Good thing they have buildings to sell: Gannett records serious fourth quarter revenue declines in advertising and soft circulation

 

On February 5th, we closed on the sale of one of two parcels of property in downtown Nashville, generating net proceeds of approximately $38 million. The second parcel is planned to close in the second quarter of 2018 for an additional $6 million. We have entered into a leaseback for the next 15 months. As a result of the sale, plus additional cash generated during the first quarter, we have paid down an additional $50 million on our revolver in the first quarter, resulting in a revolver balance of $305 million.

 

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