Gannett profits beat expectations

Gannett, the largest US newspaper publisher, reported a lower quarterly profit that beat market forecasts yesterday thanks to cost cuts, while revenue fell because of a 28 per cent drop in publishing advertising sales. Gannett, publisher of USA Today, posted third-quarter net income of $73.8m (£45m) compared with $158.1m last year. Revenues fell by 18 per cent to $1.33bn. Gannett also said it raised $500m in debt in the quarter.