GCI Company Report

USA TODAY Co. is undergoing a significant digital transformation, expecting digital revenue to exceed 50% of total revenue in 2026, up from 47% in Q3, driven by diversified streams including digital advertising, subscriptions, e-commerce, and new AI licensing agreements with companies like Meta, Microsoft, Amazon, and Perplexity.
The company is actively pursuing an antitrust lawsuit against Google regarding the digital advertising ecosystem, with key milestones anticipated in 2026 that could lead to a more level playing field and substantial upside in its $300+ million annual digital advertising revenue.
Debt reduction remains a top priority, with nearly $1 billion repaid since the 2019 merger and a goal to achieve one-time first lien net leverage. Additionally, a $100 million cost savings program was implemented to improve efficiency and margins.
The recent rebranding to USA TODAY Co. is intended to leverage stronger brand equity and is already expected to drive national advertising revenue growth in 2026.

Jan 15, 2026, 1:45 PM

Transcript

USA TODAY Co. Outlines 2026 Priorities and Digital Transformation Progress

GCI

Revenue Acceleration/Inflection

Legal Proceedings

Guidance Update

USA TODAY Co. expects digital revenue to exceed 50% of total revenue in 2026, up from 47% in Q3, driven by diversified streams including digital advertising, subscriptions, e-commerce, digital marketing solutions, and AI licensing.
The company has reduced debt by nearly $1 billion since 2019 and aims to achieve 1x EBITDA leverage, having repaid over $135 million in debt in 2025.
USA TODAY Co. is pursuing an antitrust lawsuit against Google, seeking a level playing field in digital advertising, which could significantly increase its $300+ million annual digital advertising revenue.
A $100 million cost savings program was identified in Q3, focusing on automation and outsourcing to improve margins and sustainably grow EBITDA and free cash flow.
The rebranding to USA TODAY Co. from Gannett is expected to drive national advertising revenue growth in 2026 due to stronger brand equity and better reflection of its digital strategy.

Jan 15, 2026, 1:45 PM

Transcript

USA TODAY Co. Outlines 2026 Priorities, Digital Revenue Growth, and Debt Reduction

GCI

Revenue Acceleration/Inflection

Legal Proceedings

New Projects/Investments

USA TODAY Co. (GCI) aims to achieve 50% or more of its revenue from digital sources in 2026, up from 47% in Q3 of the prior year, driven by diversified digital revenue streams including digital advertising, subscriptions, e-commerce, and AI licensing agreements with companies like Meta, Microsoft, and Amazon.
The company is focused on strengthening its capital structure by reducing debt, targeting 1x EBITDA leverage and having repaid nearly $1 billion since the 2019 merger, with over $100 million repaid through Q3 of the prior year.
USA TODAY Co. is pursuing a Google antitrust lawsuit to create a level playing field in digital advertising, which could significantly increase its $300+ million annual digital advertising revenue, with key milestones expected in 2026.
A $100 million cost savings program, focused on automation, outsourcing, and operational efficiencies, is expected to positively impact margins and contribute to sustainable EBITDA and free cash flow growth.

Jan 15, 2026, 1:45 PM

Transcript

USA TODAY Co. Nears Digital Revenue Milestone, Details AI Monetization, and Google Lawsuit Progress

GCI

Revenue Acceleration/Inflection

Legal Proceedings

Debt Issuance

USA TODAY Co. (formerly Gannett) is approaching a significant digital transformation, expecting to approach 50% digital revenue in Q4 and be over 50% digital in 2026, aiming to become a sustainably growing journalism and content business.
The company has signed "meaningful AI monetization and licensing deals" with partners including Perplexity, Meta, Microsoft, and Amazon, with contracts typically short-term (3 months to 2 years) due to the evolving marketplace.
A summary judgment ruling in Q4 2025 found Google created a monopoly in the ad tech space, applying to USA TODAY's lawsuit, which now moves to the damages phase; the company believes Google's actions interfered with billions of dollars of revenue.
USA TODAY Co. implemented a $100 million annualized cost savings program fully in place in Q4 2025, which is expected to fuel EBITDA growth year over year in Q4 and set up a successful 2026.
Debt paydown remains the number one focus for capital allocation, with the company falling below $1 billion of debt in Q3 and expecting to pay down more than $135 million in 2025.

Dec 9, 2025, 2:45 PM

Transcript

USA TODAY Co. Discusses Digital Transformation, AI Licensing, and Debt Reduction at UBS Conference

GCI

Revenue Acceleration/Inflection

Legal Proceedings

Debt Issuance

USA TODAY Co. is undergoing a digital transformation, with 47% digital revenue in Q3 and an expectation to exceed 50% digital revenue in 2026, marking a pivotal shift towards sustainable growth.
The company has secured significant AI content licensing deals with partners like Perplexity and Meta, while actively blocking 75 million monthly AI scraping attempts from unverified bots.
A $100 million annualized cost savings program is fully implemented by Q4 2025, contributing to an expected EBITDA growth in Q4 and a strong financial outlook for 2026.
Debt reduction remains the primary capital allocation focus, with total debt falling below $1 billion in Q3 and an anticipated paydown of over $135 million in 2025.
The company is pursuing a lawsuit against Google regarding its ad tech monopoly, with a Q4 summary judgment ruling in their favor, now proceeding to the damages phase, potentially involving billions of dollars in interfered revenue.

Dec 9, 2025, 2:45 PM

Transcript

GCI Liberty Reports Third Quarter 2025 Financial Results

GCI

Earnings

Guidance Update

New Projects/Investments

GCI's revenue declined 2% to $257 million in the third quarter of 2025, with an operating loss of $488 million primarily due to a $525 million non-cash impairment charge related to intangible assets and goodwill. Adjusted OIBDA declined 8% to $92 million.
GCI Consumer revenue decreased 4%, while GCI Business revenue was flat year-over-year. The company has exited its video business as of September 30, 2025, completing its transition to a pure-play broadband connectivity provider.
Over the trailing twelve months ended September 30, 2025, GCI generated net cash provided by operating activities of $357 million and free cash flow of $155 million. Net capital expenditures for the full year 2025 are expected to be between $225 million and $250 million.
GCI Liberty announced a plan to launch a $300 million rights offering to all stockholders and was provisionally awarded over $140 million in BEAD grants.

Nov 5, 2025, 1:15 PM

Press Release

Gannett Co. Rebrands as USA TODAY Co.

GCI

New Projects/Investments

Gannett Co., Inc. is officially rebranding as USA TODAY Co., Inc., effective November 18, and will adopt the ticker symbol "TDAY" on the New York Stock Exchange.
This rebranding signifies the company's strategic shift from a traditional newspaper publisher to a leading digital media platform, leveraging the strong brand recognition of its flagship publication, USA TODAY.
The company's digital audience now includes over 181 million unique monthly visitors, and it operates three main segments: Domestic Gannett Media, Newsquest (UK media company), and Digital Marketing Solutions.
CEO Mike Reed emphasized that the new identity unifies their commitment to delivering factual news and aligns with their focus on media and digital marketing solutions, addressing prior investor unfamiliarity with the Gannett brand.

Nov 4, 2025, 9:14 PM

Morningstar

Gannett Announces Q3 2025 Results and Updates Fiscal Year Outlook

GCI

Earnings

Guidance Update

Demand Weakening

Gannett reported total revenues of $560.8 million and a net loss attributable to Gannett of $39.2 million for Q3 2025.
Total digital revenues reached $262.7 million, accounting for 47% of total company revenues in Q3 2025, with digital advertising revenues growing 2.9% year-over-year.
The company achieved a total debt paydown of $18.5 million in Q3 2025, bringing the total debt outstanding to $996.4 million at September 30, 2025.
Key operational metrics include 187 million average monthly unique visitors and a digital-only ARPU of $8.80, which increased 8% year-over-year.
Gannett updated its Fiscal Year 2025 outlook, anticipating growth in Total Adjusted EBITDA and Free Cash Flow of 30% versus the prior year.

Oct 30, 2025, 12:30 PM

Presentation

Gannett Co. Reports Q3 2025 Results, Debt Below $1 Billion, and Google Lawsuit Update

GCI

Earnings

Guidance Update

Legal Proceedings

Gannett Co. reported Q3 2025 total revenues of $560.8 million, an 8.4% decrease year-over-year, and adjusted EBITDA of $57.2 million.
The company reached a significant milestone, with total debt falling below $1 billion for the first time since its 2019 merger.
Digital revenues accounted for 47% of total company revenue, totaling $262.7 million, with digital advertising revenues increasing 2.9% and digital-only ARPU reaching a record high of $8.80.
Gannett anticipates notable improvement in Q4 revenue and robust year-over-year growth in adjusted EBITDA, driven by a timing shift of large digital client spend, the full benefit of a $100 million cost reduction program, and new AI licensing deals.
A partial summary judgment ruling in its lawsuit against Google established liability on certain claims, shifting the case's focus to damages. The company also blocked 75 million AI bots in September, with 70 million from OpenAI, for attempting to scrape content.

Oct 30, 2025, 12:30 PM

Transcript

Gannett Announces Q3 2025 Results, New AI Deal, and Updated Outlook

GCI

Earnings

Guidance Update

New Projects/Investments

Gannett reported total revenues of $560.8 million for Q3 2025, an 8.4% decrease year-over-year, and a net loss attributable to Gannett of $39.2 million.
The company announced a new AI licensing agreement with Microsoft and noted a partial summary judgment ruling in its lawsuit against Google establishing liability on several claims.
Total principal debt outstanding decreased to $996.4 million as of September 30, 2025, falling below $1.0 billion.
For the full year 2025, Gannett expects Total Adjusted EBITDA to grow and cash provided by operating activities and Free cash flow to grow in excess of 30% versus the prior year.