Gannett Profit Climbs On Broadcasting Unit Growth

Gannett Co. said its second-quarter earnings rose 84% on a big boost from its broadcasting operations, which expanded with the media company's $1.5 billion acquisition of broadcaster Belo Corp. last year, according to Marketwatch.

Revenue growth in its broadcasting business along with an increase at its digital businesses offset declines at its publishing operations.

The publisher of USA Today and a string of local newspapers has been striving to transform itself, with a larger focus on its broadcasting and digital operations to help offset declines in print advertising and readership. Gannett's acquisition of Belo nearly doubled Gannett's television portfolio, making it the country's fourth largest owner of TV-network affiliates. More recently Gannett paid $215 million for six Texas TV stations.

In the latest period, broadcasting revenue surged 88% to $398.3 million. When considering revenue as if the Belo acquisition and Captivate disposition occurred in early 2013, the segment revenue growth was 13% and retransmission revenue increased by two-thirds.

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