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Gannett suspends dividend implements cost cuts due to COVID-19

Gannett, the owner of USA TODAY and more than 260 other daily publications, is suspending its dividend and implementing a variety of cost cuts to shore up its finances as the coronavirus wreaks havoc on the economy.

The media giant announced the moves Wednesday in a press release, saying it is taking steps to navigate the financial disruption from COVID-19, which has led clients to reduce their spending on advertising and events.

“We have worked swiftly and diligently over the past month to support the health and safety of our employees and to preserve our ability to deliver high quality journalism to the communities we serve,” Gannett CEO and Chairman Michael Reed said in a statement. “While business performance started the year strong, we now expect our revenues to be significantly impacted by the COVID-19 pandemic. Therefore, we have taken several measures designed to mitigate the impact on our operating performance and to strengthen the Company’s balance sheet and liquidity position.”

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