USA TODAY Co. announced a $100 million annualized cost-reduction program Thursday as third-quarter revenue fell 7.4% to $519.2 million. The publisher reported a $4.6 million net loss, compared with $39.2 million a year earlier.
CEO Michael Reed cited changes in consumer search and inflationary pressures. He said the cost program began at quarter-end, with benefits expected in the fourth quarter. The announcement did not specify how many jobs might be affected.
Digital revenue declined 5.1% to $249.3 million, accounting for 48% of total revenue. Digital-only subscription revenue nevertheless grew, reaching $46 million, as average revenue per subscriber increased 23%. Digital-only subscriptions fell 12% to approximately 1.4 million.
The company also plans opportunistic fourth-quarter stock repurchases, with $96.9 million remaining under its authorization.
Reed said its Google advertising-technology lawsuit is scheduled for trial April 5, 2027. The company’s damages calculation totals $901 million through 2024, before potential trebling; that figure represents its claim, not a court award.
Read the full announcement and financial results on Business Wire.
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