Gannett Posts Decline in Second-Quarter Revenue, Expenses as COVID-19 Takes Toll

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USA TODAY owner Gannett reported a net loss of about $437 million in the second quarter as businesses cut back on advertising amid the COVID-19 pandemic and significant accounting charges took a toll on the bottom line.

The company, which cut expenses aggressively during the quarter to offset a decline in revenue, said $393 million of the net loss was attributable to a "non-cash goodwill and intangible impairment" charge, while $66 million was attributable to depreciation and amortization.

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