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Posts Tagged ‘Gracia Martore’

Gannett Buys Belo Corp., Now Owns 43 TV Stations

Gannett Company has announced the acquisition of Belo Corporation, which will increase its TV stations from 23 to 43. Gannett is now the fourth-largest owner of network affiliates in the country.

Gannett is buying Belo for $1.5 billion and as part of the deal, will take on Belo’s $715 million in debt.

In a statement, Gracia Martore, Gannett’s president and CEO, said, “We have been successfully transforming Gannett into a diversified multi-media company with broadcast, digital and publishing components across high-growth markets nationwide, and this is another important step in the process.”

The deal is expected to close by the end of this year.

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Oprah Plummets in Fortune’s ‘Most Powerful Women in Business’ List

Fortune has published a list of the 5o most powerful women in business, featuring Marissa Mayer, Yahoo!’s CEO, on the cover. Mayer has the coveted front of the magazine, but on the list she came in at 14th. The most powerful woman in business (at least according to Fortune) is Ginni Rometty, the president and CEO of IBM. Mayer is the youngest on the list though, so that’s… Something.

One thing that stuck out about Fortune’s list? Oprah grabbed the 11th spot last year, but plummeted all the way down to 50th this year. Yikes. Maybe OWN should broadcast Keeping Up With The Kardashians to gain some viewers.

Here’s a quick look at some of the other women in media that made Fortune’s list:

#45: Gracia Martore, President and CEO, ­Gannett Co.
#46: Laura Lang, CEO, Time Inc.
#48: Lauren Zalaznick, Chairman, NBCUniversal Entertainment & Digital Networks and Integrated Media, Comcast

Gannett Names Paul Saleh As New CFO

Gannett has named Paul Saleh, Nextel Communications’ (which later became Sprint Nextel) former chief financial officer, as the company’s new CFO. Saleh is taking the place of Gracia Martore, who was promoted to Gannett’s president and chief operating officer.

Gannett Posts Q4 Profit, Names New COO

GMartore2.jpgIt’s been a big day for Gannett Co. Inc. (GCI). In addition to revealing its fourth quarter and full year earnings report today, the USA TODAY publisher announced the promotion of executive vice president and CFO Gracia Martore to president and COO.

Martore couldn’t choose a better moment to come in. The company reported a $133.6 million profit for the fourth quarter of 2009, despite a 14.4 percent decline in revenues. The company attributed its profit to reduced expenses, and Gannett cut its debt by about $250 million during the quarter.

And although advertising revenues continue to lag behind previous years, Gannett said the fourth quarter was stronger than previous quarters of 2009 — a good sign. Ad revenues in the U.S. declined 18 percent during the quarter compared to 2008.

As CFO of Gannett, Martore is uniquely familiar with the economic challenges facing the company. She will remain CFO as she takes on her COO duties until a new CFO is brought on, CEO Craig Dubow said in an announcement today. Martore started at Gannett in 1985 as assistant treasurer and worked her way up as VP of Treasury Services, head of Investor Relations, senior VP and was named CFO in 2003.

Full release after the jump

Previously: New York Times Co., Gannett Get Holiday Love From Wall Street

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Gannett’s Second Quarter Results Show Hope; Publishing Division’s Revenues Grim

gannett.pngFinancial results released today may give some insight into Gannett Co. Inc.‘s decision to lay off a large number of its daily newspaper staffers earlier this month.

This morning, Gannett (NYSE: GCI) reported earnings of $70.5 million, or 30 cents per share for the second quarter of 2009. These earnings look good compared to the second quarter of last year, when the company too a loss of $2.29 billion, or $10.03 per share, thanks to a write-down on declining market losses.

But, operating revenues show a different story. Gannett said operating revenues for the quarter were $1.4 billion compared to $1.7 billion last year, a figure the company attributed to “weakness in the economies of the U.S. and U.K.”

“We continue to position the company for the eventual rebound in the economy and the evolving media landscape as we navigate through this unprecedented economic storm,” Gannett’s CFO Gracia Martore said in a release about the financials. “The economic headwinds, which continued to constrain advertising demand, masked several important achievements in the quarter…In our publishing segment, while advertising revenue comparisons remain difficult, second quarter year-over-year comparisons improved versus first quarter comparisons and June was our best comparison month thus far this year.” (Ed note: emphasis ours)

“The decline in our operating expenses reflects our efforts to achieve efficiencies and further consolidations company-wide, furloughs in the current quarter and significantly lower newsprint expense,” Martore added.

In Gannett’s publishing division, which includes USA TODAY and more than 80 daily U.S. papers, advertising revenues were down 25.8 percent from the same quarter last year, to $1.1 billion. Ad revenues dropped 32 percent to $753.1 million, although ad revenue in the U.S. was only down 27.2 percent. And although revenues were mitigated by decreased expenses (thanks to furloughs and layoffs and other cost-cutting measures) the publishing segment still only managed to generate about $175.3 million in operating cash flow during the quarter.

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