Gannett Shares Up 3% As Company Announces Layoffs

Gannett Co., Inc. (NYSE: GCI) shareholders are happy today, but that does not mean its workers are happy.

Shares are up more than 3% today, as the company has announced it will be laying off another 700 workers, as advertising sales continue to slump.

Gannett owns USA Today and more than 80 other daily U.S. newspapers. The cuts are being made today, but will not occur at USA Today.

At last check, shares of Gannett were up 42 cents to $14.18, a gain of 3.05%‎.