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Gannett Reports Drop in Revenue

The parent company of the Louisville Courier-Journal has reported a drop in revenue over the first quarter of this year.Publishing giant Gannett reported a 23% decline in income, due largely to a poor advertising market. The company also cites one-time expenses related to consolidations and downsizing as reasons for the decline.Gannett also owns USA Today and dozens of other newspapers across the country. The publisher of the Courier-Journal was not available for comment.Gannett's broadcasting division also saw a drop in revenue compared to the previous year, when the company's TV stations were boosted by political advertising, the Winter Olympics and the Super Bowl.

Gabe Bullard is the director of news and editorial strategy.