Gannett Co., Inc. reported its third quarter 2024 financial results on October 31, 2024, with total revenues reaching $612.4 million, a 6.2% decrease from the prior year. Despite the revenue decline, the company achieved year-over-year Adjusted EBITDA growth, reaching $62.9 million, and expanded its margins to 11%.
Digital revenues surpassed 45% of total revenues for the first time in the company's history, reflecting progress in its digital transformation strategy. Free cash flow saw a substantial increase of 168% year-over-year, totaling $19.8 million for the quarter.
The company continued its focus on debt reduction, repaying approximately $29 million of debt during the quarter, which lowered its first lien net leverage to 1.76x. Gannett also announced an additional partnership with BetMGM, expected to enhance content monetization, and reiterated most of its full-year 2024 and 2025-2026 business outlooks, anticipating total revenue growth in 2025.
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