Gannett Co., Inc. (GCI) Bundle
An Overview of Gannett Co., Inc. (GCI)
General Summary of Gannett Co., Inc. (GCI)
Gannett Co., Inc. (GCI) has a storied history dating back to its founding in 1906. The company is known for its extensive portfolio of news and information services, including newspapers, digital media, and marketing solutions. As of 2024, Gannett operates over 200 daily newspapers and numerous digital platforms across the United States and the United Kingdom, making it a significant player in the media industry.
In 2024, Gannett reported total sales of approximately $1.888 billion for the nine months ended September 30. The company's primary revenue streams come from digital advertising, print circulation, and commercial printing, reflecting its transition towards digital solutions while maintaining its traditional print business.
Company's Financial Performance in the Latest Financial Reports
For the third quarter of 2024, Gannett reported total revenues of $612.4 million, a slight decrease from $652.9 million in the same period the previous year. The company experienced a net loss attributable to Gannett of $19.7 million for the quarter, compared to a net loss of $2.6 million in Q3 2023.
In the nine months ending September 30, 2024, Gannett's revenues were $1.888 billion, down from $1.994 billion for the same period in 2023. The breakdown of revenues by segment includes:
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | Change (%) |
|---|---|---|---|
| Domestic Gannett Media | $468.5 | $508.5 | -7.8% |
| Newsquest | $59.5 | $59.0 | 0.8% |
| Digital Marketing Solutions | $119.9 | $121.9 | -1.6% |
| Corporate and Other | $1.4 | $1.5 | -6.7% |
| Total Revenues | $612.4 | $652.9 | -6.2% |
The operating income for the third quarter of 2024 was reported at $12.2 million, a 16% increase compared to $10.5 million in Q3 2023. The company's Adjusted EBITDA stood at $62.9 million for the quarter, reflecting a 5.3% increase year-over-year.
Introduction to Gannett as a Leader in the Industry
Gannett Co., Inc. is recognized as one of the leading companies in the media industry, particularly in the realm of digital and print news media. With a vast audience reach across its various platforms, Gannett has successfully adapted to the changing landscape of media consumption. The company's focus on digital transformation and marketing solutions positions it well for growth in an increasingly competitive market.
As of September 30, 2024, Gannett reported digital-only paid subscriptions of 2.1 million, reflecting a growth of 5% compared to the previous year. This growth in digital subscriptions is indicative of the company's strategic shift towards digital content delivery, which is crucial for its long-term sustainability and success.
Mission Statement of Gannett Co., Inc. (GCI)
Mission Statement of Gannett Co., Inc. (GCI)
Gannett Co., Inc. (GCI) operates with a mission statement that emphasizes its commitment to delivering high-quality journalism and innovative marketing solutions to its customers. This mission is critical for guiding the company's long-term goals and aligning its operational strategies with its core objectives.
Core Component 1: Delivering High-Quality Journalism
The first core component of Gannett's mission statement is its dedication to delivering high-quality journalism. This commitment is reflected in the company's extensive portfolio of local news publications and digital platforms that reach millions of readers across the United States. As of 2024, Gannett's digital-only subscriptions have shown a significant increase, reaching $139.8 million in revenue for the nine months ended September 30, 2024, compared to $113.7 million in the same period of 2023, marking a growth of 23% .
Core Component 2: Innovative Marketing Solutions
The second core component focuses on providing innovative marketing solutions. Gannett has invested in digital marketing services that cater to the evolving needs of businesses. In the nine months ending September 30, 2024, the company reported $359.3 million in digital marketing services revenue, a slight increase from $357.1 million in the previous year . This growth highlights Gannett's ability to adapt to market demands and offer tailored solutions that enhance client visibility and engagement.
Core Component 3: Community Engagement
The final core component revolves around community engagement. Gannett emphasizes its role in fostering connections within the communities it serves. The company aims to be a reliable source of information, promoting civic engagement through its journalism. For example, Gannett's local publications have contributed to community initiatives and events, reinforcing its commitment to being a pillar of local society. In 2024, Gannett's total revenues were $1.888 billion, showcasing its expansive reach and impact across various communities .
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (%) |
|---|---|---|---|
| Digital Advertising | $84.7 | $80.8 | 5% |
| Digital Marketing Services | $119.6 | $121.9 | -2% |
| Digital-Only Subscriptions | $50.1 | $40.0 | 25% |
| Total Revenues | $612.4 | $652.9 | -6% |
Overall, Gannett's mission statement, driven by its core components of high-quality journalism, innovative marketing solutions, and community engagement, positions the company to effectively navigate the challenges of the media landscape while remaining committed to its stakeholders.
Vision Statement of Gannett Co., Inc. (GCI)
Vision Statement of Gannett Co., Inc. (GCI) as of 2024
The vision statement of Gannett Co., Inc. (GCI) reflects its commitment to delivering high-quality news and information while embracing digital transformation. Gannett aims to be a leading media company that connects communities across the United States through trusted journalism and innovative digital solutions.
Community EngagementGannett's vision emphasizes the importance of community engagement. The company aims to enhance local journalism and foster deeper connections with its audience. As of 2024, Gannett has seen a rise in digital-only paid subscriptions, reaching approximately 2.056 million, which indicates a strong community interest in local news.
Innovation in Digital Media
Innovation is a core component of Gannett's vision. The company is dedicated to adapting to the evolving media landscape by investing in technology and digital platforms. Revenues from digital advertising in the third quarter of 2024 totaled approximately $253.7 million, reflecting a 5% increase year-over-year. Gannett's digital marketing services also generated approximately $359.3 million in revenues during the same period.
Commitment to Quality Journalism
Quality journalism remains a cornerstone of Gannett's vision. The company invests in investigative reporting and local news coverage. In the first nine months of 2024, Gannett reported total revenues of approximately $1.888 billion, with digital revenues comprising a significant portion of this figure. Gannett's dedication to quality is evident in its ongoing efforts to enhance editorial standards and uphold journalistic integrity.
Financial Sustainability
To support its vision, Gannett focuses on financial sustainability. The company reported a net loss attributable to Gannett of approximately $90.7 million for the nine months ending September 30, 2024. Despite these challenges, Gannett is implementing cost-control measures, which resulted in a 10% reduction in total operating costs during the same period.
Table: Gannett Financial Performance Overview (Q3 2024)
| Financial Metric | Value |
|---|---|
| Total Revenues | $1.888 billion |
| Digital Advertising Revenues | $253.7 million |
| Digital Marketing Services Revenues | $359.3 million |
| Net Loss Attributable to Gannett | $90.7 million |
| Digital-Only Paid Subscriptions | 2.056 million |
| Total Operating Costs Reduction | 10% |
Vision for the Future
Gannett envisions a future where it continues to lead the media industry by leveraging technology and fostering community connections. The company's commitment to innovation and quality journalism positions it to adapt to the changing landscape while maintaining financial sustainability.
Core Values of Gannett Co., Inc. (GCI)
Integrity
The core value of integrity is fundamental to Gannett Co., Inc. (GCI) as it emphasizes transparency, honesty, and accountability in all business operations. Gannett demonstrates this commitment through various initiatives, including ethical journalism practices and adherence to legal standards.
In 2024, Gannett reported a net loss of $90.7 million for the nine months ended September 30, compared to a net loss of $4.9 million in the same period in 2023, highlighting the importance of transparent reporting to stakeholders. Furthermore, Gannett has implemented rigorous compliance programs to ensure ethical conduct among its employees, which is reflected in their operational policies.
Innovation
Innovation is a core value that drives Gannett's transformation from traditional print media to a digital-first organization. The company has invested significantly in technology and digital solutions to enhance customer experiences and streamline operations.
For instance, Gannett's digital revenues reached $823.3 million for the nine months ended September 30, 2024, a 6% increase from $773.2 million in the same period in 2023. This growth is attributed to innovations in digital marketing services and the expansion of digital-only subscriptions, which totaled 2.1 million as of September 30, 2024.
Community Engagement
Gannett's commitment to community engagement is evident in its local journalism initiatives and partnerships with community organizations. This core value emphasizes the importance of connecting with and serving local audiences.
In 2024, Gannett launched multiple community-focused programs, including local news events and initiatives aimed at addressing community issues. The company reported a digital-only average revenue per user (ARPU) of $8.16, reflecting its success in engaging local subscribers. Moreover, Gannett's efforts in community engagement are reflected in the positive feedback from local stakeholders and increased participation in community events.
Diversity and Inclusion
Diversity and inclusion are integral to Gannett's corporate culture, promoting a workplace that values different perspectives and backgrounds. Gannett has undertaken various initiatives to enhance diversity within its workforce and ensure inclusive practices across all levels of the organization.
As of September 2024, Gannett reported that women constituted 50% of its workforce, and minority representation increased to 40%. These statistics demonstrate Gannett's ongoing commitment to fostering a diverse and inclusive environment, which is essential for driving creativity and innovation within the company.
Accountability
Accountability is a core value that underpins Gannett’s operational practices, ensuring that employees take responsibility for their actions and decisions. This is crucial for maintaining trust among stakeholders and fostering a culture of excellence.
Gannett has established performance metrics to assess accountability, with an adjusted EBITDA of $195.0 million for the nine months ended September 30, 2024, reflecting a stable operational performance despite challenges. The company also emphasizes accountability through regular performance reviews and feedback mechanisms, ensuring that employees are aligned with the company's goals and values.
| Core Value | Description | 2024 Metrics |
|---|---|---|
| Integrity | Transparency, honesty, and ethical conduct in operations | Net Loss: $90.7M |
| Innovation | Focus on technology and digital transformation | Digital Revenues: $823.3M |
| Community Engagement | Active participation and support for local communities | Digital-only ARPU: $8.16 |
| Diversity and Inclusion | Commitment to a diverse and inclusive workplace | Women in Workforce: 50%, Minority Representation: 40% |
| Accountability | Responsibility for actions and performance | Adjusted EBITDA: $195.0M |
Gannett Co., Inc. (GCI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- Gannett Co., Inc. (GCI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gannett Co., Inc. (GCI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gannett Co., Inc. (GCI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.