UPDATE: Gannett Reports Decline In Q4 Profit

Gannett Co Inc (NYSE: GCI) reported a drop in its fourth-quarter profit.

Gannett's quarterly profit declined to $116.9 million, or $0.49 per share, from $174.1 million, or $0.72 per share, in the year-earlier period. The company's adjusted profit came in at $0.72 per share. Its revenue fell 5% to $1.39 billion. However, analysts were expecting earnings of $0.68 per share on revenue of $1.39 billion.

Gannett shares closed at $15.22 on Friday.