USA TODAY owner posts 3Q profit

The headquarters of Gannett and the USA TODAY Network in McLean, VA.

Gannett, the owner of USA TODAY, posted a second straight quarterly profit as the company’s digital subscription strategy gained momentum.

The media company, which also owns more than 200 other daily publications as well as several hundred weeklies, reported net income of $15 million for the period ended Sept. 30.

The earnings report came after Gannett in the second quarter posted its first profit since the 2019 merger of New Media Investment Group and the company formerly known as Gannett.

In the third quarter of 2021, Gannett recorded total revenue of $800.2 million, down 1.8% from a year earlier. On a comparable basis – a figure representing continuing operations – revenue rose 0.9%.

Gannett has been grappling with the industry-wide challenge of declining print revenue for years but has been recently increasing its paid digital subscriptions.

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