XML 31 R19.htm IDEA: XBRL DOCUMENT v3.25.3
Segment reporting
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment reporting 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
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) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Asset impairments, (9) Goodwill and intangible impairments, (10) Gains or losses on the sale or disposal of assets, (11) Share-based compensation expense, and (12) Other (income) expense, net.

The following tables below present summarized financial information for each of the Company's reportable segments.
Revenues
Three months ended September 30, 2025
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsTotal
External revenues$385,962 $58,892 $114,418 $559,272 
Intersegment revenues31,093 2,131 — 33,224 
Segment revenues$417,055 $61,023 $114,418 $592,496 
Reconciliation of revenues:
Other revenues1,524 
Elimination of intersegment revenues(33,224)
Total revenues$560,796 
Three months ended September 30, 2024
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsTotal
External revenues$433,242 $57,837 $119,929 $611,008 
Intersegment revenues35,269 1,711 — 36,980 
Segment revenues$468,511 $59,548 $119,929 $647,988 
Reconciliation of revenues:
Other revenues1,431 
Elimination of intersegment revenues(36,980)
Total revenues$612,439 
Nine months ended September 30, 2025
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsTotal
External revenues$1,199,550 $172,494 $340,605 $1,712,649 
Intersegment revenues96,874 5,695 — 102,569 
Segment revenues$1,296,424 $178,189 $340,605 $1,815,218 
Reconciliation of revenues:
Other revenues4,581 
Elimination of intersegment revenues(102,569)
Total revenues$1,717,230 

Nine months ended September 30, 2024
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsTotal
External revenues$1,347,327 $175,648 $360,772 $1,883,747 
Intersegment revenues108,812 5,350 — 114,162 
Segment revenues$1,456,139 $180,998 $360,772 $1,997,909 
Reconciliation of revenues:
Other revenues4,293 
Elimination of intersegment revenues(114,162)
Total revenues$1,888,040 
Reconciliation of Segment Revenues to Segment Adjusted EBITDA

Three months ended September 30, 2025Three months ended September 30, 2024
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsDomestic Gannett MediaNewsquestDigital Marketing Solutions
Segment revenues$417,055 $61,023 $114,418 $468,511 $59,548 $119,929 
Less:
Payroll119,929 25,804 23,201 132,877 24,443 26,085 
Benefits23,537 1,019 3,234 23,494 927 3,186 
Newsprint and ink12,081 2,400 — 16,566 2,605 — 
Distribution60,133 3,204 — 66,660 3,292 — 
Outside services
37,245 3,054 5,583 39,579 2,512 2,795 
Digital cost of goods sold43,524 2,429 71,343 41,963 2,326 73,577 
Other(a)
85,244 8,558 1,277 101,071 9,526 2,543 
Segment Adjusted EBITDA$35,362 $14,555 $9,780 $46,301 $13,917 $11,743 
(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.
Nine months ended September 30, 2025Nine months ended September 30, 2024
In thousandsDomestic Gannett MediaNewsquestDigital Marketing SolutionsDomestic Gannett MediaNewsquestDigital Marketing Solutions
Segment revenues$1,296,424 $178,189 $340,605 $1,456,139 $180,998 $360,772 
Less:
Payroll367,224 75,144 71,752 400,610 72,051 77,087 
Benefits69,736 3,025 9,979 72,124 2,890 9,619 
Newsprint and ink39,867 7,116 — 51,985 7,690 — 
Distribution186,595 9,400 — 210,426 9,615 — 
Outside services
119,240 9,014 13,702 134,625 7,572 7,300 
Digital cost of goods sold130,378 6,583 210,008 132,403 6,960 224,164 
Other(a)
271,634 24,524 5,417 310,287 32,002 10,307 
Segment Adjusted EBITDA$111,750 $43,383 $29,747 $143,679 $42,218 $32,295 
(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 September 30,Nine months ended September 30,
in thousands2025202420252024
Domestic Gannett Media$35,362 $46,301 $111,750 $143,679 
Newsquest14,555 13,917 43,383 42,218 
Digital Marketing Solutions9,780 11,743 29,747 32,295 
Segment Adjusted EBITDA$59,697 $71,961 $184,880 $218,192 
Corporate2,524 9,082 12,961 23,193 
Provision (benefit) for income taxes17,635 (6,429)(76,651)(23,154)
Net (loss) income attributable to noncontrolling interests— (1)(32)
Interest expense23,835 25,959 74,313 78,794 
Loss (gain) on early extinguishment of debt24 176 1,481 (354)
Depreciation and amortization43,211 40,398 128,489 116,954 
Integration and reorganization costs(a)
15,708 17,307 37,524 54,963 
Asset impairments— 87 2,075 46,076 
(Gain) loss on sale or disposal of assets, net(62)784 (22,326)1,572 
Share-based compensation expense1,877 2,905 6,838 9,243 
Other (income) expense, net(b)
(5,806)1,346 (11,640)1,610 
Net (loss) income attributable to Gannett$(39,249)$(19,653)$31,809 $(90,673)
(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, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost.
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.