The Week: City News - Gannett's profits are halved

Gannett, the US's largest newspaper publisher, saw profits drop by more than 50 per cent in the third quarter of 2009.

Newsquest, the group's British arm, saw advertising fall by 28.7 per cent year on year, with classified ads recording the sharpest drop (down 34.7 per cent). Gannett made pre-tax profits of $73.8 million, down 53 per cent on last year's figure.