Gannett, which owns eight daily newspapers in New Jersey, announced on Monday that their advertising revenues were down 18% and their overall revenue was down 7.8%, but they made a small profit as a result of expense reductions – including layoffs – and some of its digital properties.
The net 3rd quarter income of the newspaper chain was $10.6 million, down from $13.4 million in the same quarter of last year.
Shareholders will vote next week on a proposed sale to GateHouse Media.
The merger, both companies have said, is looking to save $275 million in the elimination of overlapping costs. That could mean some layoffs and buyouts.
GateHouse reported a 1% decrease in revenues for the third quarter.
Gannett owns The (Bergen) Record, the Herald News, the Daily Record, the Courier News, the Home News Tribune, the Asbury Park Press, the Courier-Post and the Daily Journal. GateHouse media properties include the Burlington County Times and the New Jersey Herald.