Gannett Company CEO Gracia Martore foresees a day when the company’s newspaper publishing business will stabilize. But that day is not coming quickly. And if her view can be called a best case scenario the newspaper business still has some pain ahead.
After reporting Q1 results – with TV and digital gains partly countering another newspaper decline – Martore discussed the company’s growth strategy with Wall Street analysts. She spoke of the value of the deep understanding that Gannett’s media operations have of the communities that they serve and the strong relationships that those operations have with consumers and local businesses. She also referred to the “brand advantage” of more than 100 “trusted local brands.” And she noted that the company still has a strong balance sheet.
“First off, we are working to stabilize our publishing business, which we continue to believe is integral to our success and a business that remains very profitable. I want to remind you, however, that this particular effort is not a quick fix. This isn’t a one or two quarter solution. Rather, it is a continuous effort which is going to begin to show results later this year. We’ll build on the impact of it over the next few years and then we will fully realize the benefits of all that we’re doing in 2015 and beyond,” Martore said.
“And at the same time we are focused on continuing to build on the growth of our broadcasting and digital segments,” the CEO added.