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PHOTO: GoLocal Gannett the mega newspaper company which owns hundreds of daily newspapers across the United States and locally owns the Providence Journal, Newport Daily News, Worcester Telegram and dozens of other newspapers in New England announced its latest financial results on Thursday morning. Under Gannett s ownership the Providence Journal has seen major staffing cuts and the paper s circulation during the weekday in now under 30,000. During a challenging 2020, we achieved strong operational execution, significant cost and debt reductions, improved operating trends and financial position, and we enter 2021 with good momentum, prepared to implement our subscription-led growth plan, said Michael Reed, Gannett Chairman and Chief Executive Officer. ....
Gannett Announces Further Real Estate Sales and Debt Repayment Gannett Announces Further Real Estate Sales and Debt Repayment Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the Company”) (NYSE: GCI) today announced that from the beginning of the fourth quarter through the end of this week, the Company will have repaid approximately $647 million of its 11.5% term loan, reducing the outstanding balance to $1.082 billion. The sources of funds for the $647 million of repayment are: $497 million of proceeds from the Companys issuance of 6% senior secured convertible notes due 2027; Approximately $135 million of real estate and other non-core asset sales; and Approximately $15 million of excess cash sweeps. ....
Gannett Reduces Debt Load; Sees Improving Revenue Trends To Drive Strong Q4 Results WASHINGTON (dpa-AFX) - Gannett Co., Inc. (GCI) said Thursday that from the beginning of the fourth quarter through the end of this week, it will have repaid about $647 million of its 11.5 percent term loan, reducing the outstanding balance to $1.082 billion. After accounting for recent real estate sales, Gannett s total debt outstanding is $1.582 billion. This includes the $1.082 billion outstanding term loan, $497.1 million 6 percent senior secured convertible notes, and $3.3 million of legacy Gannett 4.75 percent senior secured convertible notes. The actions we have taken to date have lowered our interest payments by $45 million annually. Our asset sales have accelerated our debt repayment expectations and have increased our confidence in our ability to refinance the remaining term loan during the first half of 2021, said Michael Reed, Gannett Chairman and Chief Executive Officer. ....
USA TODAY NETWORK and The Gannett Foundation Announce 2020 National Grant Recipients for “A Community Thrives” By Staff 4 months ago MCLEAN, Va.–(BUSINESS WIRE)–USA TODAY NETWORK, part of Gannett Co., Inc. (NYSE:GCI), and the Gannett Foundation today announced 16 non-profit organizations that will receive national grants from the company’s A Community Thrives program. Now in its fourth year, A Community Thrives awards grants to worthy causes in communities across the U.S. to help create positive change. Supported by the Gannett Foundation, the program also enables non-profits to promote their ideas and efforts on a national platform from the USA TODAY NETWORK, inclusive of USA TODAY and Gannett’s hundreds of local media outlets, to drive further support through donations. ....