Gannett taking write-down


Gannett announced plans to take non-cash charges this quarter of $2.5-3 billion on a pre-tax basis for “impairment of goodwill, other intangibles and certain other assets” as CEO Craig Dubow and CFO Gracia Martore appeared at the Deutsche Bank 2008 Media and Telecommunications Conference in New York. Martore noted that the write-down, much of it due to the company’s Newsquest operation in the United Kingdom, does not impact the company’s day to day operations. She said aside from the one-time charge, Gannett is comfortable with Q2 earning per share projections of $1.00 to $1.03.