NEW YORK - Gannett Co., Inc. (NYSE: GCI) has announced the appointment of Caren Bohan as Editor in Chief of USA TODAY, effective immediately. Bohan, who has over 30 years of journalism experience, will report to Monica Richardson, Senior Vice President of USA TODAY.
Bohan's career began at Reuters, where she spent two decades covering financial and economic news, and later served as White House correspondent. Her tenure at Reuters included interviews with Presidents Barack Obama and George W. Bush, and reporting from various global locations. Bohan joined USA TODAY in 2018 and has since held multiple leadership roles, including Washington editor, deputy Washington bureau chief, managing editor for politics, and executive editor for politics. She played a crucial role in shaping the publication's coverage of the 2024 presidential election.
During her time as Interim Editor in Chief, Bohan was recognized for her leadership and contribution to the growth of USA TODAY's audience. "Caren has excelled in the interim role, and I'm thrilled to appoint her as Editor in Chief of USA TODAY where she will continue the important work of providing essential journalism across the nation," said Richardson.
Bohan expressed her commitment to the role, stating, "I am honored to lead the incredibly talented team of journalists at USA TODAY. I'm excited to keep working with the team to deliver excellent journalism and content to attain new heights for USA TODAY."
Bohan's academic credentials include a Master of Journalism from the University of California, Berkeley, following her graduation from McGill University.
Gannett Co., Inc. is a diversified media company with a focus on empowering communities through its various brands, including USA TODAY NETWORK, Newsquest, LocaliQ, and USA TODAY NETWORK Ventures. USA TODAY, established in 1982, is a key component of the national media landscape and reaches approximately 79 million unique visitors monthly, as reported by December 2023 Comscore Media Metrix®.
This promotion is based on a press release statement from Gannett Co., Inc. and reflects the company's ongoing efforts to bolster its leadership team and journalistic endeavors.
In other recent news, Gannett Co., Inc. has reported encouraging financial performance for the second quarter of 2024, with an adjusted EBITDA of approximately $75 million, a nearly 5% increase from the previous year. The company's Digital Marketing Solutions business achieved its highest core platform revenue in history at $122.8 million. Gannett has also made strategic financial shifts, including plans to reduce its debt by $53 million through the sale of real estate and non-strategic assets.
The company has seen both upgrades and downgrades from Citi, with a maintained price target of $5.10. The changes in rating reflect Gannett's strategic maneuvers, including the potential implications of a Department of Justice case against Google (NASDAQ:GOOGL), and the company's efforts to manage its debt.
Furthermore, LocaliQ, a digital marketing arm of Gannett, has integrated Yelp (NYSE:YELP) Ads into its Search Ads product, aiming to enhance advertising opportunities for its small to mid-sized business customers. These are recent developments in Gannett's ongoing efforts to diversify its digital revenue and engagement strategies.
InvestingPro Insights
As Gannett Co., Inc. (NYSE: GCI) welcomes Caren Bohan to the helm of USA TODAY, the company's financial metrics provide a backdrop to the strategic decisions being made. With an adjusted market capitalization of $778.51 million, Gannett stands as a significant player in the media landscape. Despite a challenging environment for print and digital media alike, Gannett has shown resilience, with a recent 1 Year Price Total Return of 121.74%, signaling a robust recovery in investor confidence.
InvestingPro data highlights a Gross Profit Margin of 37.27% for the last twelve months as of Q2 2024, reflecting Gannett's ability to maintain profitability in its operations. This is particularly relevant as the company continues to invest in its journalistic endeavors and digital transformation. Additionally, the company's Price to Book ratio for the same period stands at 3.13, indicating the market's valuation of Gannett's assets relative to its share price.
InvestingPro Tips suggest that Gannett's recent price performance, with a 6 Month Price Total Return of 157.34%, may be attractive to investors looking for growth potential in the media sector. It's also worth noting that Gannett's Fair Value, as per InvestingPro's analysis, is currently at $5.66, offering a nuanced perspective on the company's valuation.
For readers interested in deeper financial analysis, InvestingPro offers additional tips—there are currently 15 more InvestingPro Tips available for Gannett Co., Inc. These tips provide further insights into the company's financial health and growth prospects, which could be invaluable for investors and industry observers alike.
As Bohan takes on her new role, these financial metrics and insights can help stakeholders understand the economic context in which Gannett operates, and the potential impact of its leadership on future performance.
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