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Gannett: Revenues To Be Significantly Impacted By COVID-19; To Cut Expenses

Gannett Co., Inc. (GCI) said the company expects its operating performance to be adversely affected by the COVID-19 pandemic. The company anticipates advertising and events revenues to decline as a result of business closures and social distancing measures.

Gannett has identified measures that it expects to reduce expenses in 2020 by an additional $100 - $125 million, through implementation of reductions in force and furloughs, significant pay reductions for senior management, and cancellation of non-essential travel and spending.

The Board has decided to suspend the quarterly dividend until conditions improve.

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