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Gannett Second-Quarter Profit Drops as Print Revenue Falls

Gannett Co., the owner of 82 newspapers as well as television stations, reported second-quarter profit decreased 22 percent as circulation and print advertising declined. The company also doubled its dividend.

Net income dropped to $151.5 million, or 62 cents a share, from $195.5 million, or 81 cents, a year earlier, the McLean, Virginia-based company said today in a statement. Excluding some items, earnings fell to 58 cents a share. Analysts predicted 56 cents, the average of estimates compiled by Bloomberg.