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Gannett posts loss, rise in digital subscriptions

Gannett, the owner of USA TODAY, on Thursday reported lower revenue and a net loss in the fourth quarter following its merger with New Media Investment Group in November, a deal that created the largest media company by print circulation and one of the largest by digital audience.

The results came as the newly combined company logged a more than 25% increase in digital subscriptions.

The company, which took on the name Gannett, generated total revenue of $1.05 billion in the quarter, down 9.7% from a year earlier, due largely to print revenue declines. 

New Media acquired the larger Gannett, renamed itself and began combining operations of the two companies.

The new company posted a net loss of $115.7 million for the quarter, which included a $101 million write-down due to “revaluation of intangibles” and $146 million in charges related to restructuring and transaction costs.

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