Gannett Co, the largest U.S. newspaper publisher, reported fourth quarter results Monday that delivered on Wall Street’s expectations but still showed a marked decline in advertising revenues.

The company’s total revenues for the quarter were $1.39 billion, down from $1.46 billion the year before, while net income was $116.9 million, down 32 percent from $174 million the year prior. Also, the company spent $40 million after tax on severance and other “workforce restructuring” initiatives, one reason why the company’s profits fell so dramatically.

Ad revenues at the company’s newspapers fell an average of 7 percent, while revenues at Gannett’s TV stations fell 13 percent, mostly due to a lack of political advertising.

Digital revenues, though, rose 9 percent, mostly due to growth at CareerBuilder. Digital now makes up 21 percent of Gannett’s revenues.