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Posts Tagged ‘Gracia Martore’

Gannett to Split Broadcasting and Newspaper Businesses

gannett logoIn the third such transaction in less than a week, Gannett is the latest company to announce it is splitting its publishing and broadcasting businesses into two separate companies. Speculation of the breakup has been brewing since earlier this year, when Bloomberg reported Gannett was one of the last media holdouts to shed its slower-growing publishing business.

Gannett’s Broadcasting and Digital company, which has yet to be named, will remain headquartered in McLean, Virginia, and will trade on the NYSE. Gracia Martore will continue as CEO.

Earlier this year, Gannett announced it was acquiring the 6-station London Broadcasting portfolio for $215 million. That came just months after it completed the acquisition of the 20-station Belo TV station group for $2.2 billion. Belo itself had split its TV and newspaper businesses in 2007.

“These acquisitions, combined with our successful initiatives over the past 2-1/2 years to strengthen our Publishing business, make this the right time for a separation into two market-leading companies,” Martore said. The deal is expected to be complete by mid-2015.  Read more

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Q2 Earnings: Gannett Broadcasting Revenue Up 88%

gannett logoGannett Broadcasting reported $398.3 million in revenues for the second quarter of 2014, an 88 percent increase compared to the year-ago quarter. The increase was a reflection of Gannett’s acquisition of Belo, as well as higher retransmission revenue and political revenue “across all of our stations,” according to the company.

On a pro forma basis, broadcasting segment revenues were up 13.4 percent and retransmission revenues were up 66.6 compared to the year-ago quarter. Pro forma digital revenues were up 15.2% compared to the second quarter of 2013.

“Our expanded broadcast portfolio drove overall company margin expansion during the quarter, as we continue to transform Gannett into a higher margin, higher growth business,” Gannett CEO Gracia Martore said in a statement.

Gannett to Acquire Six London Broadcasting Stations For $215M

gannett logoGannett Co. will purchase six stations in Texas from London Broadcasting for $215 million. The stations are KCEN in Waco-Temple-Bryan, KYTX in Tyler-Longview, KIII in Corpus Christi, KBMT and digital subchannel KJAC in Beaumont-Port Arthur, KXVA in Abilene-Sweetwater and KIDY in San Angelo.

The acquisition is the latest expansion of Gannett, which nearly doubled its broadcast portfolio with the acquisition of Belo in December. “The addition of these stations will expand Gannett’s reach into some of the fastest growing markets in the nation and furthers our successful transformation into a diversified multi-media company,” Gannett president and CEO Gracia Martore said in a statement.

The transaction is expected to close this summer. After the closing, London Broadcasting Company COO Phil Hurley will continue to lead the stations.

The release is after the jump. Read more

Q1 Earnings: Gannett Same-Station Revenue Up 19.6%

gannett logoGannett Co. reported a 19.6% increase in broadcasting revenues on a same-station basis for the first quarter of 2014.

The station group reported a 6.5% increase in core revenues, driven by $41 million of advertising associated with the Sochi Winter Olympics. This was partially offset by the loss of Super Bowl revenues that aired on CBS stations in the first quarter of 2013.

On a same-station basis, retransmission revenues were up 66.4%, totaling $87.5 million for the quarter. Political ad revenue was also up for the quarter, as were digital revenues in the broadcast segment.

“An outstanding performance by our new broadcast stations fueled double-digit increases in both revenue and profitability in our Broadcast Segment and contributed to total company pro forma revenue growth and a robust level of free cash flow in the first quarter,” Gannett CEO Gracia Martore said in a statement. “Our Broadcast group achieved exceptional ratings, particularly throughout the Sochi Winter Games as Gannett stations took the top two spots in prime time and in every Olympic day-part among major market NBC stations.”

Gannett’s David Lougee Accepts RTDNF First Amendment Award

david lougee RTDNF speechGannett Broadcasting president David Lougee accepted the First Amendment Leadership Award from the RTDNF last night at the Grand Hyatt Hotel in Washington, D.C.

Lougee said he was there “as a representative of all  the great local journalists in our company,” specifically thanking Gannett CEO Gracia Martore, senior associate general counsel Barbara Wall and the company’s 30 news directors attending the event.

“They represent this company from Portland, Maine to Portland, Oregon, from Houston in the South to Minneapolis in the North, and from here in D.C. to Seattle in that other Washington,” Lougee said of the news directors. “We couldn’t be more proud of all of them.”

Lougee, who has been in his current role since 2007, touted the importance of local broadcasting.

“Having lived in D.C. two times now, I’ve noticed that too many national decision makers in the media live in the echo chamber of D.C. and Manhattan, and some have never lived anywhere else. But 97% of this country does not live inside the beltway or in New York. They live in the heartland. They live in 50 different states, with their own cultures, their own legislatures and now, as our stations in Denver and Seattle can attest, their own marijuana laws as well,” Lougee said. “No national media organization can or will ever cover all those critical local issues.”

Q4 Earnings: Gannett Broadcasting Revenues Dip 16%

gannett logoGannett Co. reported broadcasting segment revenues of $228.2 million for the fourth quarter of 2013, a 15.7% drop from the year-ago quarter. The decline was primarily due to a drop in political ad revenue in the non-election year, the company says.

Retransmission revenues were $38.9 million for the quarter, a 31.5% year-over-year increase. Television station digital revenues also grew, up 40.3% compared to the fourth quarter of 2012.

“We continue to invest wisely and remain relentlessly focused on the execution of our strategic initiatives, raising the bar on operational excellence, and enhancing the strength of our balance sheet, which provides us with the flexibility to continue to invest in our businesses and explore promising new opportunities,” Gannett CEO Gracia Martore said in a statement. “These accomplishments — coupled with the increased advertising demand we are anticipating in connection with the Winter Olympics and elections — position us extremely well for a terrific 2014.”

Will Gannett Split Print, TV Assets?

gannett logoBloomberg speculates on the possibility that Gannett Co., which recently acquired Belo, will split its print and television assets:

Gannett is one of the last holdouts in an industry that’s forsaking the traditional newspaper-TV marriage, as Time Warner Inc. (TWX) and Tribune Co. (TRBAA) follow News Corp. in divorcing print media from the faster-growing TV business. While Gannett’s stock price surged after the purchase of Belo, the newspaper unit is still dragging the company’s profit multiple down to the lowest among U.S. media peers, data compiled by Bloomberg show. Splitting off the newspapers would give Gannett a stronger stock currency to buy more local TV stations, FBR & Co. said.

A breakup “would follow a path that many have been down,” William Bird, a New York-based analyst at FBR, said in a phone interview. “This is something that makes long-term sense. The growth profile of a newspaper publisher is definitely much below that of a broadcaster. That’s kind of the lower-multiple business that pulls the whole down.” Read more

Gannett Completes Belo Acquisition

gannett belo logos_304x200The Gannett-Belo merger is complete: Gannett Co. has officially acquired Belo Corp. for $13.75 per share in cash, plus $715 million of outstanding debt, for a total of $2.2 billion.

“We are thrilled to combine these two storied media companies, both of which are known for award-winning journalism, operational excellence and strong brand leadership,” Gannett CEO Gracia Martore said in a statement. “The completion of this transaction marks a significant milestone in Gannett’s ongoing transformation into a higher-margin and more highly diversified company in the rapidly evolving media business.”

Earlier today, Gannett announced it would sell three stations — KMOV in St. Louis and KTVK-KSAW in Phoenix — to Meredith Corp. for $407.5 million. The sale of KMOV was required by the Department of Justice before the Gannett-Belo deal could close.

The acquisition of Belo’s 20 stations nearly doubles Gannett’s broadcast portfolio, bringing the company’s reach to approximately one-third of all television households in America. Gannett becomes the #1 CBS affiliate group as well as expanding its already #1 NBC affiliate group.

As of today, Belo will no longer be listed on the NYSE.

Meredith Acquires KMOV, KTVK and KASW From Gannett

meredith_1Meredith Corporation will buy three stations in two markets — KMOV in St. Louis and KTVK-KASW in Phoenix — from Gannett Co. for $407.5 million in cash.

News of the sale comes just a week after the Department of Justice said Gannett had to sell KMOV in order to proceed with its acquisition of Belo Corp. Gannett says the sale satisfies the obligations, and that the close of the Gannett-Belo merger is “expected promptly.”

KSAW, the CW affiliate in Phoenix, will subsequently be purchased from Meredith by SagamoreHill. Meredith, which owns KPHO in Phoenix, will provide “certain services” for the station, according to a press release.

“Meredith is a highly respected multi-media company which shares our commitment to outstanding local journalism, and we are confident that these stations will be in good hands,” Gannett CEO Gracia Martore said in a statement.

More from Gannett after the jump. Read more

Gannett Broadcasting President Wins RTDNF First Amendment Award

dave lougeeDave Lougee, the president of Gannett Broadcasting, is the 2014 winner of the RTDNF’s First Amendment Leadership Award.

Lougee joined Gannett in 2007 from Belo Corporation, where he was the executive vice president of media operations. He is a former general manager and news director of KING in Seattle. He also worked as news director at WRC in Washington, D.C. and KUSA in Denver.

The First Amendment Leadership Award is given annually to a business or government leader that has contributed significantly to the protection of the First Amendment and freedom of the press.

Related, TVNewser: Lester Holt, Robin Sproul, Bill Plante Win RTDNF First Amendment Awards

“This award has been given to some of the most influential journalists of our time and shines a spotlight on the rights we hold dear. Dave, through his leadership, sets a terrific example for our broadcast journalists as they fight to protect First Amendment rights,” Gannett president and CEO Gracia Martore said in a statement. “I congratulate Dave on this important and well-deserved honor.”

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