From Net News Check
Does Gannett Co. still own newspapers? You could hardly tell it from today’s presentation at the UBS Global Media and Communications conference. The pitch from Gracia Martore, the company’s president and CEO, was overwhelmingly about digital media moves, with some mention of record financial results for the broadcast TV business.
“We are transforming Gannett into a digital powerhouse and finding new ways to strengthen our ties to people, businesses and the communities that rely on us. We’re operating with a sense of urgency and, most important, executing successfully and delivering on our promise to return increasing levels of capital to our shareholders,” Martore told the investor conference.
The rollout of Gannett’s “All-Access” subscription pay-wall model is on-target and has exceeded financial goals. Thus, digital subscriber growth this year is going to make 2012 the first year in six that Gannett has posted circulation revenue growth. Amazingly, Martore managed to convey that metric without using the word “newspaper.”
It was only much later in the presentation that CFO Victoria Harker provided guidance that circulation revenues will be up nearly 10% in 4Q, with newspaper advertising down 6%. Combined, those figures are projected to narrow the total print revenue decline for the quarter to 1%.