gannett co (GCI) Key Developments
Gannett Co., Inc. Names RJ Merritt as President and General Manager of KREM (CBS) and KSKN (CW)
May 22 15
Gannett Co., Inc. announced RJ Merritt as the new president and general manager of KREM (CBS) and KSKN (CW) effective immediately. Merritt has been advancing the local media group for the past 15 years, most recently as director of sales and marketing. Merritt has also served the organization as an account executive, local sales manager and digital sales manager.
Gannett Co., Inc. Approves Amendment of the Third Restated Certificate of Incorporation
May 1 15
Gannett Co., Inc. at its annual meeting of shareholders held on April 29, 2015, approved the amendment of the company’s third restated Certificate of Incorporation to impose certain ownership and transfer restrictions on the company’s stock that are desirable to enhance the company’s ability to remain compliant with FCC regulations.
Gannett Co., Inc. Announces Members to the Boards of Directors for Gannett and TEGNA
Apr 29 15
Gannett Co., Inc. announced new chairman and members of the Boards of Directors for both Gannett (SpinCo) and TEGNA (RemainCo). Gannett is in the process of creating two publicly traded companies: one exclusively focused on its Broadcasting and Digital businesses (TEGNA) and the other on its Publishing business and affiliated digital assets (Gannett). The separation is expected to be completed by mid-2015. Current Gannett Board Chairman Marjorie Magner will serve as chairman of TEGNA’s (RemainCo) Board of Directors following the separation. TEGNA’s (RemainCo) Board of Directors will also include current Gannett directors Howard D. Elias, Lidia Fonseca, Gracia Martore, Scott K. McCune, Susan Ness and Neal Shapiro. John Jeffry Louis, current Gannett director, will serve as chairman of Gannett’s (SpinCo) Board of Directors following the separation which will also include current Gannett directors John E. Cody and Tony Prophet and Gannett (SpinCo) CEO-designate Robert Dickey. Louis, Cody and Prophet will resign from the Gannett Board concurrently with the completion of the spin-off. Gannett’s Board of Directors also elected Bruce Nolop, former executive vice president and chief financial officer of E TRADE Financial Corporation, to the Gannett Board of Directors, effective immediately. He will serve on TEGNA’s Board following the separation. In addition, Jill Greenthal, senior advisor, Private Equity Group at Blackstone Group, L.P. was elected to the TEGNA Board, effective as of the day following completion of the separation.
Gannett Co., Inc. Declares a Regular Quarterly Dividend, Payable on July 1, 2015
Apr 29 15
The Board of Directors of Gannett Co., Inc. also declared a regular quarterly dividend of 20 cents per share, payable on July 1, 2015, to shareholders of record on June 5, 2015.
Gannett Co., Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 29, 2015; Reports Asset Impairment Charges for the First Quarter Ended March 29, 2015
Apr 21 15
Gannett Co., Inc. reported unaudited consolidated earnings results for the first quarter ended March 29, 2015. For the quarter, the company’s operating revenues were $1,472.765 million against $1,404.066 million a year ago. Growth of 85.1% in digital segment revenues, helped by the acquisition of Cars.com and strong organic growth at both Cars.com and CareerBuilder, fueled the increase. Non-GAAP operating income was 7.5% higher, due primarily to a significant increase in profitability in the Digital Segment and the strong performance of the company's television station portfolio despite very difficult year-over-year comparisons. Operating income was $230.928 million against $203.994 million a year ago. Income before income taxes was $188.007 million against $122.089 million a year ago. Net income attributable to the company was $112.894 million against $59.159 million a year ago. Net income per diluted share was $0.49 against $0.25 a year ago. Non-GAAP net income attributable to the company was $112.765 million or $0.49 per diluted share against $108.424 million or $0.47 per diluted share a year ago. Adjusted operating income was $243.745 million against $226.759 million a year ago. Adjusted EBITDA was $325.315 million against $284.786 million a year ago. Net cash flow from operating activities was $145.464 million, purchase of property, plant and equipment was $19.121 million. Non-GAAP income before income taxes was $175.144 million against $165.254 million a year ago.
For the first quarter ended March 29, 2015, the company reported asset impairment charges of $5.940 million.