Gannett's Total Digital Revenues Exceed 45% in Q4 2024

By Tamara Parker • Thursday, February 20 10:38 • Permanent Link

Gannett Co., Inc. has reported its financial results for the fourth quarter ended December 31, 2024. The company's total digital revenues exceeded 45% of total revenues in the fourth quarter, amounting to over $1.1 billion for the year. Total 2024 digital revenues increased by over 5% compared to 2023.

In the fourth quarter of 2024, Gannett reported total digital revenues of $280.4 million, a 1.2% increase, or 3.4% on a same-store basis. Digital-only subscription revenues grew by 17.0% to $49.0 million, and the company saw an increase of 7.0% in average monthly unique visitors to 200 million.

However, total revenues for the fourth quarter decreased by 7.2% to $621.3 million, impacted by the decision to sell or shut down certain non-strategic assets. Net income attributable to Gannett was $64.3 million, with a margin of 10.4%. Adjusted net income attributable to Gannett improved by $56.5 million to $38.3 million. Adjusted EBITDA totaled $78.2 million, an increase of 5.5%, and the adjusted EBITDA margin improved by 150 basis points to 12.6%.

Gannett's capital structure highlights as of December 31, 2024, included cash and cash equivalents of $106.3 million and total principal debt outstanding of $1,111.8 million, with first lien net leverage at 2.7x.

Looking ahead to 2025, Gannett expects total digital revenues to grow approximately 7%-10% on a same-store basis, making up 50% of total revenues during the year. The company also anticipates net income to improve compared to the prior year, with adjusted EBITDA and cash provided by operating activities expected to grow versus the prior year.

The company will host a conference call on Thursday, February 20, 2025, at 8:30 a.m. Eastern Time to review the financial and operating results for the period. A simultaneous webcast of the conference call will be available to the public on a listen-only basis.

Gannett Co., Inc. (NYSE: GCI) is a diversified media company with expansive reach at the national and local level, dedicated to empowering and enriching communities. Through its trusted brands, including the USA TODAY NETWORK and Newsquest, the company provides essential journalism, local content, and digital experiences to audiences and businesses. Following these announcements, the company's shares moved -4.8%, and are now trading at a price of $4.57. Check out the company's full 8-K submission here.

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