Date

Sat - 18.11.2017


finance

US newspaper companies aren’t off to a great start this fiscal year, with both Lee Enterprises and Gannett Co. reporting large quarterly losses.

Lee revealed that the company lost $26.6 million for the second fiscal quarter ending March 25, or the equivalent of 54 cents lost per share, The Washington Post reported. Last year at this time, Lee reported a loss of $1.3 million, or 3 cents per share.

The vast losses can be contributed to refinancing and reorganization costs, according to a press release. Taking those costs out of the equation, the adjusted loss was 3 cents per share, the press release said.

Operating revenue decreased by 3.6% to $172.3 million, the press release said. While combined print and digital advertising revenue fell 5.3%, digital ad revenue rose by 9.9%.

Author

Gianna Walton

Date

2012-04-18 12:24

The BBC was criticised by a committee of MPs yesterday for being “unambitious” in its plans to boost revenue as it makes cuts to its budget.

The Guardian reported that the public accounts committee had questioned the BBC’s plans to generate just an extra £40 million per year from BBC Worldwide, the commercial arm of the broadcaster.

"If the target remains unchanged, the Trust should provide us with a clear explanation of why £40m is the tipping point, beyond which further rises would distort the market or be over ambitious," says the report.

The report also stated, "The BBC's plans for increasing commercial income, from £280m to £320m a year by 2016-17, are unambitious in the context of the financial pressures it faces."

Committee member Richard Bacon implied that the BBC relied too much on outside forces to ensure that it was operating as efficiently as possible. “It took the pressure of a licence fee settlement to force the BBC into setting a target of 3% annual savings, which it is comfortably on track to achieve. The BBC's assumptions about what it could deliver were unambitious," he said.

Author

Hannah Vinter

Date

2012-03-07 18:51

Syndicate content

© 2015 WAN-IFRA - World Association of Newspapers and News Publishers

Footer Navigation