Gannett reported a $22.4 million loss in the fourth quarter of 2021 and a loss of 17 cents per share with revenue down about 2% over the last year, the company reported on Friday. That’s a $135 million loss for last year and a loss of about $1 per share.
“We stabilized print circulation trends in 2021,” said Gannett CEO Mike Reed. “We executed against our long-term strategy this year that we laid out at this exact time last year.”
But the company, which operates nine daily newspapers in New Jersey, reported a 49% increase in digital-only paid subscribers.
Reed defended a decision to suspend newspaper printing on Saturdays in most of their markets starting next month.
“This commitment to our digital future was paired with the rollout of a universal e-edition giving our home delivery subscribers access to e-editions from over 200 publications across the network, including USA TODAY, with features such as audio capabilities, archive access and add free access to our USA TODAY crossword puzzle,” Reed said. “We believe this move not only benefits our current subscribers and meets them on the platforms they are shifting to but has the opportunity to expand our audience for advertisers through the scaled e-editions.”
Gannett will prioritize investments in their growth businesses, like the American Influencer Awards hosted by Andy Cohen, the Hot Chocolate Run Series and the Justice League Run Series, according to Reed.