Gannett, owner of USA TODAY and local news operations in 45 states, reported Thursday that it would undertake a “significant cost reduction program” amid a challenging economic backdrop marred by soaring inflation rates, labor shortages and price-sensitive consumers.
The media company reported a net loss of $53.7 million in the second quarter, compared with a net income of $15.1 million the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $50.9 million, down 56% from the prior-year quarter, with declines driven by a decline in print revenue and inflationary pressures.
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