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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
_______________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 001-36097
___________________________
GANNETT CO., INC.
(Exact name of registrant as specified in its charter)
___________________________

Delaware |  | 38-3910250
(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
175 Sully's Trail, Suite 203, | Pittsford, | New York |  | 14534-4560
(Address of principal executive offices) |  | (Zip Code)

Registrant's telephone number, including area code: (585) 598-0030
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol |  | Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share |  | GCI |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | ☐ | Accelerated Filer | ☒
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐
| Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
As of July 28, 2025, 146,617,081 shares of the registrant's Common Stock were outstanding.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including "Part I, Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views regarding, among other things, our future or ongoing growth, results of operations, performance, business prospects and opportunities, stock repurchases, our expectations, in terms of both amount and timing, with respect to debt repayment and our capital structure, our foundation, and our environmental, social and governance goals, and are not statements of historical fact. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "focus(ed)," "goal," "project(ed)," "believe(s)," "will," "would," "could," "can," "may," "seek(s)," "estimate(s)" and similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are based on management's current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties, and other factors that could lead to actual results materially different from those described in the forward-looking statements. We can give no assurance our expectations will be attained. Our actual results, liquidity, and financial condition may differ materially from the anticipated results, liquidity, and financial condition indicated in the forward-looking statements. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause our actual results to differ, possibly materially, from the expectations or estimates reflected in such forward-looking statements, including, among others, the risks identified by us under the heading "Risk Factors" in this Quarterly Report on Form 10-Q, and under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025, as well as other risks and factors identified from time to time in our subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. New risk factors emerge from time to time, and it is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except to the extent required by law, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.

INDEX TO GANNETT CO., INC.
Q2 2025 FORM 10-Q

Item No. |  | Page
| Part I. Financial Information |
1 | Financial Statements (unaudited) | 2
2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 27
3 | Quantitative and Qualitative Disclosures About Market Risk | 45
4 | Controls and Procedures | 45
| Part II. Other Information |
1 | Legal Proceedings | 46
1A | Risk Factors | 46
2 | Unregistered Sales of Equity Securities and Use of Proceeds | 46
3 | Defaults Upon Senior Securities | 46
4 | Mine Safety Disclosures | 46
5 | Other Information | 46
6 | Exhibits | 47
| Signatures | 48

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GANNETT CO., INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except share data | June 30, 2025 |  | December 31, 2024
Assets | (Unaudited) |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 88,542 |  |  | $ | 106,299 |
Accounts receivable, net of allowance for credit losses of $12,605 and $13,596 as of June 30, 2025 and December 31, 2024, respectively | 226,459 |  |  | 239,636 |
Inventories | 15,715 |  |  | 20,910 |
Prepaid expenses | 44,461 |  |  | 40,268 |
Other current assets | 17,663 |  |  | 18,782 |
Total current assets | 392,840 |  |  | 425,895 |
Property, plant and equipment, net of accumulated depreciation of $376,094 and $337,013 as of June 30, 2025 and December 31, 2024, respectively | 215,648 |  |  | 240,980 |
Operating lease assets | 129,276 |  |  | 143,955 |
Goodwill | 519,035 |  |  | 530,028 |
Intangible assets, net | 377,416 |  |  | 430,374 |
Deferred tax assets | 160,621 |  |  | 60,983 |
Pension and other assets | 215,351 |  |  | 207,932 |
Total assets | $ | 2,010,187 |  |  | $ | 2,040,147 |
Liabilities and equity |  |  |
Current liabilities: |  |  |
Accounts payable and accrued liabilities | $ | 319,465 |  |  | $ | 318,384 |
Deferred revenue | 106,946 |  |  | 108,000 |
Current portion of long-term debt | 69,315 |  |  | 74,300 |
Operating lease liabilities | 36,754 |  |  | 39,761 |
Other current liabilities | 8,473 |  |  | 5,157 |
Total current liabilities | 540,953 |  |  | 545,602 |
Long-term debt | 681,352 |  |  | 755,754 |
Convertible debt | 238,219 |  |  | 249,757 |
Deferred tax liabilities | 6,513 |  |  | 4,928 |
Pension and other postretirement benefit obligations | 36,107 |  |  | 37,820 |
Long-term operating lease liabilities | 152,188 |  |  | 167,731 |
Other long-term liabilities | 118,266 |  |  | 125,921 |
Total noncurrent liabilities | 1,232,645 |  |  | 1,341,911 |
Total liabilities | 1,773,598 |  |  | 1,887,513 |
Commitments and contingent liabilities (See Note 11) |  |  |
Equity |  |  |
Preferred stock, $0.01 par value per share, 300,000 shares authorized, none of which were issued and outstanding at June 30, 2025 and December 31, 2024 | — |  |  | — |
Common stock, $0.01 par value per share, 2,000,000,000 shares authorized; 159,380,560 shares issued and 146,629,832 shares outstanding at June 30, 2025; 158,835,742 shares issued and 147,388,555 shares outstanding at December 31, 2024 | 1,594 |  |  | 1,588 |
Treasury stock, at cost, 12,750,728 shares and 11,447,187 shares at June 30, 2025 and December 31, 2024, respectively | (23,607) |  |  | (20,540) |
Additional paid-in capital | 1,284,699 |  |  | 1,281,801 |
Accumulated deficit | (982,488) |  |  | (1,053,546) |
Accumulated other comprehensive loss | (43,111) |  |  | (56,164) |
Total Gannett stockholders' equity | 237,087 |  |  | 153,139 |
Noncontrolling interests | (498) |  |  | (505) |
Total equity | 236,589 |  |  | 152,634 |
Total liabilities and equity | $ | 2,010,187 |  |  | $ | 2,040,147 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

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GANNETT CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)

| Three months ended June 30, |  | Six months ended June 30,
In thousands, except per share amounts | 2025 |  | 2024 |  | 2025 |  | 2024
Digital | $ | 265,435 |  |  | $ | 278,378 |  |  | $ | 515,829 |  |  | $ | 545,877 |
Print and commercial | 319,426 |  |  | 361,462 |  |  | 640,605 |  |  | 729,724 |
Total revenues | 584,861 |  |  | 639,840 |  |  | 1,156,434 |  |  | 1,275,601 |
Operating costs | 359,448 |  |  | 391,474 |  |  | 716,070 |  |  | 793,873 |
Selling, general and administrative expenses | 164,097 |  |  | 177,906 |  |  | 331,613 |  |  | 356,320 |
Depreciation and amortization | 42,644 |  |  | 38,258 |  |  | 85,278 |  |  | 76,556 |
Integration and reorganization costs | 12,318 |  |  | 19,775 |  |  | 21,816 |  |  | 37,656 |
Asset impairments | 181 |  |  | — |  |  | 2,075 |  |  | 45,989 |
(Gain) loss on sale or disposal of assets, net | (1,584) |  |  | 236 |  |  | (22,264) |  |  | 788 |
Interest expense | 24,395 |  |  | 26,270 |  |  | 50,478 |  |  | 52,835 |
Loss (gain) on early extinguishment of debt | 183 |  |  | 87 |  |  | 1,457 |  |  | (530) |
Non-operating pension income | (2,003) |  |  | (3,137) |  |  | (3,917) |  |  | (6,283) |
Equity income in unconsolidated investees, net | (839) |  |  | (559) |  |  | (1,034) |  |  | (374) |
Other (income) expense, net | (4,905) |  |  | 2,616 |  |  | (1,917) |  |  | 6,547 |
Loss before income taxes | (9,074) |  |  | (13,086) |  |  | (23,221) |  |  | (87,776) |
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (94,286) |  |  | (16,725) |
Net income (loss) | 78,398 |  |  | 13,717 |  |  | 71,065 |  |  | (71,051) |
Net income (loss) attributable to noncontrolling interests | 7 |  |  | (31) |  |  | 7 |  |  | (31) |
Net income (loss) attributable to Gannett | $ | 78,391 |  |  | $ | 13,748 |  |  | $ | 71,058 |  |  | $ | (71,020) |
Income (loss) per share attributable to Gannett - basic | $ | 0.54 |  |  | $ | 0.10 |  |  | $ | 0.49 |  |  | $ | (0.50) |
Income (loss) per share attributable to Gannett - diluted | $ | 0.42 |  |  | $ | 0.09 |  |  | $ | 0.40 |  |  | $ | (0.50) |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency translation adjustments | $ | 14,548 |  |  | $ | (223) |  |  | $ | 21,822 |  |  | $ | (912) |
Pension and other postretirement benefit items: |  |  |  |  |  |  |
Net actuarial loss | — |  |  | — |  |  | — |  |  | (538) |
Amortization of net actuarial loss | 202 |  |  | 232 |  |  | 360 |  |  | 469 |
Amortization of prior service cost | (124) |  |  | (125) |  |  | (249) |  |  | (250) |
Equity method investments | — |  |  | — |  |  | 174 |  |  | 116 |
Other | (7,646) |  |  | (317) |  |  | (11,277) |  |  | 1,010 |
Total pension and other postretirement benefit items | (7,568) |  |  | (210) |  |  | (10,992) |  |  | 807 |
Other comprehensive income (loss) before tax | 6,980 |  |  | (433) |  |  | 10,830 |  |  | (105) |
Income tax (benefit) provision related to components of other comprehensive income (loss) | (1,507) |  |  | (30) |  |  | (2,223) |  |  | 140 |
Other comprehensive income (loss), net of tax | 8,487 |  |  | (403) |  |  | 13,053 |  |  | (245) |
Comprehensive income (loss) | 86,885 |  |  | 13,314 |  |  | 84,118 |  |  | (71,296) |
Comprehensive income (loss) attributable to noncontrolling interests | 7 |  |  | (31) |  |  | 7 |  |  | (31) |
Comprehensive income (loss) attributable to Gannett | $ | 86,878 |  |  | $ | 13,345 |  |  | $ | 84,111 |  |  | $ | (71,265) |

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

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GANNETT CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Six months ended June 30,
In thousands | 2025 |  | 2024
Operating activities |  |  |
Net income (loss) | $ | 71,065 |  |  | $ | (71,051) |
Adjustments to reconcile net income (loss) to operating cash flows: |  |  |
Depreciation and amortization | 85,278 |  |  | 76,556 |
Share-based compensation expense | 4,961 |  |  | 6,338 |
Non-cash interest expense | 3,101 |  |  | 10,513 |
(Gain) loss on sale or disposal of assets, net | (22,264) |  |  | 788 |
Loss (gain) on early extinguishment of debt | 1,457 |  |  | (530) |
Asset impairments | 2,075 |  |  | 45,989 |
Pension and other postretirement benefit obligations | (6,222) |  |  | (15,399) |
Equity income in unconsolidated investees, net | (1,034) |  |  | (374) |
Change in other assets and liabilities, net | (82,554) |  |  | 4,746 |
Cash provided by operating activities | 55,863 |  |  | 57,576 |
Investing activities |  |  |
Purchase of property, plant and equipment | (28,604) |  |  | (22,725) |
Proceeds from sale of real estate and other assets | 50,247 |  |  | 6,073 |
Proceeds from the sale of investments | 6,161 |  |  | 588 |
Change in other investing activities | — |  |  | (202) |
Cash provided by (used for) investing activities | 27,804 |  |  | (16,266) |
Financing activities |  |  |
Payments of deferred financing costs | (966) |  |  | — |
Borrowings of long-term debt | 15,000 |  |  | — |
Repayments of long-term debt | (97,879) |  |  | (39,575) |
Repurchase of convertible debt | (14,647) |  |  | — |
Treasury stock | (3,064) |  |  | (3,103) |
Changes in other financing activities | (607) |  |  | (846) |
Cash used for financing activities | (102,163) |  |  | (43,524) |
Effect of currency exchange rate change on cash | (1,520) |  |  | 396 |
Decrease in cash, cash equivalents and restricted cash | (20,016) |  |  | (1,818) |
Cash, cash equivalents and restricted cash at beginning of period | 116,181 |  |  | 110,612 |
Cash, cash equivalents and restricted cash at end of period | $ | 96,165 |  |  | $ | 108,794 |

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GANNETT CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

| Three months ended June 30, 2025
| Common stock |  | Additional paid-in capital |  | Accumulated other comprehensive (loss) income |  | Accumulated deficit |  | Treasury stock |  | Non-controlling interest |  |
In thousands | Shares |  | Amount | Shares |  | Amount |  |  | Total
Balance at March 31, 2025 | 159,081 |  |  | $ | 1,591 |  |  | $ | 1,284,331 |  |  | $ | (51,598) |  |  | $ | (1,060,879) |  |  | 12,422 |  |  | $ | (23,302) |  |  | $ | (505) |  |  | $ | 149,638 |
Net income attributable to Gannett | — |  |  | — |  |  | — |  |  | — |  |  | 78,391 |  |  | — |  |  | — |  |  | 7 |  |  | 78,398 |
Other comprehensive income, net(a) | — |  |  | — |  |  | — |  |  | 8,487 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,487 |
Share-based compensation expense | — |  |  | — |  |  | 2,082 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,082 |
Equity component - 2027 Notes | — |  |  | — |  |  | (2,043) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,043) |
Issuance of common stock | 300 |  |  | 3 |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 46 |
Treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | (303) |  |  | — |  |  | (303) |
Restricted share forfeiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 234 |  |  | (2) |  |  | — |  |  | (2) |
Other activity | — |  |  | — |  |  | 286 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 286 |
Balance at June 30, 2025 | 159,381 |  |  | $ | 1,594 |  |  | $ | 1,284,699 |  |  | $ | (43,111) |  |  | $ | (982,488) |  |  | 12,751 |  |  | $ | (23,607) |  |  | $ | (498) |  |  | $ | 236,589 |

| Three months ended June 30, 2024
| Common stock |  | Additional paid-in capital |  | Accumulated other comprehensive loss |  | Accumulated deficit |  | Treasury stock |  | Non-controlling interest |  |
In thousands | Shares |  | Amount | Shares |  | Amount |  |  | Total
Balance at March 31, 2024 | 158,565 |  |  | $ | 1,586 |  |  | $ | 1,429,137 |  |  | $ | (65,383) |  |  | $ | (1,111,960) |  |  | 10,979 |  |  | $ | (19,927) |  |  | $ | (472) |  |  | $ | 232,981 |
Net income (loss) attributable to Gannett | — |  |  | — |  |  | — |  |  | — |  |  | 13,748 |  |  | — |  |  | — |  |  | (31) |  |  | 13,717 |
Other comprehensive loss, net(a) | — |  |  | — |  |  | — |  |  | (403) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (403) |
Share-based compensation expense | — |  |  | — |  |  | 3,512 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,512 |
Issuance of common stock | 252 |  |  | 2 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24 |
Treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 130 |  |  | (571) |  |  | — |  |  | (571) |
Restricted share forfeiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 54 |  |  | (1) |  |  | — |  |  | (1) |
Other activity | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |
Balance at June 30, 2024 | 158,817 |  |  | $ | 1,588 |  |  | $ | 1,432,682 |  |  | $ | (65,786) |  |  | $ | (1,098,212) |  |  | 11,163 |  |  | $ | (20,499) |  |  | $ | (503) |  |  | $ | 249,270 |

(a) For the three months ended June 30, 2025 and 2024, Other comprehensive (loss) income is net of an income tax benefit of $1.5 million and $30 thousand, respectively.
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GANNETT CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

| Six months ended June 30, 2025
| Common stock |  | Additional paid-in capital |  | Accumulated other comprehensive (loss) income |  | Accumulated deficit |  | Treasury stock |  | Non-controlling interest |  |
In thousands | Shares |  | Amount | Shares |  | Amount |  |  | Total
Balance at December 31, 2024 | 158,836 |  |  | $ | 1,588 |  |  | $ | 1,281,801 |  |  | $ | (56,164) |  |  | $ | (1,053,546) |  |  | 11,447 |  |  | $ | (20,540) |  |  | $ | (505) |  |  | $ | 152,634 |
Net income attributable to Gannett | — |  |  | — |  |  | — |  |  | — |  |  | 71,058 |  |  | — |  |  | — |  |  | 7 |  |  | 71,065 |
Other comprehensive income, net(a) | — |  |  | — |  |  | — |  |  | 13,053 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,053 |
Performance stock units settled, net of withholdings | 232 |  |  | 3 |  |  | (523) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (520) |
Share-based compensation expense | — |  |  | — |  |  | 4,961 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,961 |
Equity component - 2027 Notes | — |  |  | — |  |  | (2,043) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,043) |
Issuance of common stock | 313 |  |  | 3 |  |  | 81 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 84 |
Treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 966 |  |  | (3,064) |  |  | — |  |  | (3,064) |
Restricted share forfeiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 338 |  |  | (3) |  |  | — |  |  | (3) |
Other activity | — |  |  | — |  |  | 422 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 422 |
Balance at June 30, 2025 | 159,381 |  |  | $ | 1,594 |  |  | $ | 1,284,699 |  |  | $ | (43,111) |  |  | $ | (982,488) |  |  | 12,751 |  |  | $ | (23,607) |  |  | $ | (498) |  |  | $ | 236,589 |

| Six months ended June 30, 2024
| Common stock |  | Additional paid-in capital |  | Accumulated other comprehensive loss |  | Accumulated deficit |  | Treasury stock |  | Non-controlling interest |  |
In thousands | Shares |  | Amount | Shares |  | Amount |  |  | Total
Balance at December 31, 2023 | 158,555 |  |  | $ | 1,586 |  |  | $ | 1,426,325 |  |  | $ | (65,541) |  |  | $ | (1,027,192) |  |  | 9,615 |  |  | $ | (17,393) |  |  | $ | (472) |  |  | $ | 317,313 |
Net loss attributable to Gannett | — |  |  | — |  |  | — |  |  | — |  |  | (71,020) |  |  | — |  |  | — |  |  | (31) |  |  | (71,051) |
Other comprehensive loss, net(a) | — |  |  | — |  |  | — |  |  | (245) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (245) |
Share-based compensation expense | — |  |  | — |  |  | 6,338 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,338 |
Issuance of common stock | 262 |  |  | 2 |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |
Treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,281 |  |  | (3,103) |  |  | — |  |  | (3,103) |
Restricted share forfeiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |  |  | (3) |  |  | — |  |  | (3) |
Other activity | — |  |  | — |  |  | (28) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (28) |
Balance at June 30, 2024 | 158,817 |  |  | $ | 1,588 |  |  | $ | 1,432,682 |  |  | $ | (65,786) |  |  | $ | (1,098,212) |  |  | 11,163 |  |  | $ | (20,499) |  |  | $ | (503) |  |  | $ | 249,270 |

(a) For the six months ended June 30, 2025 and 2024, Other comprehensive (loss) income is net of an income tax benefit of $2.2 million and income tax provision of $0.1 million, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — Description of business and basis of presentation
Description of business
Gannett Co., Inc. ("Gannett," "we," "us," "our," or the "Company") is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth focused media and digital marketing solutions company. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations, including our network of local properties, in the United States (the "U.S."), and Newsquest, a wholly-owned subsidiary operating in the United Kingdom (the "U.K."), we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver high-quality, trusted content with a commitment to balanced, unbiased journalism, where and when consumers want to engage. We prioritize a digital-first strategy, focusing on audience growth and engagement while diversifying revenue streams. Our digital marketing solutions brand, LocaliQ, supports small and medium-sized businesses ("SMBs") with innovative digital marketing products and solutions. Our mission remains to inspire, inform, and connect communities while driving sustainable growth for our customers, advertisers, partners, and shareholders.
The Company reports in three segments: Domestic Gannett Media, Newsquest and Digital Marketing Solutions ("DMS"). We also have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions. A full description of our reportable segments is included in Note 12 — Segment reporting.
Basis of presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. As permitted under those rules, certain notes or other financial information that are normally required by U.S. GAAP have been condensed or omitted from these interim financial statements. The unaudited condensed consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.
In the opinion of management, the unaudited condensed consolidated financial statements as of June 30, 2025 include all the assets, liabilities, revenues, expenses, and cash flows of entities which Gannett controls due to ownership of a majority voting interest ("subsidiaries"). In addition, in the opinion of management, the unaudited condensed consolidated financial statements as of June 30, 2025 reflect all necessary adjustments for a fair statement of the results for the interim period. All significant intercompany accounts and transactions have been eliminated in consolidation, and the Company consolidates its subsidiaries.
Use of estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and footnotes thereto. Actual results could differ materially from those estimates.
Significant estimates inherent in the preparation of the unaudited condensed consolidated financial statements include pension and postretirement benefit obligation assumptions, income taxes, goodwill and intangible asset impairment analysis, valuation of property, plant, and equipment and the mark to market of the conversion feature associated with the convertible debt.
Reclassifications
Certain reclassifications have been made to the prior periods unaudited condensed consolidated financial statements to conform to classifications used in the current periods. These reclassifications did not impact net loss, shareholders' equity or cash flows as previously reported.
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Recent accounting pronouncements not yet adopted
Induced conversions of convertible debt instruments
In November 2024, the Financial Accounting Standards Board (the "FASB") issued guidance, Accounting Standards Update ("ASU") 2024-04, which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company is currently evaluating the provisions of the updated guidance and assessing the impact on the condensed consolidated financial statements.
Disaggregation of income statement expenses
In November 2024, the FASB issued guidance, ASU 2024-03, which requires disaggregated disclosures of certain categories of expenses that are included in expense line items on the face of the income statement. The disclosures are required on an annual and interim basis. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the provisions of the updated guidance and assessing the impact on the condensed consolidated financial statements.
Income tax disclosures
In November 2023, the FASB issued guidance, ASU 2023-09, which enhances annual income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the provisions of the updated guidance and assessing the impact on the condensed consolidated financial statements.
NOTE 2 — Revenues
Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
The Company's condensed consolidated statements of operations and comprehensive income (loss) present revenues disaggregated by revenue type. Sales taxes and other usage-based taxes are excluded from revenues.
The following tables present our revenues disaggregated by segment and revenue type:

| Three months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Corporate |  | Intersegment eliminations |  | Consolidated
Digital advertising | $ | 75,151 |  |  | $ | 12,730 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 87,881 |
Digital marketing services | 33,139 |  |  | 2,068 |  |  | 117,478 |  |  | — |  |  | (34,812) |  |  | 117,873 |
Digital-only subscription | 40,451 |  |  | 2,222 |  |  | — |  |  | — |  |  | — |  |  | 42,673 |
Digital other | 12,285 |  |  | 3,145 |  |  | — |  |  | 1,578 |  |  | — |  |  | 17,008 |
Digital | 161,026 |  |  | 20,165 |  |  | 117,478 |  |  | 1,578 |  |  | (34,812) |  |  | 265,435 |
Print advertising | 105,533 |  |  | 19,307 |  |  | — |  |  | — |  |  | — |  |  | 124,840 |
Print circulation | 127,678 |  |  | 16,461 |  |  | — |  |  | — |  |  | — |  |  | 144,139 |
Commercial and other(a) | 45,062 |  |  | 5,385 |  |  | — |  |  | — |  |  | — |  |  | 50,447 |
Print and commercial | 278,273 |  |  | 41,153 |  |  | — |  |  | — |  |  | — |  |  | 319,426 |
Total revenues(b) | $ | 439,299 |  |  | $ | 61,318 |  |  | $ | 117,478 |  |  | $ | 1,578 |  |  | $ | (34,812) |  |  | $ | 584,861 |

(a) For the three months ended June 30, 2025, included Commercial printing and delivery revenues of $28.7 million and $2.6 million at the Domestic Gannett Media and Newsquest segments, respectively.
(b) Revenues generated from international operations comprised 12.3% of total revenues for the three months ended June 30, 2025.
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| Three months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Corporate |  | Intersegment eliminations |  | Consolidated
Digital advertising | $ | 70,922 |  |  | $ | 13,543 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 84,465 |
Digital marketing services | 35,967 |  |  | 1,925 |  |  | 123,798 |  |  | — |  |  | (38,377) |  |  | 123,313 |
Digital-only subscription | 44,622 |  |  | 1,660 |  |  | — |  |  | — |  |  | — |  |  | 46,282 |
Digital other | 20,444 |  |  | 2,616 |  |  | — |  |  | 1,258 |  |  | — |  |  | 24,318 |
Digital | 171,955 |  |  | 19,744 |  |  | 123,798 |  |  | 1,258 |  |  | (38,377) |  |  | 278,378 |
Print advertising | 119,000 |  |  | 19,904 |  |  | — |  |  | — |  |  | — |  |  | 138,904 |
Print circulation | 146,690 |  |  | 16,633 |  |  | — |  |  | — |  |  | — |  |  | 163,323 |
Commercial and other(a) | 54,264 |  |  | 4,971 |  |  | — |  |  | — |  |  | — |  |  | 59,235 |
Print and commercial | 319,954 |  |  | 41,508 |  |  | — |  |  | — |  |  | — |  |  | 361,462 |
Total revenues(b) | $ | 491,909 |  |  | $ | 61,252 |  |  | $ | 123,798 |  |  | $ | 1,258 |  |  | $ | (38,377) |  |  | $ | 639,840 |

(a) For the three months ended June 30, 2024, included Commercial printing and delivery revenues of $37.3 million and $2.6 million at the Domestic Gannett Media and Newsquest segments, respectively.
(b) Revenues generated from international operations comprised 11.1% of total revenues for the three months ended June 30, 2024.

| Six months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Corporate |  | Intersegment eliminations |  | Consolidated
Digital advertising | $ | 146,605 |  |  | $ | 24,647 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 171,252 |
Digital marketing services | 65,897 |  |  | 3,938 |  |  | 226,187 |  |  | — |  |  | (69,345) |  |  | 226,677 |
Digital-only subscription | 81,717 |  |  | 4,215 |  |  | — |  |  | — |  |  | — |  |  | 85,932 |
Digital other | 22,858 |  |  | 6,053 |  |  | — |  |  | 3,057 |  |  | — |  |  | 31,968 |
Digital | 317,077 |  |  | 38,853 |  |  | 226,187 |  |  | 3,057 |  |  | (69,345) |  |  | 515,829 |
Print advertising | 210,708 |  |  | 36,760 |  |  | — |  |  | — |  |  | — |  |  | 247,468 |
Print circulation | 260,882 |  |  | 32,307 |  |  | — |  |  | — |  |  | — |  |  | 293,189 |
Commercial and other(a) | 90,702 |  |  | 9,246 |  |  | — |  |  | — |  |  | — |  |  | 99,948 |
Print and commercial | 562,292 |  |  | 78,313 |  |  | — |  |  | — |  |  | — |  |  | 640,605 |
Total revenues(b) | $ | 879,369 |  |  | $ | 117,166 |  |  | $ | 226,187 |  |  | $ | 3,057 |  |  | $ | (69,345) |  |  | $ | 1,156,434 |

(a) For the six months ended June 30, 2025, included Commercial printing and delivery revenues of $58.6 million and $5.0 million at the Domestic Gannett Media and Newsquest segments, respectively.
(b) Revenues generated from international operations comprised 11.9% of total revenues for the six months ended June 30, 2025.
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| Six months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Corporate |  | Intersegment eliminations |  | Consolidated
Digital advertising | $ | 141,863 |  |  | $ | 27,068 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 168,931 |
Digital marketing services | 72,053 |  |  | 4,013 |  |  | 240,843 |  |  | — |  |  | (77,182) |  |  | 239,727 |
Digital-only subscription | 86,533 |  |  | 3,228 |  |  | — |  |  | — |  |  | — |  |  | 89,761 |
Digital other | 39,241 |  |  | 5,355 |  |  | — |  |  | 2,862 |  |  | — |  |  | 47,458 |
Digital | 339,690 |  |  | 39,664 |  |  | 240,843 |  |  | 2,862 |  |  | (77,182) |  |  | 545,877 |
Print advertising | 234,619 |  |  | 38,961 |  |  | — |  |  | — |  |  | — |  |  | 273,580 |
Print circulation | 302,936 |  |  | 33,710 |  |  | — |  |  | — |  |  | — |  |  | 336,646 |
Commercial and other(a) | 110,383 |  |  | 9,115 |  |  | — |  |  | — |  |  | — |  |  | 119,498 |
Print and commercial | 647,938 |  |  | 81,786 |  |  | — |  |  | — |  |  | — |  |  | 729,724 |
Total revenues(b) | $ | 987,628 |  |  | $ | 121,450 |  |  | $ | 240,843 |  |  | $ | 2,862 |  |  | $ | (77,182) |  |  | $ | 1,275,601 |

(a) For the six months ended June 30, 2024, included Commercial printing and delivery revenues of $77.8 million and $5.1 million at the Domestic Gannett Media and Newsquest segments, respectively.
(b) Revenues generated from international operations comprised 11.1% of total revenues for the six months ended June 30, 2024.
Deferred revenues
The Company records deferred revenues when cash payments are received in advance of the Company's performance obligation. The Company's primary source of deferred revenues is from circulation subscriptions paid in advance of the service provided, which represents future delivery of publications (the performance obligation) to subscription customers. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next one to twelve months in accordance with the terms of the subscriptions.
The Company's payment terms vary by the type and location of the customer and the products or services offered. The period between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. The majority of our subscription customers are billed and pay on monthly terms.
The following table presents the change in the deferred revenues balance:

| Six months ended June 30, |  |
In thousands | 2025 |  | 2024 |  |  |  |  |  |
Beginning balance | $ | 108,000 |  |  | $ | 120,502 |  |  |  |  |  |  |
Receipts, net of refunds | 470,417 |  |  | 544,626 |  |  |  |  |  |  |
Revenue recognized | (471,471) |  |  | (552,869) |  |  |  |  |  |  |
Ending balance | $ | 106,946 |  |  | $ | 112,259 |  |  |  |  |  |  |

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NOTE 3 — Accounts receivable, net
Receivables are presented net of allowances, which reflect the Company's expected credit losses based on historical experience as well as current and expected economic conditions. The following table presents changes in the allowance for credit losses:

| Six months ended June 30,
In thousands | 2025 |  | 2024
Beginning balance | $ | 13,596 |  |  | $ | 16,338 |
Current period provision | 2,878 |  |  | 1,619 |
Write-offs charged against the allowance | (4,894) |  |  | (5,503) |
Recoveries of amounts previously written-off | 785 |  |  | 2,024 |
Other | 240 |  |  | 36 |
Ending balance | $ | 12,605 |  |  | $ | 14,514 |

For the three and six months ended June 30, 2025, the Company recorded $2.5 million and $2.9 million in bad debt expense, respectively. For the three and six months ended June 30, 2024, the Company recorded $1.0 million and $1.6 million in bad debt expense, respectively. Bad debt expense is included in Selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss).
NOTE 4 — Goodwill and intangible assets
Goodwill and intangible assets consisted of the following:

| June 30, 2025 |  | December 31, 2024
In thousands | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Advertiser relationships | $ | 435,226 |  |  | $ | 295,713 |  |  | $ | 139,513 |  |  | $ | 445,356 |  |  | $ | 279,176 |  |  | $ | 166,180 |
Other customer relationships | 88,636 |  |  | 63,328 |  |  | 25,308 |  |  | 89,106 |  |  | 59,198 |  |  | 29,908 |
Subscriber relationships | 240,278 |  |  | 192,161 |  |  | 48,117 |  |  | 250,820 |  |  | 183,895 |  |  | 66,925 |
Other intangible assets | 66,870 |  |  | 66,765 |  |  | 105 |  |  | 66,870 |  |  | 66,212 |  |  | 658 |
Sub-total | $ | 831,010 |  |  | $ | 617,967 |  |  | $ | 213,043 |  |  | $ | 852,152 |  |  | $ | 588,481 |  |  | $ | 263,671 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Mastheads |  |  |  |  | 164,373 |  |  |  |  |  |  | 166,703 |
Total intangible assets |  |  |  |  | $ | 377,416 |  |  |  |  |  |  | $ | 430,374 |
Goodwill |  |  |  |  | $ | 519,035 |  |  |  |  |  |  | $ | 530,028 |

The Company performs its annual goodwill and indefinite-lived intangible impairment assessments as of November 30 each year. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred under both ASC 350 "Intangibles - Goodwill and Other" ("ASC 350"), and ASC 360 "Property, Plant and Equipment" ("ASC 360"), which would require interim impairment testing.
As of June 30, 2025, the Company performed a review of potential impairment indicators under both ASC 350 and ASC 360, and it was determined that no indicators of impairment were present.
NOTE 5 — Integration and reorganization costs, and asset impairments
Integration and reorganization costs
Integration and reorganization costs include severance costs as well as other reorganization-related costs associated with individual restructuring programs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations. These initiatives impact all the Company's operations and can be influenced by the terms of union contracts. Costs related to these programs, which primarily include severance and other reorganization-related costs, are accrued when probable and reasonably estimable or at the time of program announcement.
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Severance-related expenses
The Company recorded severance-related expenses by segment as follows:

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic Gannett Media | $ | 6,494 |  |  | $ | 4,116 |  |  | $ | 10,649 |  |  | $ | 8,193 |
Newsquest | 389 |  |  | 243 |  |  | 495 |  |  | 412 |
Digital Marketing Solutions | 8 |  |  | 84 |  |  | 1,117 |  |  | 109 |
Corporate | 1,313 |  |  | (14) |  |  | 2,104 |  |  | 969 |
Total | $ | 8,204 |  |  | $ | 4,429 |  |  | $ | 14,365 |  |  | $ | 9,683 |

A roll-forward of the accrued severance and related expenses included in Accounts payable and accrued liabilities on the condensed consolidated balance sheets for the six months ended June 30, 2025 is as follows:

In thousands | Severance and related expenses
Beginning balance | $ | 5,491 |
Restructuring provision included in integration and reorganization costs | 14,365 |
Cash payments | (7,696) |
Other(a) | 1,788 |
Ending balance | $ | 13,948 |

(a) Included $1.8 million related to the departure of the Company's former Chief Financial Officer.
Other reorganization-related costs
Other reorganization-related costs represent individual restructuring programs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations. The Company recorded Other reorganization-related costs by segment as follows:

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic Gannett Media(a) | $ | 2,462 |  |  | $ | 10,577 |  |  | $ | 1,628 |  |  | $ | 21,389 |
Newsquest | 5 |  |  | — |  |  | 5 |  |  | — |
Digital Marketing Solutions | — |  |  | 803 |  |  | — |  |  | 803 |
Corporate(b) | 1,647 |  |  | 3,966 |  |  | 5,818 |  |  | 5,781 |
Total | $ | 4,114 |  |  | $ | 15,346 |  |  | $ | 7,451 |  |  | $ | 27,973 |

(a) For the six months ended June 30, 2025, Other restructuring-related costs at the Domestic Gannett Media segment included the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability. For the three and six months ended June 30, 2024, Other restructuring-related costs at the Domestic Gannett Media segment primarily reflected a $9.9 million withdrawal liability which was expensed as a result of ceasing contributions to a multiemployer pension plan. In addition, for the six months ended June 30, 2024, Other reorganization-related costs at the Domestic Gannett Media segment also reflected $9.7 million expensed as of the cease-use date related to certain licensed content.
(b) For the six months ended June 30, 2025, Other restructuring-related costs at Corporate included $2.1 million expensed related to the departure of the Company's former Chief Financial Officer.
Asset impairments
Corporate office relocation
On March 1, 2024, we exited and ceased use of our leased facility in McLean, Virginia and moved our corporate headquarters to our existing office space in New York. We will continue to seek subleases for the leased facility in McLean. As a result of the headquarters relocation, we recorded an impairment charge of approximately $46.0 million during the six months ended June 30, 2024 related to the McLean operating lease right-of-use asset and the associated leasehold improvements. The fair value was measured using a discounted cash flow model based on market rents projected over the remaining lease term.
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NOTE 6 — Debt
The Company's debt as of June 30, 2025 and December 31, 2024 consisted of the financing arrangements described below.

| June 30, 2025 | December 31, 2024
In millions | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value
2029 Term Loan Facility | $ | 767.1 |  | $ | (10.0) |  | $ | (6.4) |  | $ | 750.7 |  | $ | 850.0 |  | $ | (12.2) |  | $ | (7.7) |  | $ | 830.1 |
2031 Notes | 223.7 |  | (4.7) |  | (2.7) |  | 216.3 |  | 223.7 |  | (5.0) |  | (2.8) |  | 215.9 |
2027 Notes | 24.1 |  | (2.2) |  | — |  | 21.9 |  | 38.1 |  | (4.2) |  | (0.1) |  | 33.8 |
Total debt | $ | 1,014.9 |  | $ | (16.9) |  | $ | (9.1) |  | $ | 988.9 |  | $ | 1,111.8 |  | $ | (21.4) |  | $ | (10.6) |  | $ | 1,079.8 |
Less: Current portion of long-term debt | $ | (69.3) |  | $ | — |  | $ | — |  | $ | (69.3) |  | $ | (74.3) |  | $ | — |  | $ | — |  | $ | (74.3) |
Non-current portion of long-term debt | $ | 945.6 |  | $ | (16.9) |  | $ | (9.1) |  | $ | 919.6 |  | $ | 1,037.5 |  | $ | (21.4) |  | $ | (10.6) |  | $ | 1,005.5 |

2029 Term Loan Facility
On October 15, 2024 (the "Closing Date"), the Company entered into an Amendment and Restatement Agreement (the "Amendment and Restatement Agreement") among the Company, as a guarantor, Gannett Holdings, LLC ("Gannett Holdings"), a wholly owned subsidiary of the Company, as the borrower (in such capacity, the "Borrower"), certain subsidiaries of the Borrower as guarantors, the lenders party thereto, Citibank, N.A., as the existing collateral agent and administrative agent for the lenders, and Apollo Administrative Agency LLC, as the successor collateral agent and administrative agent for the lenders, which amended and restated the Company's existing First Lien Credit Agreement dated as of October 15, 2021 (as amended, supplemented or otherwise modified from time to time prior to the Closing Date, the "Existing Credit Agreement"; the Existing Credit Agreement, as amended and restated by the Amendment and Restatement Agreement, the "Amended Credit Agreement") by and among the Company, as guarantor, the Borrower, certain subsidiaries of the Borrower as guarantors and Citibank, N.A., as administrative agent and collateral agent. The Amended Credit Agreement provides for a $900.0 million five-year first lien term loan facility (the "2029 Term Loan Facility"), which refinanced and replaced the Company's previous five-year senior secured term loan facility in an original aggregate principal amount of $516.0 million (the "Senior Secured Term Loan," and collectively with the 2029 Term Loan Facility, the "Term Loans"). The 2029 Term Loan Facility is comprised of an initial term loan facility of $850.4 million, funded on the Closing Date (the "2029 Initial Draw Facility"), and a delayed draw term loan facility of $49.6 million (the "2029 Delayed Draw Facility"), which was made available to the Borrower at its discretion from the Closing Date and for a period of six months thereafter, subject to certain terms and conditions.
In April 2025, the Company received a waiver from certain lenders of its 2029 Term Loan Facility and certain holders of its 2031 Notes (as defined below) and entered into a privately negotiated agreement with a holder of its 2027 Notes (as defined below) to repurchase $14.0 million principal amount of its outstanding 2027 Notes at 105% of par value, plus accrued and unpaid interest, for $15.0 million in cash. This transaction was financed using proceeds from the Company's 2029 Delayed Draw Facility, and as a result as of June 30, 2025, $15.0 million had been drawn under the 2029 Delayed Draw Facility. As a result of this transaction, the Company recognized an immaterial loss on the early extinguishment of debt in the second quarter of 2025.
The 2029 Term Loan Facility bears interest at an annual rate equal, at the Borrower's option, to either (i) an alternate base rate (which shall not be less than 2.50% per annum) plus a margin equal to 4.00% per annum or (ii) Adjusted Term SOFR (which shall be no less than 1.50%) plus a margin equal to 5.00% per annum. The 2029 Term Loan Facility will mature on October 15, 2029 and is freely prepayable without penalty.
The 2029 Term Loan Facility is amortized at a rate of $17.3 million per quarter, with such rate to be adjusted upon the borrowing of any delayed-draw term loans to the extent necessary to cause such delayed-draw term loans to be fungible with the initial term loans under the 2029 Term Loan Facility. In addition, we are required to repay the 2029 Term Loan Facility from time to time with (i) the proceeds of non-ordinary course asset sales and casualty and condemnation events, (ii) the proceeds of indebtedness that is not otherwise permitted under the 2029 Term Loan Facility and (iii) the aggregate amount of cash and cash equivalents on hand at the Company and our restricted subsidiaries in excess of $100.0 million as of the last day of any fiscal year of the Company (beginning with the fiscal year ended December 31, 2024).
The 2029 Term Loan Facility contains usual and customary covenants for credit facilities of this type, including a requirement to have minimum unrestricted cash of $30 million as of the last day of each fiscal quarter, and restricts, among
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other things, our ability to incur debt, grant liens, sell assets, make investments and pay dividends, in each case with customary exceptions, including an exception that permits dividends and repurchases of outstanding junior debt or equity in (i) an amount of up to $25 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 2.00 to 1.00 but greater than 1.50 to 1.00, (ii) an amount of up to $50 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.50 to 1.00 but greater than 1.00 to 1.00, and (iii) an unlimited amount if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.00 to 1.00. As of June 30, 2025, the Company was in compliance with all of the covenants and obligations under the 2029 Term Loan Facility.
As of June 30, 2025 and December 31, 2024, the 2029 Term Loan Facility was recorded at carrying value, which approximated fair value, in the Consolidated balance sheet and was classified as Level 2.
In connection with the Term Loans, for the three and six months ended June 30, 2025, the Company recognized interest expense of $18.6 million and $38.7 million, respectively, and paid cash interest of $24.5 million and $32.4 million, respectively. For the three and six months ended June 30, 2024, the Company recognized interest expense of $9.0 million and $18.3 million, respectively, and paid cash interest of $9.0 million and $18.3 million, respectively. For the three and six months ended June 30, 2025, the Company recognized amortization of original issue discount of $0.6 million and $1.3 million, respectively, and amortization of deferred financing costs of $0.4 million and $0.8 million, respectively. For the three and six months ended June 30, 2024, the Company recognized amortization of original issue discount of $0.5 million and $1.1 million, respectively, and amortization of deferred financing costs of $0.1 million and $0.2 million, respectively. Additionally, during the three and six months ended June 30, 2025, the Company recognized a loss on early extinguishment of debt of $0.1 million and $1.4 million, respectively, related to the write-off of original issue discount and deferred financing costs as a result of early prepayments on the 2029 Term Loan Facility.
For the three and six months ended June 30, 2025, the Company prepaid $23.4 million and $97.9 million, respectively, including the quarterly amortization payment, which were classified as financing activities in the Consolidated statements of cash flows. As of June 30, 2025, the effective interest rate for the 2029 Term Loan Facility was 10.1%.
Senior Secured Convertible Notes due 2027, Senior Secured Convertible Notes due 2031, and the Convertible Notes Exchange
The 6.000% Senior Secured Convertible Notes due 2027 (the "2027 Notes") were issued pursuant to an Indenture dated as of November 17, 2020 (as amended, supplemented or otherwise modified from time to time, the "2027 Notes Indenture"), between the Company and U.S. Bank National Association, as trustee.
In connection with the issuance of the 2027 Notes, the Company entered into an Investor Agreement (the "Investor Agreement") with the holders of the 2027 Notes (the "Holders") establishing certain terms and conditions concerning the rights and restrictions on the Holders with respect to the Holders' ownership of the 2027 Notes. The Company also entered into an amendment to the Registration Rights Agreement dated November 19, 2019, between the Company and FIG LLC.
On October 15, 2024, the Company completed privately negotiated transactions with certain holders of 2027 Notes pursuant to which it (i) repurchased a total of $223.6 million in aggregate principal amount of 2027 Notes for cash at a rate of $1,110 per $1,000 principal amount of 2027 Notes, for aggregate cash consideration of $248.2 million and (ii) exchanged a total of $223.6 million in aggregate principal amount of 2027 Notes for new 6.000% Senior Secured Convertible Notes due 2031 (the "2031 Notes" and such repurchase and exchange, collectively, the "Convertible Notes Exchange"). The Company also paid accrued and unpaid interest of approximately $10.0 million to the holders of 2027 Notes who participated in the Convertible Notes Exchange.
Additionally, on October 15, 2024, the Company issued and sold $110,000 in aggregate principal amount of 2031 Notes in a privately negotiated transaction (the "2031 Notes Sale").
The 2031 Notes were issued pursuant to an indenture, dated as of October 15, 2024 (the "2031 Notes Indenture"), among the Company, the guarantors party thereto, U.S. Bank Trust Company, National Association, as trustee, and Alter Domus Products Corp, as collateral agent.
Concurrently with the Convertible Notes Exchange, the Company and the guarantors party thereto entered into a supplemental indenture to the 2027 Notes Indenture pursuant to which (i) substantially all of the restrictive covenants contained in the 2027 Notes Indenture were eliminated, (ii) certain of the default provisions contained in the 2027 Notes Indenture were eliminated and (iii) certain related provisions were amended to conform with such eliminations.
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Interest on the 2027 Notes and 2031 Notes is payable semi-annually in arrears, and the 2027 Notes and 2031 Notes mature on December 1, 2027, and December 1, 2031, respectively, unless earlier repurchased or converted. The 2027 Notes and 2031 Notes may be converted at any time by the holders thereof into cash, shares of the Company's common stock, par value $0.01 per share (the "Common Stock") or any combination of cash and Common Stock, at the Company's election. The initial conversion rate for both the 2027 Notes and the 2031 Notes is 200 shares of Common Stock per $1,000 principal amount of the 2027 Notes and the 2031 Notes, respectively, which is equal to a conversion price of $5.00 per share of Common Stock (the "Conversion Price").
Upon the occurrence of a "Make-Whole Fundamental Change" (as defined in the 2027 Notes Indenture and the 2031 Notes Indenture), the Company will in certain circumstances increase the conversion rate for the 2027 Notes and the 2031 Notes for a specified period of time. If a "Fundamental Change" (as defined in the 2027 Notes Indenture and the 2031 Notes Indenture) occurs, the Company will be required to offer to repurchase the 2027 Notes and the 2031 Notes at a repurchase price of 110% of the principal amount thereof.
Under the 2031 Notes Indenture, the Company can only pay cash dividends up to an agreed-upon amount, provided the ratio of consolidated debt to EBITDA (as such term is defined in the 2031 Notes Indenture) does not exceed a specified ratio. In addition, the 2031 Notes Indenture provides that, at any time that the Company's Total Gross Leverage Ratio (as defined in the 2031 Notes Indenture) exceeds 1.5 and the Company approves the declaration of a dividend, the Company must offer to purchase a principal amount of 2031 Notes equal to the proposed amount of the dividend.
The Company will have the right to redeem for cash up to the lesser of (i) approximately $72.8 million and (ii) 30% of the aggregate principal amount of 2031 Notes issued pursuant to the 2031 Notes Indenture, in either case, with such amount reduced by 30% of the principal amount of 2031 Notes that has been converted by the holders of the 2031 Notes or redeemed or repurchased by the Company, at a redemption price of 140% of the principal amount thereof, on or prior to December 1, 2030 (or December 1, 2028 if the 2029 Term Loan Facility is refinanced or amended to permit the redemption of the 2031 Notes in an amount equal to or greater than such principal amount of 2031 Notes).
The 2027 Notes and 2031 Notes are guaranteed by Gannett Holdings and all subsidiaries of the Company that guarantee the 2029 Term Loan Facility. The 2027 Notes and 2031 Notes rank as senior secured debt of the Company and are secured by liens on the same collateral package that secures the indebtedness incurred in connection with the 2029 Term Loan Facility. The 2027 Notes are secured by liens that are junior to the liens securing indebtedness incurred under the 2029 Term Loan Facility and the 2031 Notes. The 2031 Notes are secured by liens that are junior to the liens securing indebtedness incurred under the 2029 Term Loan Facility but senior to the liens securing the 2027 Notes.
The 2031 Notes Indenture includes affirmative and negative covenants, including limitations on liens, indebtedness, dispositions, loans, advances and investors, sale and leaseback transactions, restricted payments, transactions with affiliates, restrictions on dividends and other payment restrictions affecting restricted subsidiaries, negative pledges, and modifications to certain agreements. The 2031 Notes Indenture also requires the Company to maintain, as of the last day of each fiscal quarter, at least $30.0 million of Qualified Cash (as defined in the 2031 Notes Indenture). The 2027 Notes Indenture and the 2031 Notes Indenture include customary events of default.
The 2027 Notes have two components: (i) a debt component, and (ii) an equity component. As of June 30, 2025 and December 31, 2024, the debt component of the 2027 Notes was recorded at carrying value in the Consolidated balance sheets. The carrying value of the 2027 Notes reflected the balance of the unamortized discount related to the value of the conversion feature assessed at inception and did not approximate fair value as of June 30, 2025. The 2027 Notes were classified as Level 2, and based on unadjusted quoted prices in the active market obtained from third-party pricing services, the Company determined that the estimated fair value of the 2027 Notes was $25.5 million and $44.6 million as of June 30, 2025 and December 31, 2024, respectively, and was primarily affected by fluctuations in market interest rates and the price of the Company's Common Stock.
As a result of the Convertible Notes Exchange, the Company recorded a reduction in Additional paid-in capital of $237.5 million in the Consolidated balance sheet as of December 31, 2024, and as a result of the repurchase of 2027 Notes in April 2025, the Company recorded a reduction in Additional paid-in capital of $2.0 million as of June 30, 2025. As of June 30, 2025 and December 31, 2024, the conversion feature remaining in Additional paid-in capital was $40.0 million and $42.0 million, respectively, net of tax. The remaining 2027 Notes are convertible into 4.8 million shares of Common Stock, based on the initial conversion price of $5.00 per share.
The 2031 Notes have two components: (i) a debt component, and (ii) an equity component. As of June 30, 2025 and
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December 31, 2024 the debt component of the 2031 Notes was recorded at carrying value in the Consolidated balance sheets. The 2031 Notes were classified as Level 2 because they were measured at fair value using commonly accepted valuation methodologies and indirectly observable, market-based risk measurements and historical data, and a review of prices and terms available for similar debt instruments that do not contain a conversion feature. As of June 30, 2025, the Company determined that the carrying value of the 2031 Notes did not approximate fair value.
The excess of the fair value over the principal value of the 2031 Notes was recorded in Additional Paid-in capital as the 2031 Notes were issued at a 50% premium. The equity component of the 2031 Notes was classified as Level 3, as it was calculated based on the aggregate fair value of the 2031 Notes which used a binomial lattice model and assumptions based on market information and historical data, and significant unobservable inputs. As of June 30, 2025 and December 31, 2024, the amount of the equity component recorded in Additional paid-in capital was $80.4 million, net of tax. The 2031 Notes are convertible into 44.7 million shares of Common Stock, based on the initial conversion price of $5.00 per share.
In connection with the 2027 Notes and the 2031 Notes, for the three and six months ended June 30, 2025, the Company recognized interest expense of $3.8 million and $7.7 million, respectively, and paid $7.8 million cash interest for both the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, the Company recognized interest expense of $7.3 million and $14.5 million, respectively, and paid cash interest of $14.6 million for both the three and six months ended June 30, 2024. In addition, during the three and six months ended June 30, 2025, the Company recognized amortization of original issue discount of $0.3 million and $0.8 million, respectively, and an immaterial amount of amortization of deferred financing costs. For the three and six months ended June 30, 2024, the Company recognized amortization of original issue discount of $3.6 million and $7.2 million, respectively, and an immaterial amount of amortization of deferred financing costs. As of June 30, 2025, the effective interest rate on the debt component of the 2027 Notes was 10.5%. As of June 30, 2025, the effective interest rate on the debt component of the 2031 Notes was 6.6%.
For the six months ended June 30, 2025, no shares of Common Stock were issued upon conversion, exercise, or satisfaction of the required conditions of the 2027 Notes or the 2031 Notes. Refer to Note 10 — Supplemental equity and other information for details on the impact of the 2027 Notes and the 2031 Notes to diluted earnings per share under the if-converted method.
As discussed above, in April 2025, the Company received a waiver from certain lenders of its 2029 Term Loan Facility and certain holders of its 2031 Notes and entered into a privately negotiated agreement with a holder of its 2027 Notes to repurchase $14.0 million principal amount of its outstanding 2027 Notes at 105% of par value, plus accrued and unpaid interest, for $15.0 million in cash. This transaction was financed using proceeds from the Company's 2029 Delayed Draw Facility, and as a result as of June 30, 2025, $15.0 million had been drawn under the 2029 Delayed Draw Facility. As a result of this transaction, the Company recognized an immaterial loss on the early extinguishment of debt in the second quarter of 2025.
NOTE 7 — Pensions and other postretirement benefit plans
We, along with our subsidiaries, sponsor various defined benefit retirement plans, including plans established under collective bargaining agreements. Our retirement plans primarily include the (i) Gannett Retirement Plan (the "GR Plan"), (ii) Gannett Retirement Plan for Certain Union Employees, and (iii) Newsquest Scheme in the U.K., as well as other smaller and/or frozen defined benefit and defined contribution plans. We also provide health care and life insurance benefits to certain retired employees who meet age and service requirements.
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Retirement plan costs include the following components:

| Pension benefits |  | Postretirement benefits
| Three months ended June 30, |  | Three months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Operating expenses: |  |  |  |  |  |  |
Service cost - benefits earned during the period | $ | 248 |  |  | $ | 289 |  |  | $ | 8 |  |  | $ | 8 |
Non-operating expenses: |  |  |  |  |  |  |
Interest cost on benefit obligations | 20,837 |  |  | 20,276 |  |  | 526 |  |  | 530 |
Expected return on plan assets | (23,444) |  |  | (24,050) |  |  | — |  |  | — |
Amortization of prior service cost (benefit) | 18 |  |  | 17 |  |  | (142) |  |  | (142) |
Amortization of actuarial cost (benefit) | 620 |  |  | 710 |  |  | (418) |  |  | (478) |
Total non-operating benefit | $ | (1,969) |  |  | $ | (3,047) |  |  | $ | (34) |  |  | $ | (90) |
Total benefit for retirement plans | $ | (1,721) |  |  | $ | (2,758) |  |  | $ | (26) |  |  | $ | (82) |

| Pension benefits |  | Postretirement benefits
| Six months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Operating expenses: |  |  |  |  |  |  |
Service cost - benefits earned during the period | $ | 496 |  |  | $ | 578 |  |  | $ | 16 |  |  | $ | 17 |
Non-operating expenses: |  |  |  |  |  |  |
Interest cost on benefit obligations | 41,224 |  |  | 40,591 |  |  | 1,052 |  |  | 1,060 |
Expected return on plan assets | (46,304) |  |  | (48,153) |  |  | — |  |  | — |
Amortization of prior service cost (benefit) | 35 |  |  | 34 |  |  | (284) |  |  | (284) |
Amortization of actuarial cost (benefit) | 1,197 |  |  | 1,425 |  |  | (837) |  |  | (956) |
Total non-operating benefit | $ | (3,848) |  |  | $ | (6,103) |  |  | $ | (69) |  |  | $ | (180) |
Total benefit for retirement plans | $ | (3,352) |  |  | $ | (5,525) |  |  | $ | (53) |  |  | $ | (163) |

Contributions
We are contractually obligated to contribute to our pension and postretirement benefit plans. During the six months ended June 30, 2025, we contributed $0.6 million and $2.2 million to our pension and other postretirement plans, respectively.
NOTE 8 — Fair value measurement
In accordance with ASC 820, "Fair Value Measurement," fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities, Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs.
As of June 30, 2025 and December 31, 2024, assets and liabilities recorded at fair value and measured on a recurring basis primarily consist of pension plan assets. As permitted by U.S. GAAP, we use net asset values ("NAV") as a practical expedient to determine the fair value of certain investments. These investments measured at NAV have not been classified in the fair value hierarchy.
The Company's debt is recorded on the condensed consolidated balance sheets at carrying value. Refer to Note 6 — Debt for additional discussion regarding fair value of the Company's debt instruments.
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Assets held for sale (Level 3), which are recorded in Other current assets on the condensed consolidated balance sheets, are measured on a nonrecurring basis and are evaluated using executed purchase agreements, letters of intent or third-party valuation analyses when certain circumstances arise.
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The Company performs its annual goodwill and indefinite-lived intangible impairment assessment during the fourth quarter of the year. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. Refer to Note 4 — Goodwill and intangible assets for additional discussion regarding the annual impairment assessment.
NOTE 9 — Income taxes
The following table outlines our pre-tax net loss and income tax amounts:

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Loss before income taxes | $ | (9,074) |  |  | $ | (13,086) |  |  | $ | (23,221) |  |  | $ | (87,776) |
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (94,286) |  |  | (16,725) |
Effective tax rate | NM |  | 204.8 | % |  | NM |  | 19.1 | %

NM - not meaningful.
The (benefit) provision for income taxes is calculated by applying the projected annual effective tax rate for the year to the current period's income or loss before tax, adjusted for the tax effects of any significant or unusual items (discrete events) and changes in tax laws.
The benefit for income taxes for the three months ended June 30, 2025, was primarily driven by an increase in the estimated annual effective tax rate, resulting from a decrease in full year net income before tax forecasts used in the second quarter of 2025. This benefit was partially offset by increases in valuation allowances on non-deductible U.S. interest expense, the global intangible low taxed income inclusion, and foreign tax expense. The benefit was calculated using an estimated annual effective tax rate of 403.1%. Excluding discrete items, the estimated annual effective tax rate was principally impacted by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards, the global intangible low-taxed income inclusion and foreign tax expense, partially offset by the release of valuation allowances on capital loss carryforwards associated with the sale of the Austin American-Statesman (the "Statesman"), which occurred in the first quarter of 2025. The estimated annual effective tax rate reflects the projected tax expense for the full year.
The benefit for income taxes for the six months ended June 30, 2025, was mainly driven by the pre-tax book loss and the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman. These benefits were partially offset by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards and the global intangible low-taxed income inclusion.
The total amount of unrecognized tax benefits that, if recognized, may impact the effective tax rate was approximately $46.5 million and $41.7 million as of June 30, 2025 and December 31, 2024, respectively. It is reasonably possible that further adjustments to our unrecognized tax benefits may be made within the next twelve months as a result of audit settlements, foreign judicial proceedings, lapses of statutes of limitations, or regulatory developments. At this time, an estimate of the potential change to the amount of unrecognized tax benefits cannot be made.
The Company recognizes interest and penalties related to tax matters, including unrecognized tax benefit, as a component of income tax expense. As of June 30, 2025 and December 31, 2024, the amount of accrued interest and penalties payable related to unrecognized tax benefits was $0.1 million.
The benefit for income taxes for the three months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an Internal Revenue Service ("IRS") audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss. The benefit was calculated using an estimated annual effective tax rate of negative 6.2%.
The benefit for income taxes for the six months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an IRS audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss.
Recently Enacted U.S. Tax Legislation
On July 4, 2025, the President signed into law H.R. 1, titled the "One Big Beautiful Bill Act," which introduces significant tax law changes with varying effective dates for businesses. Key provisions applicable to the Company include the
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reinstatement of EBITDA, rather than EBIT, in determining adjusted taxable income under Section 163(j), the immediate expensing of domestic research and experimentation expenditures, and the extension of 100% bonus depreciation for qualified property placed in service after January 19, 2025. The legislation also makes changes to the Global Intangible Low-Taxed Income regime, including an increase in the effective tax rate and modifications to the calculation of tested income. As the bill was signed into law in the third quarter, any changes are not included in the calculation of the second quarter tax provision. The Company is currently evaluating the new legislation and assessing the impact on the condensed consolidated financial statements.
NOTE 10 — Supplemental equity and other information
Income (loss) per share
The following table sets forth the information to compute basic and diluted income (loss) per share:

| Three months ended June 30, |  | Six months ended June 30,
In thousands, except per share data | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) attributable to Gannett | $ | 78,391 |  |  | $ | 13,748 |  |  | $ | 71,058 |  |  | $ | (71,020) |
Interest adjustment to Net income (loss) attributable to Gannett related to assumed conversions of the: |  |  |  |  |  |  |
2027 Notes | 522 |  |  | 8,266 |  |  | 1,184 |  |  | — |
2031 Notes | 2,677 |  |  | — |  |  | 5,351 |  |  | — |
Net income (loss) attributable to Gannett for diluted earnings per share | $ | 81,590 |  |  | $ | 22,014 |  |  | $ | 77,593 |  |  | $ | (71,020) |
Basic weighted average shares outstanding | 145,164 |  |  | 142,827 |  |  | 144,274 |  |  | 141,809 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted stock grants(a) | 662 |  |  | 1,596 |  |  | 849 |  |  | — |
2027 Notes | 4,822 |  |  | 97,057 |  |  | 4,822 |  |  | — |
2031 Notes | 44,745 |  |  | — |  |  | 44,745 |  |  | — |
Diluted weighted average shares outstanding | 195,393 |  |  | 241,480 |  |  | 194,690 |  |  | 141,809 |
Income (loss) per share attributable to Gannett - basic | $ | 0.54 |  |  | $ | 0.10 |  |  | $ | 0.49 |  |  | $ | (0.50) |
Income (loss) per share attributable to Gannett - diluted | $ | 0.42 |  |  | $ | 0.09 |  |  | $ | 0.40 |  |  | $ | (0.50) |

(a) Includes restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs").
The Company excluded the following securities from the computation of diluted income (loss) per share because their effect would have been antidilutive:

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
2027 Notes(a) | — |  |  | — |  |  | — |  |  | 97,057 |
Restricted stock grants(b) | — |  |  | 1,258 |  |  | — |  |  | 4,651 |
Stock options | 4,716 |  |  | 6,068 |  |  | 4,716 |  |  | 6,068 |

(a)Represents the total number of shares that would have been convertible for the six months ended 2024 as stipulated in the 2027 Notes Indenture.
(b)Includes restricted stock awards ("RSA"), restricted stock units ("RSU") and performance stock units ("PSU").
The 2027 Notes and 2031 Notes may be converted at any time by the holders into cash, shares of the Company's Common Stock or any combination of cash and Common Stock, at the Company's election. Conversion of all of the 2027 Notes and 2031 Notes into Common Stock (assuming the maximum increase in the conversion rate as a result of a Make-Whole Fundamental Change but no other adjustments to the conversion rate), would result in the issuance of an aggregate of 14.3 million shares of Common Stock and 143.9 million shares of Common Stock, respectively. The Company has excluded from the income (loss) per share calculation approximately 9.4 million shares related to the possible conversion of the 2027 Notes and 99.1 million shares related to the possible conversion of the 2031 Notes, representing the difference between the total number of shares that would be convertible at June 30, 2025 and the total number of shares issuable assuming the maximum increase in the conversion rate.
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Share-based compensation
Share-based compensation expense was $2.1 million and $5.0 million for the three and six months ended June 30, 2025, respectively, and $3.5 million and $6.3 million for the three and six months ended June 30, 2024, respectively, and is included in Selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss).
The total compensation cost not yet recognized related to non-vested awards as of June 30, 2025 was $8.6 million, and is expected to be recognized over a weighted-average period of 1.9 years through May 2027.
Equity awards
There were approximately 300,000 and 313,000 RSAs granted during the three and six months ended June 30, 2025, respectively.
Cash awards
The Company grants certain employees either long-term cash awards ("LTCAs") or cash performance units ("CPUs"). CPUs generally vest and pay out in cash on the third anniversary of the grant date based upon the achievement of threshold goals depending on actual performance against financial objectives over a three-year period. LTCAs generally vest and pay out in cash on the first, second and third anniversaries of the date of grant. As of June 30, 2025, there was approximately $10.9 million of unrecognized compensation expense related to cash awards.
Preferred stock
The Company has authorized 300,000 shares of preferred stock, par value $0.01 per share, issuable in one or more series designated by the Company's Board of Directors, none of which have been issued. There were no issuances of preferred stock during the six months ended June 30, 2025.
Stock repurchase program
On February 1, 2022, the Company's Board of Directors authorized the repurchase of up to $100 million (the "Stock Repurchase Program") of the Company's Common Stock. Repurchases may be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. The amount and timing of the purchases, if any, will depend on a number of factors, including, but not limited to, the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The Stock Repurchase Program may be suspended or discontinued at any time. Further, future repurchases under our Stock Repurchase Program may be subject to various conditions under the terms of our various debt instruments and agreements, unless an exception is available or we obtain a waiver or similar relief.
During the six months ended June 30, 2025, the Company did not repurchase any shares of Common Stock under the Stock Repurchase Program. As of June 30, 2025, the remaining authorized amount under the Stock Repurchase Program was approximately $96.9 million.
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Accumulated other comprehensive loss, net of tax
The following tables summarize the components of, and the changes in, Accumulated other comprehensive loss, net of tax:

| Six months ended June 30, 2025 |  | Six months ended June 30, 2024
In thousands | Pension and postretirement benefit plans |  | Foreign currency translation |  | Total |  | Pension and postretirement benefit plans |  | Foreign currency translation |  | Total
Beginning balance | $ | (54,953) |  |  | $ | (1,211) |  |  | $ | (56,164) |  |  | $ | (64,344) |  |  | $ | (1,197) |  |  | $ | (65,541) |
Other comprehensive (loss) income before reclassifications | (8,851) |  |  | 21,822 |  |  | 12,971 |  |  | 516 |  |  | (912) |  |  | (396) |
Amounts reclassified from accumulated other comprehensive income(a)(b) | 82 |  |  | — |  |  | 82 |  |  | 151 |  |  | — |  |  | 151 |
Net current period other comprehensive (loss) income | (8,769) |  |  | 21,822 |  |  | 13,053 |  |  | 667 |  |  | (912) |  |  | (245) |
Ending balance | $ | (63,722) |  |  | $ | 20,611 |  |  | $ | (43,111) |  |  | $ | (63,677) |  |  | $ | (2,109) |  |  | $ | (65,786) |

(a)Amounts reclassified from accumulated other comprehensive income are included in the computation of net periodic benefit cost. See Note 7 — Pensions and other postretirement benefit plans.
(b)Amounts reclassified from accumulated other comprehensive income are recorded net of tax impacts of $29 thousand and $68 thousand for the six months ended June 30, 2025 and 2024, respectively.
NOTE 11 — Commitments, contingencies, and other matters
Legal proceedings
The Company is and may become involved from time to time in legal proceedings in the ordinary course of its business, including, but not limited to, matters such as libel, invasion of privacy, intellectual property infringement, wrongful termination actions, complaints alleging employment discrimination, and regulatory investigations and inquiries. In addition, the Company is involved from time to time in governmental and administrative proceedings concerning employment, labor, environmental, and other claims. Insurance coverage mitigates potential loss for certain of these matters. Historically, such claims and proceedings have not had a material adverse effect on the Company's consolidated results of operations or financial position.
We are also defendants in judicial and administrative proceedings involving matters incidental to our business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, regulatory investigation or inquiry, in the opinion of management, the Company does not expect its current and any threatened legal proceedings to have a material adverse effect on the Company's business, financial position or consolidated results of operations. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on the Company's financial results.
On June 20, 2023, the Company filed a civil action against Google LLC and Alphabet Inc. (together, "Google") in the U.S. District Court in the Southern District of New York seeking injunctive relief and damages for the anticompetitive monopolization of advertising technology markets and for deceptive commercial practices. The Company's complaint details more than a dozen anticompetitive and deceptive acts that the Company believes demonstrate Google's unfair control and manipulation of all sides of each online advertising transaction. The Company intends to vigorously pursue this action. However, at this stage, the Company is unable to predict the outcome or impact on its business and financial results. The Company is accounting for this matter as a gain contingency, and will record any such gain in future periods, if and when the contingency is resolved, in accordance with ASC 450, "Contingencies." We do not expect pursuing this lawsuit to be a significant cost to us; however, the Company has and plans to continue to engage certain experts to participate in this matter.
NOTE 12 — Segment reporting
We define our reportable segments based on the way the Chief Operating Decision Maker ("CODM"), which is our Chief Executive Officer, manages the operations for purposes of allocating resources and assessing segment performance. Our reportable segments include the following:
•Domestic Gannett Media is comprised of our portfolio of domestic local, regional, and national newspaper publishers. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our DMS segment, digital distribution of our publications and digital content syndication and affiliate and partnership revenues as well as classified advertisements and display advertisements run
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on our platforms as well as third-party sites, and Print and commercial revenues mainly derived from the sale of local, national, and classified print advertising products, the sale of both home delivery and single copies of our publications, as well as commercial printing and distribution arrangements, and revenues from our events business.
•Newsquest is comprised of our portfolio of newspaper publishers in the U.K. The results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our DMS segment, digital distribution of our publications and digital content syndication revenues as well as classified advertisements and display advertisements run on our platforms and third-party sites, and Print and commercial revenues mainly derived from the sale of local, classified, and national advertising as well as niche publications, the sale of both home delivery and single copies of our publications, as well as commercial printing.
•Digital Marketing Solutions is comprised of our digital marketing services companies under the brand LocaliQ. The results of this segment include Digital revenues derived from digital marketing services generated through multiple services, including search advertising, display advertising, search optimization, social media, website development, web presence products, customer relationship management, and software-as-a-service solutions.
In addition to the reportable segments above, we have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions.
In the ordinary course of business, our reportable segments enter into transactions with one another. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is the counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.
We regularly provide management reports to the CODM that include Segment revenues and Segment Adjusted EBITDA (defined below). Significant Segment expenses regularly provided to the CODM, and included within Segment Adjusted EBITDA include Payroll, Benefits, Newsprint & ink, Distribution, Outside services and Digital cost of goods sold.
The CODM uses Segment Adjusted EBITDA to evaluate the performance of the segments and allocate resources. Segment Adjusted EBITDA provides an assessment of controllable expenses and affords the CODM the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.
Management considers Segment Adjusted EBITDA to be an important metric to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items that we do not believe are indicative of each segment's core operating performance.
We define Segment Adjusted EBITDA as Segment revenues less (1) operating costs and (2) selling, general and administrative expenses, plus (3) equity (income) loss in unconsolidated investees, net.
Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Non-operating pension income, (6) Loss on convertible notes derivative, (7) Depreciation and amortization, (8) Integration and reorganization costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation expense, and (13) Other (income) expense, net.
The following tables below present summarized financial information for each of the Company's reportable segments.
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Revenues

| Three months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Total
External revenues | $ | 406,356 |  |  | $ | 59,449 |  |  | $ | 117,478 |  |  | $ | 583,283 |
Intersegment revenues | 32,943 |  |  | 1,869 |  |  | — |  |  | 34,812 |
Segment revenues | $ | 439,299 |  |  | $ | 61,318 |  |  | $ | 117,478 |  |  | $ | 618,095 |
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 1,578 |
Elimination of intersegment revenues |  |  |  |  |  |  | (34,812) |
Total revenues |  |  |  |  |  |  | $ | 584,861 |

| Three months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Total
External revenues | $ | 455,262 |  |  | $ | 59,522 |  |  | $ | 123,798 |  |  | $ | 638,582 |
Intersegment revenues | 36,647 |  |  | 1,730 |  |  | — |  |  | 38,377 |
Segment revenues | $ | 491,909 |  |  | $ | 61,252 |  |  | $ | 123,798 |  |  | $ | 676,959 |
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 1,258 |
Elimination of intersegment revenues |  |  |  |  |  |  | (38,377) |
Total revenues |  |  |  |  |  |  | $ | 639,840 |

| Six months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Total
External revenues | $ | 813,588 |  |  | $ | 113,602 |  |  | $ | 226,187 |  |  | $ | 1,153,377 |
Intersegment revenues | 65,781 |  |  | 3,564 |  |  | — |  |  | 69,345 |
Segment revenues | $ | 879,369 |  |  | $ | 117,166 |  |  | $ | 226,187 |  |  | $ | 1,222,722 |
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 3,057 |
Elimination of intersegment revenues |  |  |  |  |  |  | (69,345) |
Total revenues |  |  |  |  |  |  | $ | 1,156,434 |

| Six months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  | Total
External revenues | $ | 914,085 |  |  | $ | 117,811 |  |  | $ | 240,843 |  |  | $ | 1,272,739 |
Intersegment revenues | 73,543 |  |  | 3,639 |  |  | — |  |  | 77,182 |
Segment revenues | $ | 987,628 |  |  | $ | 121,450 |  |  | $ | 240,843 |  |  | $ | 1,349,921 |
Reconciliation of revenues: |  |  |  |  |  |  |
Other revenues |  |  |  |  |  |  | 2,862 |
Elimination of intersegment revenues |  |  |  |  |  |  | (77,182) |
Total revenues |  |  |  |  |  |  | $ | 1,275,601 |

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Reconciliation of Segment Revenues to Segment Adjusted EBITDA

| Three months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  |
Segment revenues | $ | 439,299 |  |  | $ | 61,318 |  |  | $ | 117,478 |  |  |
Less: |  |  |  |  |  |  |
Payroll | 122,607 |  |  | 25,888 |  |  | 23,524 |  |  |
Benefits | 20,998 |  |  | 958 |  |  | 3,049 |  |  |
Newsprint and ink | 13,373 |  |  | 2,413 |  |  | — |  |  |
Distribution | 61,957 |  |  | 3,186 |  |  | — |  |  |
Outside services | 40,768 |  |  | 3,085 |  |  | 5,247 |  |  |
Digital cost of goods sold | 44,614 |  |  | 2,154 |  |  | 72,198 |  |  |
Other(a) | 91,758 |  |  | 8,740 |  |  | 1,962 |  |  |
Segment Adjusted EBITDA | $ | 43,224 |  |  | $ | 14,894 |  |  | $ | 11,498 |  |  |

(a) Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.

| Three months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  |
Segment revenues | $ | 491,909 |  |  | $ | 61,252 |  |  | $ | 123,798 |  |  |
Less: |  |  |  |  |  |  |
Payroll | 132,935 |  |  | 23,945 |  |  | 25,628 |  |  |
Benefits | 24,264 |  |  | 902 |  |  | 3,156 |  |  |
Newsprint and ink | 16,846 |  |  | 2,461 |  |  | — |  |  |
Distribution | 69,283 |  |  | 3,137 |  |  | — |  |  |
Outside services | 47,344 |  |  | 2,523 |  |  | 2,220 |  |  |
Digital cost of goods sold | 45,032 |  |  | 2,238 |  |  | 77,476 |  |  |
Other(a) | 103,307 |  |  | 11,908 |  |  | 3,545 |  |  |
Segment Adjusted EBITDA | $ | 52,898 |  |  | $ | 14,138 |  |  | $ | 11,773 |  |  |

(a) Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.

| Six months ended June 30, 2025
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  |
Segment revenues | $ | 879,369 |  |  | $ | 117,166 |  |  | $ | 226,187 |  |  |
Less: |  |  |  |  |  |  |
Payroll | 247,295 |  |  | 49,340 |  |  | 48,551 |  |  |
Benefits | 46,199 |  |  | 2,006 |  |  | 6,745 |  |  |
Newsprint and ink | 27,786 |  |  | 4,716 |  |  | — |  |  |
Distribution | 126,462 |  |  | 6,196 |  |  | — |  |  |
Outside services | 81,995 |  |  | 5,960 |  |  | 8,119 |  |  |
Digital cost of goods sold | 86,854 |  |  | 4,154 |  |  | 138,665 |  |  |
Other(a) | 186,390 |  |  | 15,966 |  |  | 4,140 |  |  |
Segment Adjusted EBITDA | $ | 76,388 |  |  | $ | 28,828 |  |  | $ | 19,967 |  |  |

(a) Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to
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technology, finance, analytics, legal, and human resources, as well as other general business costs.

| Six months ended June 30, 2024
In thousands | Domestic Gannett Media |  | Newsquest |  | Digital Marketing Solutions |  |
Segment revenues | $ | 987,628 |  |  | $ | 121,450 |  |  | $ | 240,843 |  |  |
Less: |  |  |  |  |  |  |
Payroll | 267,733 |  |  | 47,608 |  |  | 51,002 |  |  |
Benefits | 48,630 |  |  | 1,963 |  |  | 6,433 |  |  |
Newsprint and ink | 35,419 |  |  | 5,085 |  |  | — |  |  |
Distribution | 143,766 |  |  | 6,323 |  |  | — |  |  |
Outside services | 95,046 |  |  | 5,060 |  |  | 4,505 |  |  |
Digital cost of goods sold | 90,440 |  |  | 4,634 |  |  | 150,587 |  |  |
Other(a) | 209,216 |  |  | 22,476 |  |  | 7,764 |  |  |
Segment Adjusted EBITDA | $ | 97,378 |  |  | $ | 28,301 |  |  | $ | 20,552 |  |  |

(a) Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to technology, finance, analytics, legal, and human resources, as well as other general business costs.
Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to Gannett

| Three months ended June 30, |  | Six months ended June 30,
in thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic Gannett Media | $ | 43,224 |  |  | $ | 52,898 |  |  | $ | 76,388 |  |  | $ | 97,378 |
Newsquest | 14,894 |  |  | 14,138 |  |  | 28,828 |  |  | 28,301 |
Digital Marketing Solutions | 11,498 |  |  | 11,773 |  |  | 19,967 |  |  | 20,552 |
Segment Adjusted EBITDA | $ | 69,616 |  |  | $ | 78,809 |  |  | $ | 125,183 |  |  | $ | 146,231 |
Corporate | 5,379 |  |  | 4,278 |  |  | 10,437 |  |  | 14,111 |
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (94,286) |  |  | (16,725) |
Net income (loss) attributable to noncontrolling interests | 7 |  |  | (31) |  |  | 7 |  |  | (31) |
Interest expense | 24,395 |  |  | 26,270 |  |  | 50,478 |  |  | 52,835 |
Loss (gain) on early extinguishment of debt | 183 |  |  | 87 |  |  | 1,457 |  |  | (530) |
Non-operating pension income | (2,003) |  |  | (3,137) |  |  | (3,917) |  |  | (6,283) |
Depreciation and amortization | 42,644 |  |  | 38,258 |  |  | 85,278 |  |  | 76,556 |
Integration and reorganization costs(a) | 12,318 |  |  | 19,775 |  |  | 21,816 |  |  | 37,656 |
Asset impairments | 181 |  |  | — |  |  | 2,075 |  |  | 45,989 |
(Gain) loss on sale or disposal of assets, net | (1,584) |  |  | 236 |  |  | (22,264) |  |  | 788 |
Share-based compensation expense | 2,082 |  |  | 3,512 |  |  | 4,961 |  |  | 6,338 |
Other (income) expense, net(b) | (4,905) |  |  | 2,616 |  |  | (1,917) |  |  | 6,547 |
Net income (loss) attributable to Gannett | $ | 78,391 |  |  | $ | 13,748 |  |  | $ | 71,058 |  |  | $ | (71,020) |

(a) Integration and reorganization costs mainly reflect severance-related expenses and other reorganization-related costs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations.
(b) Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments and third-party debt costs.
Asset and asset related information by segment are not key measures of performance used by the CODM function. Accordingly, we have not disclosed asset and asset related information by segment.
NOTE 13 — Other supplemental information
Disposition
On February 28, 2025, the Company completed its sale of the Statesman to Hearst Corporation. As a result of the sale, we recognized a pre-tax gain of approximately $20.8 million, net of selling expenses, which is included in (Gain) loss on sale or
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disposal of assets, net on the condensed consolidated statement of operations and comprehensive income (loss) for the six months ended June 30, 2025.
Cash and cash equivalents, including restricted cash
Cash equivalents represent highly liquid certificates of deposit which have original maturities of three months or less. Restricted cash is held as cash collateral for certain business operations. Restricted cash primarily consists of funding for letters of credit, cash held in an irrevocable grantor trust for our deferred compensation plans and cash held with banking institutions for insurance.
The following table presents a reconciliation of cash, cash equivalents and restricted cash:

| June 30,
In thousands | 2025 |  | 2024
Cash and cash equivalents | $ | 88,542 |  |  | $ | 98,886 |
Restricted cash included in other current assets | 76 |  |  | 242 |
Restricted cash included in pension and other assets | 7,547 |  |  | 9,666 |
Total cash, cash equivalents and restricted cash | $ | 96,165 |  |  | $ | 108,794 |

Supplemental cash flow information
The following table presents supplemental cash flow information, including non-cash investing and financing activities:

| Six months ended June 30,
In thousands | 2025 |  | 2024
Cash paid for taxes, net of refunds | $ | 1,237 |  |  | $ | 4,781 |
Cash paid for interest | 40,155 |  |  | 41,655 |
Non-cash investing and financing activities: |  |  |
Accrued capital expenditures | $ | 29,047 |  |  | $ | 13,516 |

Accounts payable and accrued liabilities
A breakout of Accounts payable and accrued liabilities is presented below:

In thousands | June 30, 2025 |  | December 31, 2024
Accounts payable | $ | 155,233 |  |  | $ | 154,162 |
Compensation | 74,563 |  |  | 81,738 |
Taxes (primarily property, sales, and payroll taxes) | 10,102 |  |  | 9,135 |
Benefits | 19,007 |  |  | 19,765 |
Interest | 10,181 |  |  | 3,972 |
Other | 50,379 |  |  | 49,612 |
Accounts payable and accrued liabilities | $ | 319,465 |  |  | $ | 318,384 |

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations and quantitative and qualitative disclosures should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 20, 2025. Management's Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements that reflect our plans, estimates, and beliefs, all of which are based on our current expectations and could be affected by certain uncertainties, risks, and other factors described under "Cautionary Note Regarding Forward-Looking Statements," Risk Factors," and elsewhere throughout this Quarterly Report on Form 10-Q, as well as the factors described in our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent periodic reports filed with the Securities and Exchange Commission, particularly under "Risk Factors." Our actual results could differ materially from those discussed in the forward-looking statements.
OVERVIEW
We are a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth focused media and digital marketing solutions company. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations, including our network of local properties, in the United States (the "U.S."), and Newsquest, a wholly-owned subsidiary operating in the United Kingdom (the "U.K."), we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver high-quality, trusted content with a commitment to balanced, unbiased journalism, where and when consumers want to engage. We prioritize a digital-first strategy, focusing on audience growth and engagement while diversifying revenue streams. Our digital marketing solutions brand, LocaliQ, supports small and medium-sized businesses ("SMBs") with innovative digital marketing products and solutions. Our mission remains to inspire, inform, and connect communities while driving sustainable growth for our customers, advertisers, partners, and shareholders.
We report in three segments: Domestic Gannett Media, Newsquest and Digital Marketing Solutions ("DMS"). We also have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions. A full description of our reportable segments is included in Note 12 — Segment reporting in the notes to the condensed consolidated financial statements.
Reclassifications
Certain reclassifications have been made to the prior periods unaudited condensed consolidated financial statements to conform to classifications used in the current periods. These reclassifications did not impact net loss, shareholders' equity or cash flows as previously reported.
Business Trends
We have considered several industry trends when assessing our business strategy:
•Print advertising and Print circulation revenues have and are expected to continue to decline as our audience increasingly moves to digital platforms. We seek to optimize our print operations to efficiently manage for the declining print audience. We are focused on growing a digitally-oriented audience across multiple platforms and revenue streams.
•Our revenues and results of operations continue to be influenced by general macroeconomic conditions, including, but not limited to, trade policy, inflation, interest rates, housing demand, employment levels, and consumer confidence. We believe that these factors are contributing to uncertainty, which is resulting in lower levels of advertising performance and reduced spending.
•We rely on third-party platforms from large technology companies, particularly search engines, social media platforms, and emerging technologies. These platforms exert significant control over the visibility and ranking of our content, and their actions can adversely impact traffic, engagement, and revenues. Additionally, these companies can influence both the type of media we acquire and the associated costs. We continue to adapt by diversifying our digital strategies and optimizing content distribution to mitigate these impacts.
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•The application of artificial intelligence ("AI") and the rapid rate of change within the AI ecosystem is increasing the pace of change in the media sector.
Recent Developments
Detroit Joint Operating Agreement
One of our Domestic Gannett Media subsidiaries is a party to a partnership which is subject to and operates under a joint operating agreement ("JOA"). Under the JOA, the partnership performs the production, sales, distribution, and back-office functions for our subsidiary and the publisher of another publication. During the second quarter of 2025, the parties have agreed not to renew the JOA, and as a result, it will end in December 2025.
Macroeconomic Environment
We are exposed to certain risks and uncertainties caused by factors beyond our control, including economic and political instability and other geopolitical events. We believe that these uncertain economic conditions have adversely impacted and may continue to have an adverse impact on our revenues, and the occurrence of these factors has resulted in a reduction in demand for our print and digital advertising, reduced the rates for our advertising, and caused marketers to shift, reduce or stop spend.
We are exposed to potential increases in interest rates associated with our $900.0 million five-year first lien term loan facility (the "2029 Term Loan Facility"), which as of June 30, 2025, accounted for approximately 76% of our outstanding debt, as well as fluctuations in foreign currency exchange rates, primarily related to our operations in the U.K. We expect continued uncertainty and volatility in the U.S. and global economies which will continue to impact our business.
Recently Enacted U.S. Tax Legislation
On July 4, 2025, the President signed into law H.R. 1, titled the "One Big Beautiful Bill Act," which introduces significant tax law changes with varying effective dates for businesses. Key provisions applicable to us include the reinstatement of EBITDA, rather than EBIT, in determining adjusted taxable income under Section 163(j), the immediate expensing of domestic research and experimentation expenditures, and the extension of 100% bonus depreciation for qualified property placed in service after January 19, 2025. The legislation also makes changes to the Global Intangible Low-Taxed Income regime, including an increase in the effective tax rate and modifications to the calculation of tested income. As the act was signed into law in the third quarter, any changes are not included in the calculation of the second quarter tax provision. We are currently evaluating the new legislation and assessing the impact on the condensed consolidated financial statements.
Seasonality
We experience seasonality in our revenues. The Domestic Gannett Media segment typically witnesses the greatest impact from seasonality in the third quarter, primarily attributed to reduced population in seasonal markets and decreased holiday related spending. The DMS segment generally experiences the greatest impact from seasonality in the first half of the fiscal year, which can be attributed to the advertising needs of specific verticals, which are generally lower in the first half of the year.
Foreign currency
Our U.K. media operations are conducted through our Newsquest subsidiary. In addition, we have foreign operations in regions such as Canada, Australia and New Zealand. Earnings from operations in foreign regions are translated into U.S. dollars at average exchange rates prevailing during the period, and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Currency translation fluctuations may impact revenue, expense, and operating income results for our international operations. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. During the three and six months ended June 30, 2025, foreign currency exchange rate fluctuations had a favorable impact on our revenues and profitability.
Use of Website to Distribute Material Company Information
Our website is www.gannett.com. Information contained on our website is not part of this Quarterly Report on Form 10-Q. We use our website as a distribution channel for material company information. Financial and other important information regarding the Company is routinely posted on and accessible on the Investor Relations and News and Events subpages of our
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website, which are accessible by clicking on the tab labeled "Investor Relations" and "News and Events", respectively, on the website home page. Therefore, investors should look to the Investor Relations, and News and Events subpages of the Company's website for important and time-critical information.
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RESULTS OF OPERATIONS
Consolidated Summary
A summary of our consolidated results is presented below. Refer to Segment results below for a discussion of results by segment.

| Three months ended June 30, |  | Six months ended June 30,
In thousands, except per share amounts |  |  |  |  | Change |  |  |  |  |  | Change
2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital(a) | $ | 265,435 |  |  | $ | 278,378 |  |  | $ | (12,943) |  |  | (5) | % |  | $ | 515,829 |  |  | $ | 545,877 |  |  | $ | (30,048) |  |  | (6) | %
Print and commercial(b) | 319,426 |  |  | 361,462 |  |  | (42,036) |  |  | (12) | % |  | 640,605 |  |  | 729,724 |  |  | (89,119) |  |  | (12) | %
Total revenues | 584,861 |  |  | 639,840 |  |  | (54,979) |  |  | (9) | % |  | 1,156,434 |  |  | 1,275,601 |  |  | (119,167) |  |  | (9) | %
Operating costs | 359,448 |  |  | 391,474 |  |  | (32,026) |  |  | (8) | % |  | 716,070 |  |  | 793,873 |  |  | (77,803) |  |  | (10) | %
Selling, general and administrative expenses | 164,097 |  |  | 177,906 |  |  | (13,809) |  |  | (8) | % |  | 331,613 |  |  | 356,320 |  |  | (24,707) |  |  | (7) | %
Depreciation and amortization | 42,644 |  |  | 38,258 |  |  | 4,386 |  |  | 11 | % |  | 85,278 |  |  | 76,556 |  |  | 8,722 |  |  | 11 | %
Integration and reorganization costs | 12,318 |  |  | 19,775 |  |  | (7,457) |  |  | (38) | % |  | 21,816 |  |  | 37,656 |  |  | (15,840) |  |  | (42) | %
Asset impairments | 181 |  |  | — |  |  | 181 |  |  | *** |  | 2,075 |  |  | 45,989 |  |  | (43,914) |  |  | (95) | %
(Gain) loss on sale or disposal of assets, net | (1,584) |  |  | 236 |  |  | (1,820) |  |  | *** |  | (22,264) |  |  | 788 |  |  | (23,052) |  |  | ***
Interest expense | 24,395 |  |  | 26,270 |  |  | (1,875) |  |  | (7) | % |  | 50,478 |  |  | 52,835 |  |  | (2,357) |  |  | (4) | %
Loss (gain) on early extinguishment of debt | 183 |  |  | 87 |  |  | 96 |  |  | *** |  | 1,457 |  |  | (530) |  |  | 1,987 |  |  | ***
Non-operating pension income | (2,003) |  |  | (3,137) |  |  | 1,134 |  |  | (36) | % |  | (3,917) |  |  | (6,283) |  |  | 2,366 |  |  | (38) | %
Equity income in unconsolidated investees, net | (839) |  |  | (559) |  |  | (280) |  |  | 50 | % |  | (1,034) |  |  | (374) |  |  | (660) |  |  | ***
Other (income) expense, net(c) | (4,905) |  |  | 2,616 |  |  | (7,521) |  |  | *** |  | (1,917) |  |  | 6,547 |  |  | (8,464) |  |  | ***
Loss before income taxes | (9,074) |  |  | (13,086) |  |  | 4,012 |  |  | (31) | % |  | (23,221) |  |  | (87,776) |  |  | 64,555 |  |  | (74) | %
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (60,669) |  |  | *** |  | (94,286) |  |  | (16,725) |  |  | (77,561) |  |  | ***
Net income (loss) | 78,398 |  |  | 13,717 |  |  | 64,681 |  |  | *** |  | 71,065 |  |  | (71,051) |  |  | 142,116 |  |  | ***
Net income (loss) attributable to noncontrolling interests | 7 |  |  | (31) |  |  | 38 |  |  | *** |  | 7 |  |  | (31) |  |  | 38 |  |  | ***
Net income (loss) attributable to Gannett | $ | 78,391 |  |  | $ | 13,748 |  |  | $ | 64,643 |  |  | *** |  | $ | 71,058 |  |  | $ | (71,020) |  |  | $ | 142,078 |  |  | ***
Income (loss) per share attributable to Gannett - basic | $ | 0.54 |  |  | $ | 0.10 |  |  | $ | 0.44 |  |  | *** |  | $ | 0.49 |  |  | $ | (0.50) |  |  | $ | 0.99 |  |  | ***
Income (loss) per share attributable to Gannett - diluted | $ | 0.42 |  |  | $ | 0.09 |  |  | $ | 0.33 |  |  | *** |  | $ | 0.40 |  |  | $ | (0.50) |  |  | $ | 0.90 |  |  | ***

*** Indicates an absolute value percentage change greater than 100.
(a) Amounts are net of intersegment eliminations of $34.8 million and $38.4 million for the three months ended June 30, 2025 and 2024, respectively, and $69.3 million and $77.2 million for the six months ended June 30, 2025 and 2024, respectively. Intersegment eliminations represent digital marketing services revenues and expenses associated with products sold by sales teams in our Domestic Gannett Media and Newsquest segments but fulfilled by our DMS segment. When discussing segment results, these revenues and expenses are presented gross but are eliminated in consolidation.
(b) Included Commercial printing and delivery revenues of $31.3 million and $39.8 million for the three months ended June 30, 2025 and 2024, respectively, and $63.5 million and $82.9 million for the six months ended June 30, 2025 and 2024, respectively.
(c) Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments and third-party debt costs.
Revenues
Digital revenues are primarily derived from digital advertising offerings such as digital marketing services generated through multiple services, including search advertising, display advertising, search optimization, social media, website development, web presence products, customer relationship management, and software-as-a-service solutions, classified advertisements and display advertisements, which may leverage third-party providers, and digital distribution of our publications, as well as digital content syndication, affiliate and content partnerships, and licensing revenues.
Print and commercial revenues are generated from the sale of local, national, and classified print advertising products, the sale of both home delivery and single copies of our publications, as well as commercial printing and distribution arrangements, and revenues from our events business.
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Operating costs
Operating costs at the Domestic Gannett Media and Newsquest segments include labor, newsprint, delivery and digital costs and at the DMS segment include the cost of online media acquired from third parties and costs to manage and operate our marketing solutions and technology infrastructure.
Selling, general and administrative expenses
Selling, general and administrative expenses include labor, payroll, outside services, benefits costs and bad debt expense.
Integration and reorganization costs
Integration and reorganization costs include severance costs as well as other reorganization costs associated with individual restructuring programs, designed primarily to right-size our employee base, consolidate facilities and improve operations.
For the three and six months ended June 30, 2025, we incurred Integration and reorganization costs of $12.3 million and $21.8 million, respectively. Of the total costs incurred, $8.2 million and $14.4 million, respectively, were related to severance activities and $4.1 million and $7.5 million, respectively, were related to other reorganization-related costs, mainly due to costs associated with improving operations and consolidating facilities. In addition, for the six months ended June 30, 2025, Other reorganization-related costs included $2.1 million, due to costs related to the departure of the Company's former Chief Financial Officer, partially offset by the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability.
For the three and six months ended June 30, 2024, we incurred Integration and reorganization costs of $19.8 million and $37.7 million, respectively. Of the total costs incurred, $4.4 million and $9.7 million, respectively, were related to severance activities and $15.3 million and $28.0 million, respectively, were related to other reorganization-related costs, primarily reflecting a $9.9 million withdrawal liability which was expensed as a result of ceasing contributions to a multiemployer pension plan, as well as costs for consolidating operations. In addition, for the six months ended June 30, 2024, other reorganization-related costs also included $9.7 million expensed as of the cease-use date related to certain licensed content.
Asset impairments
For the three and six months ended June 30, 2025, we recorded an impairment charge of approximately $0.2 million and $2.1 million, respectively, primarily related to our continued plan to divest non-strategic assets.
For the three months ended June 30, 2024, we did not record an asset impairment, and for the six months ended June 30, 2024, we recorded an impairment charge of approximately $46.0 million related to the McLean, Virginia operating lease right-of-use asset and the associated leasehold improvements.
(Gain) loss on sale or disposal of assets, net
For the three and six months ended June 30, 2025, we recognized net gains on the sale of assets of $1.6 million and $22.3 million, respectively. For the six months ended June 30, 2025, the gain was primarily related to a gain of $20.8 million recognized on the sale of the Austin American-Statesman (the "Statesman") to Hearst Corporation at the Domestic Gannett Media segment.
For the three and six months ended June 30, 2024, we recognized net losses on the sale of assets of $0.2 million and $0.8 million, respectively, as part of our continued plan to monetize non-strategic assets.
Interest expense
For the three and six months ended June 30, 2025, Interest expense was $24.4 million and $50.5 million, respectively, compared to $26.3 million and $52.8 million for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2025, interest expense decreased compared to the three and six months ended June 30, 2024, mainly due to a lower debt balance.
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Loss (gain) on early extinguishment of debt
For the three and six months ended June 30, 2025, we recognized net losses on the early extinguishment of debt of $0.2 million and $1.5 million, respectively, primarily related to prepayments made on our 2029 Term Loan Facility.
For the three months ended June 30, 2024, we recognized a net loss of $0.1 million, and for the six months ended June 30, 2024, we recognized a net gain of $0.5 million. The Loss (gain) on early extinguishment of debt for the three and six months ended June 30, 2024 was primarily related to repurchases of our previous $400 million aggregate principal amount of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes") and prepayments made on our previous five-year senior secured term loan facility in an original aggregate principal amount of $516.0 million (the "Senior Secured Term Loan").
Non-operating pension income
For the three and six months ended June 30, 2025, Non-operating pension income was $2.0 million and $3.9 million, respectively, compared to $3.1 million and $6.3 million for the three and six months ended June 30, 2024, respectively. The decrease in Non-operating pension income for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily due to lower expected return on assets.
Other (income) expense, net
A summary of Other (income) expense, net is presented below:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Expert fees associated with litigation with Google | $ | 399 |  |  | $ | 3,189 |  |  | ($2,790) |  |  | (87) | % |  | $ | 3,993 |  |  | $ | 3,189 |  |  | $804 |  |  | 25 | %
(Gain) loss on sale of investments, net | (4,137) |  |  | 7 |  |  | (4,144) |  |  | *** |  | (4,115) |  |  | (7) |  |  | (4,108) |  |  | ***
Third-party debt costs | 958 |  |  | 41 |  |  | 917 |  |  | *** |  | 1,067 |  |  | (9) |  |  | 1,076 |  |  | ***
Consulting fees(a) | 150 |  |  | 1,713 |  |  | (1,563) |  |  | (91) | % |  | 307 |  |  | 3,649 |  |  | (3,342) |  |  | (92) | %
Other | (2,275) |  |  | (2,334) |  |  | 59 |  |  | (3) | % |  | (3,169) |  |  | (275) |  |  | (2,894) |  |  | ***
Other (income) expense, net | $ | (4,905) |  |  | $ | 2,616 |  |  | $ | (7,521) |  |  | *** |  | $ | (1,917) |  |  | $ | 6,547 |  |  | $ | (8,464) |  |  | ***

*** Indicates an absolute value percentage change greater than 100.
(a) Primarily includes consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.
Benefit for income taxes
The following table outlines our pre-tax net loss before income taxes and income tax accounts:

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Loss before income taxes | $ | (9,074) |  |  | $ | (13,086) |  |  | $ | (23,221) |  |  | $ | (87,776) |
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (94,286) |  |  | (16,725) |
Effective tax rate | NM |  | 204.8 | % |  | NM |  | 19.1 | %

NM - not meaningful.
The (benefit) provision for income taxes is calculated by applying the projected annual effective tax rate for the year to the current period's income or loss before tax, adjusted for the tax effects of any significant or unusual items (discrete events) and changes in tax laws.
The benefit for income taxes for the three months ended June 30, 2025, was primarily driven by an increase in the estimated annual effective tax rate, resulting from a decrease in full year net income before tax forecasts used in the second quarter of 2025. This benefit was partially offset by increases in valuation allowances on non-deductible U.S. interest expense, the global intangible low taxed income inclusion, and foreign tax expense. The benefit was calculated using an estimated annual effective tax rate of 403.1%. Excluding discrete items, the estimated annual effective tax rate was principally impacted by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards, the global intangible low-taxed income inclusion and foreign tax expense, partially offset by the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman, which occurred in the first quarter of 2025. The estimated annual effective tax rate reflects the projected tax expense for the full year.
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The benefit for income taxes for the six months ended June 30, 2025, was mainly driven by the pre-tax book loss and the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman. These benefits were partially offset by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards and the global intangible low-taxed income inclusion.
The benefit for income taxes for the three months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an Internal Revenue Service ("IRS") audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss. The benefit was calculated using an estimated annual effective tax rate of negative 6.2%.
The benefit for income taxes for the six months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an IRS audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss.
Net income (loss) attributable to Gannett and diluted income (loss) per share attributable to Gannett
For the three months ended June 30, 2025, Net income attributable to Gannett and diluted income per share attributable to Gannett were $78.4 million and $0.42, respectively, compared to Net income attributable to Gannett and diluted income per share attributable to Gannett of $13.7 million and $0.09, respectively, for the three months ended June 30, 2024. For the six months ended June 30, 2025, Net income attributable to Gannett and diluted income per share attributable to Gannett were $71.1 million and $0.40, respectively, compared to Net loss attributable to Gannett and diluted loss per share attributable to Gannett of $71.0 million and $0.50, respectively, for the six months ended June 30, 2024. The change for the three and six months ended June 30, 2025, compared to the same periods in the prior year reflects the various items discussed above.
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Segment Results
The Company evaluates the performance of its segments based on financial measures such as revenues and Segment Adjusted EBITDA (defined below). The Chief Operating Decision Maker ("CODM"), which is our Chief Executive Officer, uses Segment Adjusted EBITDA to evaluate the performance of our segments and allocate resources. Segment Adjusted EBITDA provides an assessment of controllable expenses and affords the CODM the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.
Management considers Segment Adjusted EBITDA to be an important metric to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items that we do not believe are indicative of each segment's core operating performance.
We define Segment Adjusted EBITDA as revenues less (1) operating costs and (2) selling, general and administrative expenses, plus (3) equity (income) loss in unconsolidated investees, net.
Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Non-operating pension income, (6) Loss on convertible notes derivative, (7) Depreciation and amortization, (8) Integration and reorganization costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation expense, and (13) Other (income) expense, net.
Non-GAAP Measure
Total Adjusted EBITDA is defined as Segment Adjusted EBITDA plus Corporate.
Total Adjusted EBITDA is a non-GAAP financial performance measure we believe offers a useful view of the overall operation of our business, and may be different than similarly-titled measures used by other companies. A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position, or cash flows, but excludes or includes amounts that would not be so excluded or included in the most comparable U.S. generally accepted accounting principles ("U.S. GAAP") measure.
Total Adjusted EBITDA has limitations as an analytical tool. It should not be viewed in isolation or as a substitute for U.S. GAAP measures of earnings. Material limitations in making the adjustments to our earnings to calculate Total Adjusted EBITDA and using this non-GAAP financial measure as compared to U.S. GAAP net income (loss) include: the exclusion of the cash portion of interest/financing expense, income tax (benefit) provision, and charges related to asset impairments, which are items that may significantly affect our financial results.
Management believes Total Adjusted EBITDA is important in evaluating our performance, results of operations, and financial position. We use this non-GAAP financial performance measure to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.
Total Adjusted EBITDA is not an alternative to Net income (loss) attributable to Gannett, or any other measure of performance derived in accordance with U.S. GAAP, and as such, should not be considered or relied upon as a substitute or alternatives for any such U.S. GAAP financial measure. We strongly urge you to review the reconciliation of Total Adjusted EBITDA to Net income (loss) attributable to Gannett along with our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. We also strongly urge you not to rely on any single financial performance measure to evaluate our business. In addition, because Total Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and is susceptible to varying calculations, the Total Adjusted EBITDA measure as presented in this report may differ from and may not be comparable to similarly titled measures used by other companies.
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Reconciliation of Total Adjusted EBITDA to Net income (loss) attributable to Gannett

| Three months ended June 30, |  | Six months ended June 30,
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic Gannett Media | $ | 43,224 |  |  | $ | 52,898 |  |  | $ | 76,388 |  |  | $ | 97,378 |
Newsquest | 14,894 |  |  | 14,138 |  |  | 28,828 |  |  | 28,301 |
Digital Marketing Solutions | 11,498 |  |  | 11,773 |  |  | 19,967 |  |  | 20,552 |
Segment Adjusted EBITDA | 69,616 |  |  | 78,809 |  |  | 125,183 |  |  | 146,231 |
Corporate | (5,379) |  |  | (4,278) |  |  | (10,437) |  |  | (14,111) |
Total Adjusted EBITDA | 64,237 |  |  | 74,531 |  |  | 114,746 |  |  | 132,120 |
Benefit for income taxes | (87,472) |  |  | (26,803) |  |  | (94,286) |  |  | (16,725) |
Net income (loss) attributable to noncontrolling interests | 7 |  |  | (31) |  |  | 7 |  |  | (31) |
Interest expense | 24,395 |  |  | 26,270 |  |  | 50,478 |  |  | 52,835 |
Loss (gain) on early extinguishment of debt | 183 |  |  | 87 |  |  | 1,457 |  |  | (530) |
Non-operating pension income | (2,003) |  |  | (3,137) |  |  | (3,917) |  |  | (6,283) |
Depreciation and amortization | 42,644 |  |  | 38,258 |  |  | 85,278 |  |  | 76,556 |
Integration and reorganization costs(a) | 12,318 |  |  | 19,775 |  |  | 21,816 |  |  | 37,656 |
Asset impairments | 181 |  |  | — |  |  | 2,075 |  |  | 45,989 |
(Gain) loss on sale or disposal of assets, net | (1,584) |  |  | 236 |  |  | (22,264) |  |  | 788 |
Share-based compensation expense | 2,082 |  |  | 3,512 |  |  | 4,961 |  |  | 6,338 |
Other (income) expense, net(b) | (4,905) |  |  | 2,616 |  |  | (1,917) |  |  | 6,547 |
Net income (loss) attributable to Gannett | $ | 78,391 |  |  | $ | 13,748 |  |  | $ | 71,058 |  |  | $ | (71,020) |

(a) Integration and reorganization costs mainly reflect severance-related expenses and other reorganization-related costs, designed primarily to right-size the Company's employee base, consolidate facilities and improve operations.
(b) Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments and third-party debt costs.
Domestic Gannett Media segment
A summary of our Domestic Gannett Media segment results is presented below:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital | $ | 161,026 |  |  | $ | 171,955 |  |  | $ | (10,929) |  |  | (6) | % |  | $ | 317,077 |  |  | $ | 339,690 |  |  | $ | (22,613) |  |  | (7) | %
Print and commercial | 278,273 |  |  | 319,954 |  |  | (41,681) |  |  | (13) | % |  | 562,292 |  |  | 647,938 |  |  | (85,646) |  |  | (13) | %
Segment revenues | 439,299 |  |  | 491,909 |  |  | (52,610) |  |  | (11) | % |  | 879,369 |  |  | 987,628 |  |  | (108,259) |  |  | (11) | %
Operating costs | 274,931 |  |  | 304,573 |  |  | (29,642) |  |  | (10) | % |  | 553,224 |  |  | 625,435 |  |  | (72,211) |  |  | (12) | %
Selling, general and administrative expenses | 121,983 |  |  | 134,997 |  |  | (13,014) |  |  | (10) | % |  | 250,791 |  |  | 265,189 |  |  | (14,398) |  |  | (5) | %
Equity income in unconsolidated investees, net | (839) |  |  | (559) |  |  | (280) |  |  | 50 | % |  | (1,034) |  |  | (374) |  |  | (660) |  |  | ***
Segment Adjusted EBITDA | $ | 43,224 |  |  | $ | 52,898 |  |  | $ | (9,674) |  |  | (18) | % |  | $ | 76,388 |  |  | $ | 97,378 |  |  | $ | (20,990) |  |  | (22) | %

*** Indicates an absolute value percentage change greater than 100.
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Revenues
The following table provides the breakout of Revenues by category:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital advertising | $ | 75,151 |  |  | $ | 70,922 |  |  | $ | 4,229 |  |  | 6 | % |  | $ | 146,605 |  |  | $ | 141,863 |  |  | $ | 4,742 |  |  | 3 | %
Digital marketing services | 33,139 |  |  | 35,967 |  |  | (2,828) |  |  | (8) | % |  | 65,897 |  |  | 72,053 |  |  | (6,156) |  |  | (9) | %
Digital-only subscription | 40,451 |  |  | 44,622 |  |  | (4,171) |  |  | (9) | % |  | 81,717 |  |  | 86,533 |  |  | (4,816) |  |  | (6) | %
Digital other | 12,285 |  |  | 20,444 |  |  | (8,159) |  |  | (40) | % |  | 22,858 |  |  | 39,241 |  |  | (16,383) |  |  | (42) | %
Digital | 161,026 |  |  | 171,955 |  |  | (10,929) |  |  | (6) | % |  | 317,077 |  |  | 339,690 |  |  | (22,613) |  |  | (7) | %
Print advertising | 105,533 |  |  | 119,000 |  |  | (13,467) |  |  | (11) | % |  | 210,708 |  |  | 234,619 |  |  | (23,911) |  |  | (10) | %
Print circulation | 127,678 |  |  | 146,690 |  |  | (19,012) |  |  | (13) | % |  | 260,882 |  |  | 302,936 |  |  | (42,054) |  |  | (14) | %
Commercial and other(a) | 45,062 |  |  | 54,264 |  |  | (9,202) |  |  | (17) | % |  | 90,702 |  |  | 110,383 |  |  | (19,681) |  |  | (18) | %
Print and commercial | 278,273 |  |  | 319,954 |  |  | (41,681) |  |  | (13) | % |  | 562,292 |  |  | 647,938 |  |  | (85,646) |  |  | (13) | %
Segment revenues | $ | 439,299 |  |  | $ | 491,909 |  |  | $ | (52,610) |  |  | (11) | % |  | $ | 879,369 |  |  | $ | 987,628 |  |  | $ | (108,259) |  |  | (11) | %

(a) Included Commercial printing and delivery revenues of $28.7 million and $37.3 million for the three months ended June 30, 2025 and 2024, respectively, and $58.6 million and $77.8 million for the six months ended June 30, 2025 and 2024, respectively.
For the three and six months ended June 30, 2025, Digital advertising revenues increased compared to the three and six months ended June 30, 2024, primarily due to an increase in national revenues, including programmatic and sponsored link revenue, partially offset by a decrease in local revenues and lower classified advertising spend. For the three and six months ended June 30, 2025, the increase in Digital advertising revenues was offset by the absence of revenues in 2025 of $1.1 million and $1.6 million, respectively, associated with businesses divested.
For the three and six months ended June 30, 2025, Digital marketing services revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in client count. In addition, the decrease in Digital marketing services revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $1.7 million and $2.6 million, respectively, associated with businesses divested.
For the three and six months ended June 30, 2025, Digital-only subscription revenues decreased compared to the three and six months ended June 30, 2024, primarily driven by a decrease in digital-only paid subscriptions, partially offset by an increase in rates. In addition, the decrease in Digital-only subscription revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $1.2 million and $1.7 million, respectively, associated with businesses divested. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.
For the three and six months ended June 30, 2025, Digital other revenues decreased compared to the three and six months ended June 30, 2024, primarily due to the absence of revenues in 2025 of $4.7 million and $9.9 million, respectively, associated with businesses divested, as well as a decrease in affiliate and partnership revenues, mainly due to the termination and amendment of various affiliate agreements.
For the three and six months ended June 30, 2025, Print advertising revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in local print display advertisements, a decrease in advertiser inserts, and lower spend on classified advertisements, partially offset by an increase in national print display advertisements. In addition, the decrease in Print advertising revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $2.7 million and $3.9 million, respectively, associated with businesses divested.
For the three and six months ended June 30, 2025, Print circulation revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in home delivery, and to a lesser extent single copy revenues as a result of a reduction in the volume of subscribers, partially offset by an increase in rates. In addition, the decrease in Print circulation revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $2.6 million and $3.7 million, respectively, associated with businesses divested.
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For the three and six months ended June 30, 2025, Commercial and other revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in commercial print and delivery revenues, mainly driven by the decline in production volume. In addition, the decrease in Commercial and other revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $6.6 million and $13.4 million, respectively, associated with businesses divested, of which $4.0 million and $8.7 million, respectively, related to commercial print and delivery revenues.
Operating costs
The following table provides the breakout of Operating costs for the three and six months ended June 30, 2025 and 2024:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Newsprint and ink | $ | 13,373 |  |  | $ | 16,846 |  |  | $ | (3,473) |  |  | (21) | % |  | $ | 27,786 |  |  | $ | 35,419 |  |  | $ | (7,633) |  |  | (22) | %
Distribution | 61,957 |  |  | 69,283 |  |  | (7,326) |  |  | (11) | % |  | 126,462 |  |  | 143,766 |  |  | (17,304) |  |  | (12) | %
Compensation and benefits | 86,113 |  |  | 93,059 |  |  | (6,946) |  |  | (7) | % |  | 174,886 |  |  | 189,560 |  |  | (14,674) |  |  | (8) | %
Outside services | 72,680 |  |  | 79,094 |  |  | (6,414) |  |  | (8) | % |  | 142,869 |  |  | 160,059 |  |  | (17,190) |  |  | (11) | %
Other | 40,808 |  |  | 46,291 |  |  | (5,483) |  |  | (12) | % |  | 81,221 |  |  | 96,631 |  |  | (15,410) |  |  | (16) | %
Total operating costs | $ | 274,931 |  |  | $ | 304,573 |  |  | $ | (29,642) |  |  | (10) | % |  | $ | 553,224 |  |  | $ | 625,435 |  |  | $ | (72,211) |  |  | (12) | %

For the three and six months ended June 30, 2025, Newsprint and ink costs decreased compared to the three and six months ended June 30, 2024, primarily due to lower volume driven by the decline in revenues, as well as lower costs related to the absence of revenues in 2025 associated with businesses divested.
For the three and six months ended June 30, 2025, Distribution costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease of approximately $5.5 million and $15.6 million, respectively, associated with lower home delivery and single copy revenues, the conversion to mail and route optimization in multiple markets, including the impact of businesses divested of $1.4 million and $2.0 million, respectively, as well as a decrease in postage costs of $1.8 million and $1.7 million, respectively, including the impact of businesses divested of $1.0 million and $2.1 million, respectively.
For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in headcount tied to ongoing cost control initiatives, the impact of businesses divested of $3.9 million and $7.3 million, respectively, facility closures and the conversion to mail delivery in multiple markets.
For the three and six months ended June 30, 2025, Outside services costs, which includes professional services fulfilled by third parties, media fees and other digital costs, and paid search and ad serving services, decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in news and editorial expenses of $2.4 million and $7.5 million, respectively, mainly due to the cease-use of certain licensed content and the impact of businesses divested, a decrease in third-party media fees of approximately $0.5 million and $3.7 million, respectively, a decrease in outside printing costs of $1.9 million and $3.0 million, respectively, and a decrease in event related expenses of approximately $0.9 million and $1.7 million, respectively, mainly due to the impact of businesses divested.
For the three and six months ended June 30, 2025, Other costs decreased compared to the three and six months ended June 30, 2024, primarily due to lower facility related expenses of approximately $5.2 million and $9.8 million, respectively, mainly associated with facility closures, and lower promotion costs of approximately $1.5 million and $4.0 million, respectively.
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Selling, general and administrative expenses
The following table provides the breakout of Selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Compensation and benefits | $ | 57,492 |  |  | $ | 64,140 |  |  | $ | (6,648) |  |  | (10) | % |  | $ | 118,608 |  |  | $ | 126,803 |  |  | $ | (8,195) |  |  | (6) | %
Outside services and other | 64,491 |  |  | 70,857 |  |  | (6,366) |  |  | (9) | % |  | 132,183 |  |  | 138,386 |  |  | (6,203) |  |  | (4) | %
Total selling, general and administrative expenses | $ | 121,983 |  |  | $ | 134,997 |  |  | $ | (13,014) |  |  | (10) | % |  | $ | 250,791 |  |  | $ | 265,189 |  |  | $ | (14,398) |  |  | (5) | %

For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in payroll expenses of $4.3 million and $7.2 million, respectively, mainly due to a decrease in headcount tied to ongoing cost control initiatives, the impact of businesses divested and lower commissions related to revenue, as well as lower employee benefit costs of $2.4 million and $1.0 million, respectively.
For the three and six months ended June 30, 2025, Outside services and other costs, which include services fulfilled by third parties, decreased compared to the three and six months ended June 30, 2024, primarily due to lower expenses, including promotion and technology costs.
Newsquest segment
A summary of our Newsquest segment results is presented below:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital | $ | 20,165 |  |  | $ | 19,744 |  |  | $ | 421 |  |  | 2 | % |  | $ | 38,853 |  |  | $ | 39,664 |  |  | $ | (811) |  |  | (2) | %
Print and commercial | 41,153 |  |  | 41,508 |  |  | (355) |  |  | (1) | % |  | 78,313 |  |  | 81,786 |  |  | (3,473) |  |  | (4) | %
Segment revenues | 61,318 |  |  | 61,252 |  |  | 66 |  |  | — | % |  | 117,166 |  |  | 121,450 |  |  | (4,284) |  |  | (4) | %
Operating costs | 30,941 |  |  | 31,584 |  |  | (643) |  |  | (2) | % |  | 58,721 |  |  | 62,110 |  |  | (3,389) |  |  | (5) | %
Selling, general and administrative expenses | 15,483 |  |  | 15,530 |  |  | (47) |  |  | — | % |  | 29,617 |  |  | 31,039 |  |  | (1,422) |  |  | (5) | %
Segment Adjusted EBITDA | $ | 14,894 |  |  | $ | 14,138 |  |  | $ | 756 |  |  | 5 | % |  | $ | 28,828 |  |  | $ | 28,301 |  |  | $ | 527 |  |  | 2 | %

Revenues
The following table provides the breakout of Revenues by category:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital advertising | $ | 12,730 |  |  | $ | 13,543 |  |  | $ | (813) |  |  | (6) | % |  | $ | 24,647 |  |  | $ | 27,068 |  |  | $ | (2,421) |  |  | (9) | %
Digital marketing services | 2,068 |  |  | 1,925 |  |  | 143 |  |  | 7 | % |  | 3,938 |  |  | 4,013 |  |  | (75) |  |  | (2) | %
Digital-only subscription | 2,222 |  |  | 1,660 |  |  | 562 |  |  | 34 | % |  | 4,215 |  |  | 3,228 |  |  | 987 |  |  | 31 | %
Digital other | 3,145 |  |  | 2,616 |  |  | 529 |  |  | 20 | % |  | 6,053 |  |  | 5,355 |  |  | 698 |  |  | 13 | %
Digital | 20,165 |  |  | 19,744 |  |  | 421 |  |  | 2 | % |  | 38,853 |  |  | 39,664 |  |  | (811) |  |  | (2) | %
Print advertising | 19,307 |  |  | 19,904 |  |  | (597) |  |  | (3) | % |  | 36,760 |  |  | 38,961 |  |  | (2,201) |  |  | (6) | %
Print circulation | 16,461 |  |  | 16,633 |  |  | (172) |  |  | (1) | % |  | 32,307 |  |  | 33,710 |  |  | (1,403) |  |  | (4) | %
Commercial and other(a) | 5,385 |  |  | 4,971 |  |  | 414 |  |  | 8 | % |  | 9,246 |  |  | 9,115 |  |  | 131 |  |  | 1 | %
Print and commercial | 41,153 |  |  | 41,508 |  |  | (355) |  |  | (1) | % |  | 78,313 |  |  | 81,786 |  |  | (3,473) |  |  | (4) | %
Segment revenues | $ | 61,318 |  |  | $ | 61,252 |  |  | $ | 66 |  |  | — | % |  | $ | 117,166 |  |  | $ | 121,450 |  |  | $ | (4,284) |  |  | (4) | %

(a) Included Commercial printing and delivery revenues of $2.6 million for each of the three months ended June 30, 2025 and 2024, and $5.0 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.
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For the three and six months ended June 30, 2025, Digital advertising revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in national and local display revenues as well as lower spend on classified advertisements.
For the three and six months ended June 30, 2025, Digital-only subscription revenues increased compared to the three and six months ended June 30, 2024, primarily driven by an increase in digital-only paid subscriptions. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.
For the three and six months ended June 30, 2025, Digital other revenues increased compared to the three and six months ended June 30, 2024, primarily due to an increase in syndication revenues.
For the three and six months ended June 30, 2025, Print advertising revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in national and local print display advertisements, partially offset by higher spend on classified advertisements.
For the six months ended June 30, 2025, Print circulation revenues decreased compared to the six months ended June 30, 2024, primarily due to a decline in single copy volume, partially offset by an increase in rates.
Operating costs
The following table provides the breakout of Operating costs for the three and six months ended June 30, 2025 and 2024:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Newsprint and ink | $ | 2,413 |  |  | $ | 2,461 |  |  | $ | (48) |  |  | (2) | % |  | $ | 4,716 |  |  | $ | 5,085 |  |  | $ | (369) |  |  | (7) | %
Distribution | 3,186 |  |  | 3,137 |  |  | 49 |  |  | 2 | % |  | 6,196 |  |  | 6,323 |  |  | (127) |  |  | (2) | %
Compensation and benefits | 14,648 |  |  | 12,930 |  |  | 1,718 |  |  | 13 | % |  | 27,777 |  |  | 25,909 |  |  | 1,868 |  |  | 7 | %
Outside services | 3,614 |  |  | 3,741 |  |  | (127) |  |  | (3) | % |  | 6,983 |  |  | 7,589 |  |  | (606) |  |  | (8) | %
Other | 7,080 |  |  | 9,315 |  |  | (2,235) |  |  | (24) | % |  | 13,049 |  |  | 17,204 |  |  | (4,155) |  |  | (24) | %
Total operating costs | $ | 30,941 |  |  | $ | 31,584 |  |  | $ | (643) |  |  | (2) | % |  | $ | 58,721 |  |  | $ | 62,110 |  |  | $ | (3,389) |  |  | (5) | %

For the three and six months ended June 30, 2025, Compensation and benefits costs increased compared to the three and six months ended June 30, 2024, primarily driven by an increase in payroll expenses due to a higher minimum wage and employer taxes.
For the three and six months ended June 30, 2025, Other costs decreased compared to the three and six months ended June 30, 2024, primarily associated with the decrease in both digital advertising and print advertising revenues.
Selling, general and administrative expenses
The following table provides the breakout of Selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Compensation and benefits | $ | 12,198 |  |  | $ | 11,917 |  |  | $ | 281 |  |  | 2 | % |  | $ | 23,569 |  |  | $ | 23,662 |  |  | $ | (93) |  |  | — | %
Outside services and other | 3,285 |  |  | 3,613 |  |  | (328) |  |  | (9) | % |  | 6,048 |  |  | 7,377 |  |  | (1,329) |  |  | (18) | %
Total selling, general and administrative expenses | $ | 15,483 |  |  | $ | 15,530 |  |  | $ | (47) |  |  | — | % |  | $ | 29,617 |  |  | $ | 31,039 |  |  | $ | (1,422) |  |  | (5) | %

For the six months ended June 30, 2025, Outside services and other costs decreased compared to the six months ended June 30, 2024, mainly due to lower various miscellaneous expenses.
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Digital Marketing Solutions segment
A summary of our DMS segment results is presented below:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Digital(a) | $ | 117,478 |  |  | $ | 123,798 |  |  | $ | (6,320) |  |  | (5) | % |  | $ | 226,187 |  |  | $ | 240,843 |  |  | $ | (14,656) |  |  | (6) | %
Segment revenues | 117,478 |  |  | 123,798 |  |  | (6,320) |  |  | (5) | % |  | 226,187 |  |  | 240,843 |  |  | (14,656) |  |  | (6) | %
Operating costs | 85,118 |  |  | 89,358 |  |  | (4,240) |  |  | (5) | % |  | 163,619 |  |  | 174,289 |  |  | (10,670) |  |  | (6) | %
Selling, general and administrative expenses | 20,862 |  |  | 22,667 |  |  | (1,805) |  |  | (8) | % |  | 42,601 |  |  | 46,002 |  |  | (3,401) |  |  | (7) | %
Segment Adjusted EBITDA | $ | 11,498 |  |  | $ | 11,773 |  |  | $ | (275) |  |  | (2) | % |  | $ | 19,967 |  |  | $ | 20,552 |  |  | $ | (585) |  |  | (3) | %

(a)Digital revenues are solely generated by digital marketing services revenues.
Revenues
For the three and six months ended June 30, 2025, Digital revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in the core direct business, mainly driven by a decline in customer count. Core platform average monthly revenues divided by average monthly customer count within the period ("Core platform ARPU") increased for the three and six months ended June 30, 2025. Refer to "Key Performance Indicators" below for further discussion of Core platform ARPU.
Operating costs
The following table provides the breakout of Operating costs for the three and six months ended June 30, 2025 and 2024:

| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Outside services | $ | 75,971 |  |  | $ | 78,449 |  |  | $ | (2,478) |  |  | (3) | % |  | $ | 143,952 |  |  | $ | 152,548 |  |  | $ | (8,596) |  |  | (6) | %
Compensation and benefits | 8,137 |  |  | 8,998 |  |  | (861) |  |  | (10) | % |  | 17,117 |  |  | 18,004 |  |  | (887) |  |  | (5) | %
Other | 1,010 |  |  | 1,911 |  |  | (901) |  |  | (47) | % |  | 2,550 |  |  | 3,737 |  |  | (1,187) |  |  | (32) | %
Total operating costs | $ | 85,118 |  |  | $ | 89,358 |  |  | $ | (4,240) |  |  | (5) | % |  | $ | 163,619 |  |  | $ | 174,289 |  |  | $ | (10,670) |  |  | (6) | %

For the three and six months ended June 30, 2025, Outside services costs decreased compared to the three and six months ended June 30, 2024, due to a decrease of $5.3 million and $11.9 million, respectively, of expenses associated with third-party media fees driven by a corresponding decrease in revenues, partially offset by an increase in costs, mainly outsourcing and professional services.
For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in payroll expenses driven by headcount reductions.
For the three and six months ended June 30, 2025, Other costs decreased compared to the three and six months ended June 30, 2024, primarily due to a reduction in lease expense mainly associated with facility consolidations.
Selling, general and administrative expenses
The following table provides the breakout of Selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024:
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| Three months ended June 30, |  | Six months ended June 30,
|  |  |  |  | Change |  |  |  |  |  | Change
In thousands | 2025 |  | 2024 |  | $ |  | % |  | 2025 |  | 2024 |  | $ |  | %
Compensation and benefits | $ | 18,436 |  |  | $ | 19,786 |  |  | $ | (1,350) |  |  | (7) | % |  | $ | 38,179 |  |  | $ | 39,431 |  |  | $ | (1,252) |  |  | (3) | %
Outside services and other | 2,426 |  |  | 2,881 |  |  | (455) |  |  | (16) | % |  | 4,422 |  |  | 6,571 |  |  | (2,149) |  |  | (33) | %
Total selling, general and administrative expenses | $ | 20,862 |  |  | $ | 22,667 |  |  | $ | (1,805) |  |  | (8) | % |  | $ | 42,601 |  |  | $ | 46,002 |  |  | $ | (3,401) |  |  | (7) | %

For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in payroll expense driven by headcount reductions.
For the six months ended June 30, 2025, Outside services and other costs decreased compared to the six months ended June 30, 2024, primarily due to lower promotion costs, partially offset by higher bad debt expense of $0.8 million.
Key Performance Indicators
A key performance indicator ("KPI") is generally defined as a quantifiable measurement or metric used to gauge performance, specifically to help determine strategic, financial, and operational achievements, especially compared to those of similar businesses.
We define Digital-only ARPU as digital-only subscription average monthly revenues divided by the average digital-only paid subscriptions within the respective period. We define Core platform ARPU as core platform average monthly revenues divided by average monthly customer count within the period. We define Core platform revenues as revenue derived from customers utilizing our proprietary digital marketing services platform that are sold by either our direct or local market teams.
Management believes Digital-only ARPU, Core platform ARPU, digital-only paid subscriptions, Core platform revenues and core platform average customer count are KPIs that offer useful information in understanding consumer behavior, trends in our business, and our overall operating results. Management utilizes these KPIs to track and analyze trends across our segments.
The following tables provide information regarding certain KPIs for the Domestic Gannett Media, Newsquest and DMS segments:

| Three months ended June 30, |  | Six months ended June 30,
In thousands, except ARPU | 2025 |  | 2024 |  | Change |  | % Change |  | 2025 |  | 2024 |  | Change |  | % Change
Domestic Gannett Media |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital-only ARPU | $ | 7.92 |  |  | $ | 7.70 |  |  | $ | 0.22 |  |  | 3 | % |  | $ | 7.67 |  |  | $ | 7.49 |  |  | $ | 0.18 |  |  | 2 | %
Newsquest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital-only ARPU | $ | 6.01 |  |  | $ | 5.94 |  |  | $ | 0.07 |  |  | 1 | % |  | $ | 5.96 |  |  | $ | 5.99 |  |  | $ | (0.03) |  |  | (1) | %
Total Gannett |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital-only ARPU | $ | 7.79 |  |  | $ | 7.62 |  |  | $ | 0.17 |  |  | 2 | % |  | $ | 7.57 |  |  | $ | 7.43 |  |  | $ | 0.14 |  |  | 2 | %
DMS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core platform revenues | $ | 116,927 |  |  | $ | 122,843 |  |  | $ | (5,916) |  |  | (5) | % |  | $ | 225,093 |  |  | $ | 238,893 |  |  | $ | (13,800) |  |  | (6) | %
Core platform ARPU | $ | 2,830 |  |  | $ | 2,777 |  |  | $ | 53 |  |  | 2 | % |  | $ | 2,762 |  |  | $ | 2,738 |  |  | $ | 24 |  |  | 1 | %
Core platform average customer count | 13.8 |  |  | 14.7 |  |  | (0.9) |  |  | (6) | % |  | 13.6 |  |  | 14.5 |  |  | (0.9) |  |  | (6) | %

| As of June 30,
In thousands | 2025 |  | 2024 |  | % Change
Digital-only paid subscriptions |  |  |  |  |
Domestic Gannett Media | 1,597 |  |  | 1,938 |  |  | (18) | %
Newsquest | 126 |  |  | 96 |  |  | 31 | %
Total Gannett | 1,723 |  |  | 2,034 |  | (15) | %

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LIQUIDITY AND CAPITAL RESOURCES
Our primary cash requirements are for working capital, debt obligations, and capital expenditures.
We expect to fund our operations and debt service requirements through cash provided by our operating activities. We expect we will have adequate capital resources and liquidity to meet our ongoing working capital needs, borrowing obligations, and all required capital expenditures for at least the next twelve months and beyond. However, a further economic downturn or an increased rate of revenue declines would negatively impact our revenue, cash provided by operating activities and liquidity. We continue to implement cost reduction initiatives to reduce our ongoing level of operating expense. We believe our ability to realize benefits from our cost reduction initiatives will be necessary to offset the continued secular decline in our legacy print business revenue streams. We believe that these measures are important in response to the overall challenging macroeconomic environment that we are facing. Refer to "Overview - Macroeconomic Environment" above for further discussion.
Details of our cash flows are included in the table below:

| Six months ended June 30,
In thousands | 2025 |  | 2024
Cash provided by operating activities | $ | 55,863 |  |  | $ | 57,576 |
Cash provided by (used for) investing activities | 27,804 |  |  | (16,266) |
Cash used for financing activities | (102,163) |  |  | (43,524) |
Effect of currency exchange rate change on cash | (1,520) |  |  | 396 |
Decrease in cash, cash equivalents and restricted cash | $ | (20,016) |  |  | $ | (1,818) |

Cash flows provided by operating activities: Our largest source of cash provided by operating activities is generated by advertising and marketing services, primarily from local and national print advertising, as well as retail, classified, and online revenues. Additionally, we generate cash through circulation subscribers, commercial printing and delivery services to third parties, and events. Our primary uses of cash from our operating activities include compensation, newsprint, delivery, and outside services.
Cash flows provided by operating activities were $55.9 million for the six months ended June 30, 2025, compared to $57.6 million for the six months ended June 30, 2024. The decrease in cash flows provided by operating activities was primarily due to lower cash receipts related to deferred revenues, partially offset by decreases in contributions to our pension and other postretirement benefit plans, cash paid for taxes, cash paid for interest and severance payments.
Cash flows provided by (used for) investing activities: Cash flows provided by investing activities were $27.8 million for the six months ended June 30, 2025, compared to cash used for investing activities of $16.3 million for the six months ended June 30, 2024. The change in cash flows provided by (used for) investing activities was primarily due to the increase in proceeds from the sale of real estate and other non-strategic assets of $49.7 million, partially offset by an increase in purchases of property, plant and equipment of $5.9 million.
Cash flows used for financing activities: Cash flows used for financing activities were $102.2 million for the six months ended June 30, 2025, compared to $43.5 million for the six months ended June 30, 2024. The increase in cash flows used for financing activities was primarily due to the increase in repayments of long-term debt of $58.3 million, the 2027 Notes repurchase of $14.6 million in April 2025 and a $1.0 million increase in payments of deferred financing costs, partially offset by $15.0 million in borrowings of long-term debt, drawn under the 2029 Delayed Draw Facility.
Debt
As of June 30, 2025, the carrying value of our outstanding debt totaled $988.9 million, which consisted of $750.7 million related to the 2029 Term Loan Facility, $216.3 million related to the 2031 Notes (defined below), and $21.9 million related to the 6.000% Senior Secured Convertible Notes due 2027 (the "2027 Notes").
In April 2025, we received a waiver from certain lenders of our 2029 Term Loan Facility and certain holders of our 2031 Notes (as defined below) and entered into a privately negotiated agreement with a holder of our 2027 Notes to repurchase $14.0 million principal amount of our outstanding 2027 Notes at 105% of par value, plus accrued and unpaid interest, for $15.0 million in cash. This transaction was financed using proceeds from our 2029 Delayed Draw Facility, and as a result as of June 30, 2025, $15.0 million had been drawn under the 2029 Delayed Draw Facility. As a result of this transaction, we recognized an immaterial loss on the early extinguishment of debt in the second quarter of 2025.
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The 2029 Term Loan Facility bears interest at an annual rate equal, at the Borrower's option, to either (i) an alternate base rate (which shall not be less than 2.50% per annum) plus a margin equal to 4.00% per annum or (ii) Adjusted Term SOFR (which shall not be less than 1.50%) plus a margin equal to 5.00% per annum. The 2029 Term Loan Facility will mature on October 15, 2029 and is freely prepayable without penalty.
The 2029 Term Loan Facility is amortized at a rate of $17.3 million per quarter, with such rate to be adjusted upon the borrowing of any delayed-draw term loans to the extent necessary to cause such delayed-draw term loans to be fungible with the initial term loans under the 2029 Term Loan Facility. In addition, we are required to repay the 2029 Term Loan Facility from time to time with (i) the proceeds of non-ordinary course asset sales and casualty and condemnation events, (ii) the proceeds of indebtedness that is not otherwise permitted under the 2029 Term Loan Facility and (iii) the aggregate amount of cash and cash equivalents on hand at the Company and our restricted subsidiaries in excess of $100.0 million as of the last day of any fiscal year of the Company (beginning with the fiscal year ended December 31, 2024).
For the six months ended June 30, 2025, the Company prepaid $97.9 million under the 2029 Term Loan Facility, including quarterly amortization payments, which were classified as financing activities in the Consolidated statements of cash flows.
Interest on the 2027 Notes and our 6.000% Senior Secured Convertible Notes due 2031 (the "2031 Notes") is payable semi-annually in arrears, and the 2027 Notes and 2031 Notes mature on December 1, 2027, and December 1, 2031, respectively, unless earlier repurchased or converted. The 2027 Notes and 2031 Notes may be converted at any time by the Holders into cash, shares of the Company's common stock, par value $0.01 per share (the "Common Stock") or any combination of cash and Common Stock, at the Company's election. The initial conversion rate for both the 2027 Notes and the 2031 Notes is 200 shares of Common Stock per $1,000 principal amount of the 2027 Notes, which is equal to a conversion price of $5.00 per share of Common Stock (the "Conversion Price"). For the six months ended June 30, 2025, no shares of Common Stock were issued upon conversion, exercise, or satisfaction of the required conditions of the 2027 Notes or the 2031 Notes.
Our 2029 Term Loan Facility, 2031 Notes and 2027 Notes all contain usual and customary covenants and events of default. As of June 30, 2025, we were in compliance with all such covenants and obligations.
Refer to Note 6 — Debt in the notes to the condensed consolidated financial statements for additional discussion regarding our debt.
Additional information
We continue to evaluate our results of operations, liquidity and cash flows, and as part of these measures, we have taken steps to manage cash outflow by rationalizing expenses and implementing various cost management initiatives. We do not presently pay a quarterly dividend and there can be no assurance that we will pay dividends in the future. In addition, the terms of our indebtedness, including the 2029 Term Loan Facility and the 2031 Notes Indenture have terms that restrict our ability to pay dividends.
On February 1, 2022, our Board of Directors authorized the repurchase of up to $100 million (the "Stock Repurchase Program") of our Common Stock. Repurchases may be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. The amount and timing of the purchases, if any, will depend on a number of factors, including, but not limited to, the price and availability of our shares, trading volume, capital availability, our performance and general economic and market conditions. The Stock Repurchase Program may be suspended or discontinued at any time. Further, future repurchases under our Stock Repurchase Program may be subject to various conditions under the terms of our various debt instruments and agreements, unless an exception is available or we obtain a waiver or similar relief.
During the three and six months ended June 30, 2025, we did not repurchase any shares of Common Stock under the Stock Repurchase Program. As of June 30, 2025, the remaining authorized amount under the Stock Repurchase Program was approximately $96.9 million. We do not currently anticipate repurchasing any shares of Common Stock pursuant to the Stock Repurchase Program in the third quarter of 2025.
We expect our capital expenditures for the remainder of 2025 to total approximately $30 million. These capital expenditures are anticipated to be primarily comprised of projects related to digital product development, costs associated with our print and technology systems, and system upgrades.
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Our leverage may adversely affect our business and financial performance and restricts our operating flexibility. The level of our indebtedness and our ongoing cash flow requirements may expose us to a risk that a substantial decrease in operating cash flows due to, among other things, continued or additional adverse economic conditions or adverse developments in our business, could make it difficult for us to meet the financial and operating covenants contained in our 2029 Term Loan Facility, the 2031 Notes, and the 2027 Notes. In addition, our leverage may limit cash flow available for general corporate purposes such as capital expenditures as well as share repurchases and acquisitions and our flexibility to react to competitive, technological, and other changes in our industry and economic conditions generally. We continue to closely monitor economic factors, including, but not limited to, the current inflationary market, changing interest rates, and trade policies, and we expect to continue to take the steps necessary to appropriately manage liquidity.
CRITICAL ACCOUNTING ESTIMATES
See our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for a discussion of our critical accounting policies and use of estimates. There have been no material changes to our critical accounting policies and use of estimates discussed in such report.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes during the quarter ended June 30, 2025, to the information disclosed in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risks of our Form 10-K for the fiscal year ended December 31, 2024.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report on Form 10-Q under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures were effective in recording, processing, summarizing and reporting on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information regarding legal proceedings may be found in Note 11 — Commitments, contingencies, and other matters — Legal proceedings of the notes to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference, and should be read in conjunction with the discussion set forth under Part II, "Item 1. Legal Proceedings" and Note 11 — Commitments, contingencies, and other matters — Legal proceedings of the notes to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors described in Part I, Item 1A, Risk Factors of our Form 10-K for the fiscal year ended December 31, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(c) Issuer Purchases of Equity Securities
The following table provides information regarding shares withheld from our employees to satisfy certain tax obligations in connection with the vesting of restricted stock awards during the three months ended June 30, 2025. The shares of common stock withheld to satisfy tax withholding obligations may be deemed purchases of such shares required to be disclosed pursuant to this Item 2. We did not repurchase any of our equity securities in the open market during the three months ended June 30, 2025.

In thousands, except per share amounts |  | Total number of shares purchased (a) |  | Average price paid per share (a) |  | Total number of shares purchased as part of publicly announced program (b) |  | Maximum approximate dollar value of shares that may yet be purchased under the Stock Repurchase Program (b)
Period |  |  |  |
April 1, 2025 - April 30, 2025 |  | 3 |  |  | $ | 3.02 |  |  | — |  |  | $ | — |
May 1, 2025 - May 31, 2025 |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
June 1, 2025 - June 30, 2025 |  | 92 |  |  | $ | 3.40 |  |  | — |  |  | $ | — |
Total |  | 95 |  |  | $ | 3.39 |  |  | — |  |  | $ | — |

(a)Represents shares of Common Stock withheld pursuant to the 2023 Stock Incentive Plan to cover employee tax-withholding obligations upon vesting of restricted stock awards in the second quarter of 2025. Amounts in the average price paid per share column reflect the weighted average price for shares withheld in satisfaction of these tax-withholding obligations.
(b)In February 2022, the Company's Board of Directors authorized the repurchase of up to $100 million of Common Stock (the "Stock Repurchase Program"). Repurchases may be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. During the three months ended June 30, 2025, the Company did not repurchase any shares of Common Stock under the Stock Repurchase Program. As of June 30, 2025, the remaining authorized amount under the Stock Repurchase Program was approximately $96.9 million. The Company does not anticipate repurchasing any shares of Common Stock pursuant to the Stock Repurchase Program during the third quarter of 2025.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
This item is not applicable.
ITEM 5. OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the three months ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any "non-Rule 10b5-1 trading arrangement" (as defined by Item 408(c) of Regulation S-K).
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ITEM 6. EXHIBITS

Exhibit Number |  | Description |  | Location
10.1 |  | Waiver and Amendment, dated as of April 15, 2025, to the Amendment and Restatement Agreement dated as of October 15, 2024, by and among Gannett Co., Inc., Gannett Holdings LLC, the other Guarantors party thereto, the Lenders party thereto, Citibank, N.A., as the existing administrative agent and collateral agent, and Apollo Administrative Agency LLC, as administrative agent and collateral agent. |  | Filed herewith.
31.1 |  | Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. |  | Filed herewith.
31.2 |  | Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934. |  | Filed herewith.
32.1 |  | Section 1350 Certification of Principal Executive Officer. |  | Furnished herewith.
32.2 |  | Section 1350 Certification of Principal Financial Officer. |  | Furnished herewith.
101 |  | The following financial information from Gannett Co., Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income; (iii) Condensed Consolidated Statements of Cash Flow; (iv) Condensed Consolidated Statements of Equity; and (v) Notes to Condensed Consolidated Financial Statements |  | Attached.
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and embedded within the Inline XBRL document) |  | Attached.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: July 31, 2025 | GANNETT CO., INC.
| /s/ Trisha Gosser
| Trisha Gosser
| Chief Financial Officer
| (On behalf of the Registrant and as principal financial officer)

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