabilities and equity $ 2,973,788     $ 3,108,914  
GANNETT CO., INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
 
Table No. 2 Three months ended June 30,
In thousands, except per share amounts 2021   2020
Advertising and marketing services $ 420,110     $ 356,918  
Circulation 310,259     342,646  
Other 73,906     67,436  
Total operating revenues 804,275     767,000  
Operating costs 473,172     476,735  
Selling, general and administrative expenses 222,904     226,484  
Depreciation and amortization 48,242     66,327  
Integration and reorganization costs 8,444     32,306  
Asset impairments     6,859  
Goodwill and intangible impairments     393,446  
Net loss on sale or disposal of assets 5,294     88  
Other operating expenses 774     2,379  
Total operating expenses 758,830     1,204,624  
Operating income (loss) 45,445     (437,624)  
Interest expense 35,264     57,928  
Loss on early extinguishment of debt 2,834     369  
Non-operating pension income (23,906)     (17,553)  
Other income, net (1,148)     (6,261)  
Non-operating expense 13,044     34,483  
Income (loss) before income taxes 32,401     (472,107)  
Provision (benefit) for income taxes 17,692     (34,276)  
Net income (loss) $ 14,709     $ (437,831)  
Net loss attributable to redeemable noncontrolling interests (406)     (938)  
Net income (loss) attributable to Gannett $ 15,115     $ (436,893)  
       
Interest adjustment to Net income (loss) attributable to Gannett related to assumed conversions of the 2027 Notes, net of taxes $ 7,470     $  
Net income (loss) attributable to Gannett for diluted earnings per share $ 22,585     $ (436,893)  
       
Income (loss) per share attributable to Gannett - basic $ 0.11     $ (3.32)  
Income (loss) per share attributable to Gannett - diluted $ 0.10     $ (3.32)  
GANNETT CO., INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Table No. 3 Six months ended June 30,
In thousands 2021   2020
Operating activities:      
Net loss $ (127,992)     $ (518,437)  
Adjustments to reconcile net loss to operating cash flows:      
Depreciation and amortization 106,345     144,352  
Share-based compensation expense 9,202     18,968  
Non-cash interest expense 11,531     11,902  
Net loss on sale or disposal of assets 10,039     745  
Loss on Convertible notes derivative 126,600      
Loss on early extinguishment of debt 22,235     1,174  
Goodwill and intangible impairments     393,446  
Asset impairments 833     6,859  
Pension and other postretirement benefit obligations (78,038)     (49,064)  
Change in other assets and liabilities, net 11,832     14,695  
Net cash provided by operating activities 92,587     24,640  
Investing activities:      
Purchase of property, plant, and equipment (15,821)     (22,157)  
Proceeds from sale of real estate and other assets 23,341     17,792  
Change in other investing activities (335)     1,339  
Net cash provided by (used for) investing activities 7,185     (3,026)  
Financing activities:      
Payments of debt issuance costs (33,921)      
Borrowings under term loans 1,045,000      
Repayments under term loans (1,129,605)     (18,985)  
Payments for employee taxes withheld from stock awards (2,030)     (1,942)  
Changes in other financing activities (423)     596  
Net cash used for financing activities (120,979)     (20,331)  
Effect of currency exchange rate change on cash 625     (780)  
(Decrease) increase in cash, cash equivalents and restricted cash (20,582)     503  
Balance of cash, cash equivalents and restricted cash at beginning of period 206,726     188,664  
Balance of cash, cash equivalents and restricted cash at end of period $ 186,144     $ 189,167  
GANNETT CO., INC. SEGMENT INFORMATION (Unaudited)
 
Table No. 4 Three months ended June 30,
In thousands 2021   2020
Operating revenues:      
Publishing $ 724,545     $ 695,893  
Digital Marketing Solutions 110,037     94,563  
Corporate and Other 1,705     2,398  
Intersegment eliminations (32,012)     (25,854)  
Total $ 804,275     $ 767,000  
       
Adjusted EBITDA:      
Publishing $ 114,189     $ 91,991  
Digital Marketing Solutions 12,529     2,784  
Corporate and Other (10,949)     (16,757)  
Total $ 115,769     $ 78,018  
GANNETT CO., INC. SAME STORE REVENUES (Unaudited)
 
Table No. 5 Three months ended June 30,
In thousands 2021   2020   % Change
Total revenues $ 804,275     $ 767,000     4.9 %
Currency impact   (7,321 )         ***
Exited operations   7       (21,464 )   ***
Deferred revenue adjustment         980     (100.0 )%
Same store total revenues $ 796,961     $ 746,516     6.8 %
           
Advertising and marketing services revenues $ 420,110     $ 356,918     17.7 %
Currency impact   (4,718 )         ***
Exited operations   7       (11,749 )   ***
Deferred revenue adjustment         396     (100.0 )%
Same store advertising and marketing services revenues $ 415,399     $ 345,565     20.2 %
           
Circulation revenues $ 310,259     $ 342,646     (9.5 )%
Currency impact   (2,046 )         ***
Exited operations         (3,876 )   (100.0 )%
Deferred revenue adjustment         584     (100.0 )%
Same store circulation revenues $ 308,213     $ 339,354     (9.2 )%
           
Other revenues $ 73,906     $ 67,436     9.6 %
Currency impact   (557 )         ***
Exited operations         (5,839 )   (100.0 )%
Same store other revenues $ 73,349     $ 61,597     19.1 %

*** Indicates a percentage change greater than 100.

USE OF NON-GAAP INFORMATION

The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a U.S. GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered in isolation from or as a substitute for the related U.S. GAAP measures and should be read together with financial information presented on a U.S. GAAP basis.

The Company defines its non-GAAP measures as follows:

  • Adjusted EBITDA is a non-GAAP performance measure the Company believes offers a useful view of the overall operations of our business. The Company defines Adjusted EBITDA as Net income (loss) attributable to Gannett before: (1) Income tax expense (benefit), (2) Interest expense, (3) Gains or losses on the early extinguishment of debt, (4) Non-operating pension income (expense), (5) Loss on Convertible notes derivative, (6) Other non-operating items, including equity income, (7) Depreciation and amortization, (8) Integration and reorganization costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation, (13) Other operating expenses, including third-party debt expenses and acquisition costs, (14) Gains or losses on the sale of investments and (15) certain other non-recurring charges. The most directly comparable U.S. GAAP measure is Net income (loss) attributable to Gannett.

  • Adjusted EBITDA margin is a non-GAAP performance measure the Company believes offers a useful view of the overall operations of our business. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total Operating revenues.

  • Adjusted Net income (loss) attributable to Gannett is a non-GAAP performance measure the Company believes offers a useful view of the overall operations of our business and is useful to analysts and investors in evaluating the results of operations and operational trends. The Company defines Adjusted Net income (loss) attributable to Gannett before (1) Gains or losses on the early extinguishment of debt, (2) Loss on Convertible notes derivative, (3) Integration and reorganization costs, (4) Other operating expenses, including third-party debt expenses and acquisition costs, (5) Asset impairments, (6) Goodwill and intangibles impairments, (7) Gains or losses on the sale or disposal of assets, and (8) the tax impact of the above items.

  • Free cash flow is a non-GAAP liquidity measure that adjusts our reported U.S. GAAP results for items we believe are critical to the ongoing success of our business. The Company defines Free cash flow as Net cash provided by operating activities as reported on the Statement of Cash Flows less capital expenditures, which results in a figure representing Free cash flow available for use in operations, additional investments, debt obligations, and returns to stockholders. The most directly comparable U.S. GAAP financial measure is Net cash from operating activities.

Management’s Use of Non-GAAP Measures

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, and Free cash flow are not measurements of financial performance under U.S. GAAP and should not be considered in isolation or as an alternative to income from operations, net income (loss), margin, cash flow from operating activities, or any other measure of performance or liquidity derived in accordance with U.S. GAAP. We believe these non-GAAP financial measures as we have defined them are helpful in identifying trends in our day-to-day performance because these items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Net income (loss) attributable to Gannett provide us with measures of financial performance, independent of items that are beyond the control of management in the short-term, such as depreciation and amortization, taxation, non-cash impairments, and interest expense associated with our capital structure. These metrics measure our financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Net income (loss) attributable to Gannett are metrics we use to review the financial performance of our business on a monthly basis.

We use Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Net income (loss) attributable to Gannett as measures of our day-to-day operating performance, which is evidenced by the publishing and delivery of news and other media and excludes certain expenses that may not be indicative of our day-to-day business operating results.

Limitations of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, and Free cash flow

Each of our non-GAAP measures have limitations as an analytical tool. They should not be viewed in isolation or as a substitute for U.S. GAAP measures of earnings or cash flows. Material limitations in making the adjustments to our earnings to calculate Adjusted EBITDA and using this non-GAAP financial measure as compared to U.S. GAAP net income (loss) include: the cash portion of interest / financing expense, income tax (benefit) provision, and charges related to asset impairments, which may significantly affect our financial results.

Management believes these items are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, and Free cash flow are not alternatives to net income, income from operations, or cash flows provided by or used in operations as calculated and presented in accordance with U.S. GAAP. As such, they should not be considered or relied upon as a substitute or alternative for any such U.S. GAAP financial measure. We strongly urge you to review the reconciliations of Net income (loss) attributable to Gannett to Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted Net income (loss) attributable to Gannett, and Cash provided by operations to Free Cash Flow along with our condensed consolidated financial statements included elsewhere in this report. We also strongly urge you to not rely on any single financial measure to evaluate our business. In addition, because Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, and Free cash flow are not measures of financial performance under U.S. GAAP and are susceptible to varying calculations, the Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, and Free cash flow measures as presented in this report may differ from and may not be comparable to similarly titled measures used by other companies.

GANNETT CO., INC. NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA (Unaudited)
 
Table No. 6 Three months ended June 30, 2021
In thousands Publishing   Digital Marketing Solutions   Corporate and Other   Consolidated Total
Net income (loss) attributable to Gannett $ 96,431     $ 4,904     $ (86,220 )   $ 15,115  
Provision for income taxes               17,692       17,692  
Interest expense               35,264       35,264  
Loss on early extinguishment of debt               2,834       2,834  
Non-operating pension income   (23,906 )                 (23,906 )
Other non-operating (income) expense, net   (1,829 )     98       583       (1,148 )
Depreciation and amortization   36,416       7,850       3,976       48,242  
Integration and reorganization costs   (197 )     204       8,437       8,444  
Other operating expenses               774       774  
Net (gain) loss on sale or disposal of assets   5,890       (527 )     (69 )     5,294  
Share-based compensation expense               5,779       5,779  
Other items   1,384             1       1,385  
Adjusted EBITDA (non-GAAP basis) $ 114,189     $ 12,529     $ (10,949 )   $ 115,769  
Net income (loss) attributable to Gannett margin   13.3 %     4.5 %     NM       1.9 %
Adjusted EBITDA margin (non-GAAP basis)   15.8 %     11.4 %     NM       14.4 %
NM indicates not meaningful.              
  Three months ended June 30, 2020
In thousands Publishing   Digital Marketing Solutions   Corporate and Other   Consolidated Total
Net loss attributable to Gannett $ (328,207 )   $ (43,226 )   $ (65,460 )   $ (436,893 )
Benefit for income taxes               (34,276 )     (34,276 )
Interest expense   92             57,836       57,928  
Loss on early extinguishment of debt               369       369  
Non-operating pension income   (17,480 )           (73 )     (17,553 )
Other non-operating income, net   (3,066 )     (2,614 )     (581 )     (6,261 )
Depreciation and amortization   56,553       4,004       5,770       66,327  
Integration and reorganization costs   20,619       2,962       8,725       32,306  
Other operating expenses               2,379       2,379  
Asset impairments   6,859                   6,859  
Goodwill and intangible impairments   352,947       40,499             393,446  
Net (gain) loss on sale or disposal of assets   (449 )     516       21       88  
Share-based compensation expense               7,391       7,391  
Other items   4,123       643       1,142       5,908  
Adjusted EBITDA (non-GAAP basis) $ 91,991     $ 2,784     $ (16,757 )   $ 78,018  
Net loss attributable to Gannett margin   (47.2 )%     (45.7 )%     NM       (57.0 )%
Adjusted EBITDA margin (non-GAAP basis)   13.2 %     2.9 %     NM       10.2 %

NM indicates not meaningful.

GANNETT CO., INC. NON-GAAP FINANCIAL INFORMATION ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO GANNETT (Unaudited)
 
Table No. 7 Three months ended June 30,
In thousands 2021   2020
Net income (loss) attributable to Gannett $ 15,115     $ (436,893 )
Loss on early extinguishment of debt   2,834       369  
Integration and reorganization costs   8,444       32,306  
Other operating expenses   774       2,379  
Asset impairments         6,859  
Goodwill and intangible impairments         393,446  
Net loss on sale or disposal of assets   5,294       88  
Subtotal   32,461       (1,446 )
Tax impact of above items   (2,403 )     (3,734 )
Adjusted Net income (loss) attributable to Gannett (non-GAAP basis) $ 30,058     $ (5,180 )
GANNETT CO., INC. NON-GAAP FINANCIAL INFORMATION FREE CASH FLOW (Unaudited)
 
Table No. 8  
In thousands Three months ended June 30, 2021
Net cash flow provided by operating activities (GAAP basis) $ 31,271  
Capital expenditures   (8,214 )
Free cash flow (non-GAAP basis) [(a)] $ 23,057  

[(a)] Free cash flow for the second quarter of 2021 was negatively impacted by $17.8 million of integration and reorganization costs and $1.2 million of third-party fees related to the 5-Year Term Loan.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210806005060/en/

SOURCE: Gannett Co., Inc.

For investor inquiries, contact:
Trisha Gosser
Investor Relations
212-479-3160
investors@gannett.com For media inquiries, contact:
Lark-Marie Anton
SVP, Communications
646-906-4087
lark@gannett.com

COMTEX_391081216/2456/2021-08-06T06:30:14

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/zigman2/quotes/202050177/composite
US : U.S.: NYSE
$ 6.14
+0.08 +1.32%
Volume: 589,499
Oct. 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$863.59 million
Rev. per Employee
$188,159
loading...
/zigman2/quotes/202050177/composite
US : U.S.: NYSE
$ 6.14
+0.08 +1.32%
Volume: 589,499
Oct. 18, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$863.59 million
Rev. per Employee
$188,159
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