Gannett Reports Drop in Revenue

The parent company of the Louisville Courier-Journal has reported a drop in revenue over the first quarter of this year.Publishing giant Gannett reported a 23% decline in income, due largely to a poor advertising market. The company also cites one-time expenses related to consolidations and downsizing as reasons for the decline.Gannett also owns USA Today and dozens of other newspapers across the country. The publisher of the Courier-Journal was not available for comment.Gannett's broadcasting division also saw a drop in revenue compared to the previous year, when the company's TV stations were boosted by political advertising, the Winter Olympics and the Super Bowl.