Gannett, after a challenging first half, is cutting costs by $100 million, focusing on efficiency through automation and outsourcing. The company reported a profit of $78.4 million this quarter but experienced an 8.6% decline in total revenue. Costs will also be reduced through buyouts, as outlined by the CEO. To combat high churn rates from introductory subscription offers, Gannett plans to shift towards annual subscriptions and raise prices in markets with better engagement.
Gannett is executing $100 million in cost cuts, including closing print facilities and automating processes, to improve operational efficiency and adapt to revenue declines.
In response to stagnant revenue trends, Gannett will transition to annual subscription offers and implement price increases in markets with higher engagement.
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