Gannett Sees Revenue Drop

Gannett reported their fourth quarter financial results Today and TV took a hit.

Gannett's broadcasting segment revenue was down almost 16% from the fourth quarter in 2012.

The decline, Gannett said, was driven primarily by the absence of $85.8 million of incremental politically related advertising during the fourth quarter of 2012 partially offset by a substantial increase in retransmission revenue.

Retransmission revenues were $38.9 million in the quarter, an increase of 31.5% from the fourth quarter in 2012. 

With the money TV groups are banking off retrains deals you can see why they are scared to death of Aereo.

H/T TVNewsCheck