More Bad News for Newspaper Industry

Gannett, the nation's largest newspaper chain and publisher of USA Today, said Monday that its third-quarter profit plunged 53 percent from a year earlier, but the results still beat analysts' forecasts, a sign of how low expectations are for the battered newspaper industry. The company reported a profit of $73.8 million (31 cents a share) on $1.3 billion in third-quarter revenue this year, compared with a profit of $158.1 million (69 cents) on $1.6 billion in revenue in the third quarter of 2008. Gannett publishes 84 newspapers in the United States and 200 in Britain. The company also owns 23 television stations and CareerBuilder.com. The New York Times Co. said Monday that it plans to cut 100 newsroom jobs by the end of the year.