Gannett looking at Emmis stations

Gannett looking at Emmis stations

Star wire services

NEW YORK ? Gannett Co., the largest newspaper publisher in the country, told investors today its growth in second quarter earnings will likely be below what analysts were expecting and it might buy 16 television stations from Indianapolis-based Emmis Communications Corp.

?We are looking at the Emmis stations,? Chief Executive Douglas McCorkindale said at a newspaper conference, according to Bloomberg News.

Gannett already owns 21 television stations and 101 newspapers, including USA Today and the Indianapolis Star.

Milwaukee-based Journal Communication is another potential buyer for the Emmis stations, Bloomberg reported.

Gracia Martore, Gannett?s chief financial officer, said Gannett expected to post earnings per share growth in the second quarter in the same percentage range as it showed in the first quarter.

That would mean a growth rate of 5 percent versus 8.5 percent based on the estimates of analysts surveyed by Thomson Financial. Gannett?s shares edged down 2 cents to $74.20 in morning trading on the New York Stock Exchange.

McCorkindale said the company is seeing an uneven economic recovery but is optimistic for growth in the second half of the year. The executives were speaking to investors at an annual conference sponsored by the Newspaper Association of America, an industry group.

Gary Watson, the head of Gannett?s newspaper division, said the company was seeing good results from its online operations and non daily publications. He said there were still mixed signs in its classified advertising business, with employment ads ?quite solid? but the outlook for automotive advertising uncertain.

Craig Moon, the publisher of USA Today, Gannett?s flagship paper, said he expected the paper?s revenue to grow in the mid single digits in the second half of the year, though results have been inconsistent in the year to date.

Craig Dubow, the head of Gannett?s broadcasting division who is set to succeed McCorkindale as CEO on July 15, said local broadcasting advertising was seeing challenges from the auto and retail categories.

This deal, if it were to happen, would put the local newspaper (Fort Myers News-Press) and the local FOX affiliate (WFTX-TV) under the same ownership. If that were to happen it would even up our town's media with 3 very strong newsrooms. WINK News with the Naples Daily News, NBC2/ABC7 Waterman Broadcasting, and FOX4 with the News-Press.

However, those of you in Hawaii will see two of your TV stations sold as part of this. Here are some of the stations that will be sold.

Mobile, AL-Pensacola, FL: WALA-TV WBPG-TV

Tucson, AZ: KGUN-TV

Ft. Myers-Naples, FL: WFTX-TV

Orlando, FL: WKCF-TV

Honolulu, HI: KHON-TV KGMB-TV

Terre Haute, IN: WTHI-TV

Topeka, KS: KSNT-TV

Wichita-Hutchinson, KS: KSNW-TV

New Orleans, LA: WVUE-TV

Omaha, NE: KM3NEWS

Albuquerque-Sante Fe, NM: KRQE-TV

Portland, OR: KOIN-TV

Charleston-Huntington, WV: WSAZ-TV

Green Bay-Appleton, WI: WLUK-TV