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Gannett’s quarterly profit slumps 40%

Gannett, known for USA Today and 81 other papers, will for $1.5 billion buy Belo Corp. to add 20 TV stations to the 23 it owns.

Associated Press/File 2010

Gannett, known for USA Today and 81 other papers, will for $1.5 billion buy Belo Corp. to add 20 TV stations to the 23 it owns.

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Gannett Co.’s quarterly profit fell sharply as ad revenue came in much lower than a year earlier, when the Olympics and the presidential campaign gave a lift. Net income was $79.7 million, 40 percent lower than in the same period in 2012. Total revenue fell 4.3 percent to $1.3 billion. One of the few growth areas was the digital division, which grew 5.2 percent to $191 million. Circulation revenue was flat. In addition to its USA Today site, the company has 120 websites tied to local newspapers and television stations.

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