Gannett reported a loss of $ 22.4 million in the fourth quarter of 2021 and a loss of 17 cents per share, with revenue down about 2% from a year earlier, the company said Friday. That’s a loss of $ 135 million last year and a loss of about $ 1 per share.
“We have stabilized print circulation trends in 2021,” said Gannett CEO Mike Reed. “We implemented our long-term strategy this year, which we outlined just at this time last year.”
But the company, which manages nine daily newspapers in New Jersey, reported a 49% increase in subscribers to only digital paid subscribers.
Reed has defended a decision to suspend newspaper printing on Saturdays in most of its markets from next month.
“This commitment to our digital future has been combined with the release of a universal electronic edition that gives our home delivery subscribers access to electronic editions from more than 200 editions across the network, including USA TODAY, with features such as audio capabilities, archive access and add free access to our USA TODAY crossword puzzle, ”Reed said. “We believe that this move not only benefits our current subscribers and meets them on the platforms they are moving to, but also provides an opportunity to expand our audience for advertisers through scalable electronic publications.”
According to Reed, Gannett will give priority to investing in his growing business, such as the American Influencer Awards, organized by Andy Cohen, the Hot Chocolate Run series and the Justice League Run.