Gannett to Write Down Its Assets by More Than $2 Billion

Gannett will write down its assets by about $2.5 billion to $3 billion this quarter to reflect the declining value of its operations in the United States and Britain. Gannett Chief Financial Officer Gracia C. Martore said much of the write-down reflects declining value in Gannett's British newspaper operation, Newsquest Media Group. It also generally reflects "where the market perceives traditional print businesses to be," she said. Gannett acquired Newsquest in 1999. The subsidiary includes 17 dailies and nearly 300 weeklies in Britain, with a combined readership of more than 13 million. Newsquest employs about 8,500 workers.
http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR200806...
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