• by Ray Schultz , August 3, 2023

Gannett achieved Q2 2023 revenues of $672.4 million, a 10.2% decrease YoY, according to financials released by the firm on Thursday.

Digital revenues, which now make up 39% of Gannett’s total, increased by 0.8% to $262.1 million, compared to the same quarter in 2022. 

Gannett reported a net loss of $12.7 million, a $41 million improvement over the loss in second quarter of 2022.  

The company’s Digital Marketing Solutions business saw a 4% increase in revenues YoY to $122.8 million.

In addition, digital-only subscription revenues of $37.9 million grew 16.6% year-over-year and increased 17.3% year-over-year on a same store basis.  

“We believe we are making great progress on our strategy, and our results signify a notable turning point in our business trajectory," says Michael Reed, chairman and CEO of Gannett. 

Reed adds, “We also repaid $15 million of debt, and combined with our improving Adjusted EBITDA performance, we materially reduced our first lien net leverage to 2.26x, while maintaining a healthy liquidity position." 

Gannett drew 185 million average monthly unique visitors in Q2, with 134 million coming from he USA Today Network (based on June 2023 Comscore Media Metrix) and 51 million average monthly unique visitors form its U.K. digital properties^..