Saturday, February 09, 2008
Gannett, other publishers on S&P ratings radar
Standard & Poor's says it may take more negative ratings actions against newspaper publishers, the Associated Press notes, "as a worsening economy pressures declining newspaper advertising revenue further." S&P said publishers such as Gannett, the New York Times Co. and McClatchy Co. have already reported more ad sales softness this year, creating concern that the 'the pace of ad revenue declines could exceed the expectations built into our ratings.' The agency disclosed its concerns as GCI shares this past week fell 10.5% vs. a smaller 4.6% decline in the broader S&P-500 Index, Google Finance says.
2 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
Note: Only a member of this blog may post a comment.
Subscribe to:
Post Comments (Atom)
News releases by GM and Chrysler Friday do not help future outlooks.
ReplyDeleteGM announced that 3,900 dealers will place their entire inventories on eBay Motors beginning in the second quarter. And, Chrysler confirmed plans to significantly slash models – more than originally thought, and dealerships. Plus, let’s not forget that GM previously announced plans to shrink dealers as well.
Obviously, both mean more bad news for newspaper revenues. Cleary, the good times have rolled.
@ Dealmakers Summit: Chris Saridakis, Chief Digital Officer, Gannett; Focus On Demographics
ReplyDeleteBy Joseph Weisenthal - Thu 07 Feb 2008 08:03 PM PST A frequently discussed topic at DeSilva + Phillips Media Dealmakers Summit, was the future of newspapers, or more specifically, whether they have a future. At Gannett (NYSE: GCI), the job of figuring out how to transition from dead tress to digital without just subbing dollars for dimes (or pennies), has been tasked to Chris Saridakis, who in January was named SVP and chief digital officer. He came to the company in 2005, when Gannett acquired his online advertising company, Pointroll, for $100 million. During a lunchtime interview with the NYT’s Lorne Manly, Saridakis discussed the challenges and the opportunities that lay ahead. On the key question of whether print newspapers have a future: ”I don’t know if newspapers will disappear in ten years… but I’m certainly glad I took the digital job.”