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Media chain Gannett blames inflation, labor shortage for predicted 2022 loss

The publicly-traded owner of seven New Mexico newspapers said today it expects to lose up to $70 million this year due to inflation, distribution labor shortages and “price sensitive consumers.”

Virginia-based Gannett Co. Inc. (NYSE: GCI) updated its full-year guidance today during its second-quarter earnings call, predicting a net loss of between $60 million and $70 million. Three months ago, the company was saying it expected to end the year $50 million to $70 million in the black.

CEO Mike…
Source: The Business Journal

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