Gannett Co., Inc.

Previous wording

We are exposed to potential increases in interest rates associated with our $900.0 million five-year first lien term loan facility (the "2029 Term Loan Facility"), which as of June 30, 2025, accounted for approximately 76% of our outstanding debt, as well as fluctuations in foreign currency exchange rates, primarily related to our operations in the U.K. We expect continued uncertainty and volatility in the U.S. and global economies which will continue to impact our business.

Current wording

We are exposed to potential increases in interest rates associated with our $900.0 million five-year first lien term loan facility (the "2029 Term Loan Facility"), which as of September 30, 2025, accounted for approximately 75% of our outstanding debt, as well as fluctuations in foreign currency exchange rates, primarily related to our operations in the U.K. We expect continued uncertainty and volatility in the U.S. and global economies, which will continue to impact our business.

Previous wording

On July 4, 2025, the President signed into law H.R. 1, titled the "One Big Beautiful Bill Act," which introduces significant tax law changes with varying effective dates for businesses. Key provisions applicable to us include the reinstatement of EBITDA, rather than EBIT, in determining adjusted taxable income under Section 163(j), the immediate expensing of domestic research and experimentation expenditures, and the extension of 100% bonus depreciation for qualified property placed in service after January 19, 2025. The legislation also makes changes to the Global Intangible Low-Taxed Income regime, including an increase in the effective tax rate and modifications to the calculation of tested income. As the act was signed into law in the third quarter, any changes are not included in the calculation of the second quarter tax provision. We are currently evaluating the new legislation and assessing the impact on the condensed consolidated financial statements.

Current wording

On July 4, 2025, the President signed into law H.R. 1, titled the "One Big Beautiful Bill Act" (the "Act"), which introduced significant tax law changes with varying effective dates for businesses. We have evaluated the provisions of the Act on the condensed consolidated financial statements, and its impact was included in the calculation of the tax provision for the three and nine months ended September 30, 2025. Key provisions of the Act applicable to us include the reinstatement of EBITDA, rather than EBIT, in determining adjusted taxable income under Section 163(j), the immediate expensing of domestic research and experimentation expenditures, and the extension of 100% bonus depreciation for qualified property placed in service after January 19, 2025. The legislation also makes changes to the Global Intangible Low-Taxed Income regime, including an increase in the effective tax rate and modifications to the calculation of tested income.

Previous wording

Our U.K. media operations are conducted through our Newsquest subsidiary. In addition, we have foreign operations in regions such as Canada, Australia and New Zealand. Earnings from operations in foreign regions are translated into U.S. dollars at average exchange rates prevailing during the period, and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Currency translation fluctuations may impact revenue, expense, and operating income results for our international operations. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. During the three and six months ended June 30, 2025, foreign currency exchange rate fluctuations had a favorable impact on our revenues and profitability.

Current wording

Our U.K. media operations are conducted through our Newsquest subsidiary. In addition, we have foreign operations in regions such as Canada, Australia and New Zealand. Earnings from operations in foreign regions are translated into U.S. dollars at average exchange rates prevailing during the period, and assets and liabilities are translated at exchange rates in effect at the balance sheet date. Currency translation fluctuations may impact revenue, expense, and operating income results for our international operations. For example, our international revenues are favorably impacted as the U.S. dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.S. dollar strengthens relative to other foreign currencies. During the three and nine months ended September 30, 2025, foreign currency exchange rate fluctuations had a favorable impact on our revenues and profitability.

Previous wording

(a) Amounts are net of intersegment eliminations of $34.8 million and $38.4 million for the three months ended June 30, 2025 and 2024, respectively, and $69.3 million and $77.2 million for the six months ended June 30, 2025 and 2024, respectively. Intersegment eliminations represent digital marketing services revenues and expenses associated with products sold by sales teams in our Domestic Gannett Media and Newsquest segments but fulfilled by our DMS segment. When discussing segment results, these revenues and expenses are presented gross but are eliminated in consolidation.

Current wording

(a) Amounts are net of intersegment eliminations of $33.2 million and $37.0 million for the three months ended September 30, 2025 and 2024, respectively, and $102.6 million and $114.2 million for the nine months ended September 30, 2025 and 2024, respectively. Intersegment eliminations represent digital marketing services revenues and expenses associated with products sold by sales teams in our Domestic Gannett Media and Newsquest segments but fulfilled by our DMS segment. When discussing segment results, these revenues and expenses are presented gross but are eliminated in consolidation.

Previous wording

(c)Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments and third-party debt costs.

Current wording

(c)Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost.

Previous wording

For the three and six months ended June 30, 2025, we incurred Integration and reorganization costs of $12.3 million and $21.8 million, respectively. Of the total costs incurred, $8.2 million and $14.4 million, respectively, were related to severance activities and $4.1 million and $7.5 million, respectively, were related to other reorganization-related costs, mainly due to costs associated with improving operations and consolidating facilities. In addition, for the six months ended June 30, 2025, Other reorganization-related costs included $2.1 million, due to costs related to the departure of the Company's former Chief Financial Officer, partially offset by the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability.

Current wording

For the three and nine months ended September 30, 2025, we incurred Integration and reorganization costs of $15.7 million and $37.5 million, respectively. Of the total costs incurred, $12.5 million and $26.9 million, respectively, were related to severance activities and $3.2 million and $10.7 million, respectively, were related to other reorganization-related costs, mainly due to costs associated with improving operations and consolidating facilities. In addition, for the nine months ended September 30, 2025, other reorganization-related costs also included $2.1 million, related to the departure of the Company's former Chief Financial Officer, partially offset by the reversal of a withdrawal liability related to a multiemployer pension plan of $1.8 million based on the settlement of the withdrawal liability.

Previous wording

For the three and six months ended June 30, 2024, we incurred Integration and reorganization costs of $19.8 million and $37.7 million, respectively. Of the total costs incurred, $4.4 million and $9.7 million, respectively, were related to severance activities and $15.3 million and $28.0 million, respectively, were related to other reorganization-related costs, primarily reflecting a $9.9 million withdrawal liability which was expensed as a result of ceasing contributions to a multiemployer pension plan, as well as costs for consolidating operations. In addition, for the six months ended June 30, 2024, other reorganization-related costs also included $9.7 million expensed as of the cease-use date related to certain licensed content.

Current wording

For the three and nine months ended September 30, 2024, we incurred Integration and reorganization costs of $17.3 million and $55.0 million, respectively, including $4.4 million and $14.1 million, respectively, related to severance activities and $12.9 million and $40.9 million, respectively, related to other reorganization-related costs. For the three and nine months ended September 30, 2024, other reorganization-related costs included $10.0 million and $19.9 million, respectively, related to withdrawal liabilities which were expensed as a result of ceasing contributions to multiemployer pension plans, as well as costs for consolidating operations, and for the nine months ended September 30, 2024 also included $9.7 million expensed as of the cease-use date related to certain licensed content.

Previous wording

For the three and six months ended June 30, 2025, we recorded an impairment charge of approximately $0.2 million and $2.1 million, respectively, primarily related to our continued plan to divest non-strategic assets.

Current wording

For the nine months ended September 30, 2025, we recorded impairment charges of approximately $2.1 million primarily related to our continued plan to divest non-strategic assets.

Previous wording

For the three months ended June 30, 2024, we did not record an asset impairment, and for the six months ended June 30, 2024, we recorded an impairment charge of approximately $46.0 million related to the McLean, Virginia operating lease right-of-use asset and the associated leasehold improvements.

Current wording

For the three and nine months ended September 30, 2024, we recorded impairment charges of approximately $0.1 million and $46.1 million, respectively. For the nine months ended September 30, 2024, the asset impairment was primarily due to the impairment charge of approximately $46.0 million related to the McLean, Virginia operating lease right-of-use asset and the associated leasehold improvements.

Previous wording

For the three and six months ended June 30, 2025, we recognized net gains on the sale of assets of $1.6 million and $22.3 million, respectively. For the six months ended June 30, 2025, the gain was primarily related to a gain of $20.8 million recognized on the sale of the Austin American-Statesman (the "Statesman") to Hearst Corporation at the Domestic Gannett Media segment.

Current wording

For the three and nine months ended September 30, 2025, we recognized net gains on the sale of assets of $0.1 million and $22.3 million, respectively. For the nine months ended September 30, 2025, the gain was primarily related to a gain of $20.8 million recognized on the sale of the Austin American-Statesman (the "Statesman") to Hearst Corporation at the Domestic Gannett Media segment.

Previous wording

For the three and six months ended June 30, 2024, we recognized net losses on the sale of assets of $0.2 million and $0.8 million, respectively, as part of our continued plan to monetize non-strategic assets.

Current wording

For the three and nine months ended September 30, 2024, we recognized net losses on the sale of assets of $0.8 million and $1.6 million, respectively, as part of our continued plan to monetize non-strategic assets.

Previous wording

For the three and six months ended June 30, 2025, Interest expense was $24.4 million and $50.5 million, respectively, compared to $26.3 million and $52.8 million for the three and six months ended June 30, 2024, respectively. For the three and six months ended June 30, 2025, interest expense decreased compared to the three and six months ended June 30, 2024, mainly due to a lower debt balance.

Current wording

For the three and nine months ended September 30, 2025, Interest expense was $23.8 million and $74.3 million, respectively, compared to $26.0 million and $78.8 million for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2025, interest expense decreased compared to the three and nine months ended September 30, 2024, mainly due to a lower debt balance.

Previous wording

(a) Primarily includes consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.

Current wording

(a)Primarily includes consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes.

Previous wording

The benefit for income taxes for the three months ended June 30, 2025, was primarily driven by an increase in the estimated annual effective tax rate, resulting from a decrease in full year net income before tax forecasts used in the second quarter of 2025. This benefit was partially offset by increases in valuation allowances on non-deductible U.S. interest expense, the global intangible low taxed income inclusion, and foreign tax expense. The benefit was calculated using an estimated annual effective tax rate of 403.1%. Excluding discrete items, the estimated annual effective tax rate was principally impacted by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards, the global intangible low-taxed income inclusion and foreign tax expense, partially offset by the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman, which occurred in the first quarter of 2025. The estimated annual effective tax rate reflects the projected tax expense for the full year.

Current wording

The provision for income taxes for the three months ended September 30, 2025, was primarily driven by a decrease in the estimated annual effective tax rate, resulting from a decrease in the change in valuation allowance due to U.S. tax legislation changes on the business interest expense limitation. The provision was calculated using an estimated annual effective tax rate of 172.8%. Excluding discrete items, the estimated annual effective tax rate was principally impacted by the global intangible low-taxed income inclusion and foreign tax expense, partially offset by the decrease in valuation allowances on non-deductible U.S. interest expense carryforwards and the release of valuation allowances on capital loss carryforwards associated with (i) the sale of the Statesman in the first quarter of 2025, and (ii) an investment disposition in the third quarter of 2025. The estimated annual effective tax rate reflects the projected tax expense for the full year.

Previous wording

The benefit for income taxes for the six months ended June 30, 2025, was mainly driven by the pre-tax book loss and the release of valuation allowances on capital loss carryforwards associated with the sale of the Statesman. These benefits were partially offset by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards and the global intangible low-taxed income inclusion.

Current wording

The benefit for income taxes for the nine months ended September 30, 2025, was primarily driven by the pre-tax book loss, partially offset by the decrease in valuation allowances on non-deductible U.S. interest expense carryforwards and the global intangible low-taxed income inclusion.

Previous wording

The benefit for income taxes for the three months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an Internal Revenue Service ("IRS") audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss. The benefit was calculated using an estimated annual effective tax rate of negative 6.2%.

Current wording

The benefit for income taxes for the three months ended September 30, 2024, was mainly driven by the pre-tax book loss offset by the valuation allowances on non-deductible U.S. interest expense carryforwards, the global intangible low-taxed income inclusion and state tax expense. The benefit was calculated using an estimated annual effective tax rate of 0.9%.

Previous wording

The benefit for income taxes for the six months ended June 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an IRS audit in the second quarter of 2024, the release of foreign valuation allowances and the pre-tax book loss.

Current wording

The benefit for income taxes for the nine months ended September 30, 2024, was mainly driven by the release of uncertain tax position reserves related to an Internal Revenue Service audit, the release of foreign valuation allowances and the pre-tax book loss and was partially offset by the increase in valuation allowances on non-deductible U.S. interest expense carryforwards and other miscellaneous items.

Previous wording

Net income (loss) attributable to Gannett and diluted income (loss) per share attributable to Gannett

Current wording

Net (loss) income attributable to Gannett and diluted (loss) income per share attributable to Gannett

Previous wording

For the three months ended June 30, 2025, Net income attributable to Gannett and diluted income per share attributable to Gannett were $78.4 million and $0.42, respectively, compared to Net income attributable to Gannett and diluted income per share attributable to Gannett of $13.7 million and $0.09, respectively, for the three months ended June 30, 2024. For the six months ended June 30, 2025, Net income attributable to Gannett and diluted income per share attributable to Gannett were $71.1 million and $0.40, respectively, compared to Net loss attributable to Gannett and diluted loss per share attributable to Gannett of $71.0 million and $0.50, respectively, for the six months ended June 30, 2024. The change for the three and six months ended June 30, 2025, compared to the same periods in the prior year reflects the various items discussed above.

Current wording

For the three months ended September 30, 2025, Net loss attributable to Gannett and diluted loss per share attributable to Gannett were $39.2 million and $0.27, respectively, compared to Net loss attributable to Gannett and diluted loss per share attributable to Gannett of $19.7 million and $0.14, respectively, for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Net income attributable to Gannett and diluted income per share attributable to Gannett were $31.8 million and $0.21, respectively, compared to Net loss attributable to Gannett and diluted loss per share attributable to Gannett of $90.7 million and $0.64, respectively, for the nine months ended September 30, 2024. The change for the three and nine months ended September 30, 2025, compared to the same periods in the prior year reflects the various items discussed above.

Previous wording

Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Non-operating pension income, (6) Loss on convertible notes derivative, (7) Depreciation and amortization, (8) Integration and reorganization costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation expense, and (13) Other (income) expense, net.

Current wording

Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3) Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Asset impairments, (9) Goodwill and intangible impairments, (10) Gains or losses on the sale or disposal of assets, (11) Share-based compensation expense, and (12) Other (income) expense, net.

Previous wording

Total Adjusted EBITDA is a non-GAAP financial performance measure we believe offers a useful view of the overall operation of our business, and may be different than similarly-titled measures used by other companies. A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position, or cash flows, but excludes or includes amounts that would not be so excluded or included in the most comparable U.S. generally accepted accounting principles ("U.S. GAAP") measure.

Current wording

Total Adjusted EBITDA is a non-GAAP financial performance measure we believe offers a useful view of the overall operation of our business, and may be different than similarly-titled measures used by other companies. A non-GAAP financial measure is generally defined as one that purports to measure financial performance, financial position, or cash flows, but excludes or includes amounts that would not be so excluded or included in the most comparable U.S. generally accepted accounting principles ("U.S. GAAP") measure.

Previous wording

(b)Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments and third-party debt costs.

Current wording

(b)Other (income) expense, net primarily reflects expert fees associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes, (gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service cost.

Previous wording

For the three and six months ended June 30, 2025, Digital advertising revenues increased compared to the three and six months ended June 30, 2024, primarily due to an increase in national revenues, including programmatic and sponsored link revenue, partially offset by a decrease in local revenues and lower classified advertising spend. For the three and six months ended June 30, 2025, the increase in Digital advertising revenues was offset by the absence of revenues in 2025 of $1.1 million and $1.6 million, respectively, associated with businesses divested.

Current wording

For the three and nine months ended September 30, 2025, Digital advertising revenues increased compared to the three and nine months ended September 30, 2024, primarily due to an increase in national revenues, including programmatic revenue, partially offset by lower classified advertising spend. In addition, the increase in Digital advertising revenues was offset by the absence of revenues in 2025 associated with businesses divested of $1.1 million and $2.7 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

For the three and six months ended June 30, 2025, Digital marketing services revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in client count. In addition, the decrease in Digital marketing services revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $1.7 million and $2.6 million, respectively, associated with businesses divested.

Current wording

For the three and nine months ended September 30, 2025, Digital marketing services revenues decreased compared to the three and nine months ended September 30, 2024, primarily due to a decrease in client count as well as the absence of revenues in 2025 associated with businesses divested of $1.3 million and $3.9 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Digital-only subscription revenues decreased compared to the three and six months ended June 30, 2024, primarily driven by a decrease in digital-only paid subscriptions, partially offset by an increase in rates. In addition, the decrease in Digital-only subscription revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $1.2 million and $1.7 million, respectively, associated with businesses divested. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Current wording

For the three and nine months ended September 30, 2025, Digital-only subscription revenues decreased compared to the three and nine months ended September 30, 2024, primarily driven by a decrease in digital-only paid subscriptions, partially offset by an increase in rates. In addition, the decrease in Digital-only subscription revenues for the three and nine months ended September 30, 2025 also reflected the absence of revenues in 2025 associated with businesses divested of $1.1 million and $2.8 million, respectively. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Previous wording

For the three and six months ended June 30, 2025, Digital other revenues decreased compared to the three and six months ended June 30, 2024, primarily due to the absence of revenues in 2025 of $4.7 million and $9.9 million, respectively, associated with businesses divested, as well as a decrease in affiliate and partnership revenues, mainly due to the termination and amendment of various affiliate agreements.

Current wording

For the three and nine months ended September 30, 2025, Digital other revenues decreased compared to the three and nine months ended September 30, 2024, primarily due to the absence of revenues in 2025 associated with businesses divested of $3.4 million and $13.3 million, respectively, as well as a decrease in affiliate and partnership revenues, mainly due to the termination and amendment of various affiliate agreements.

Previous wording

For the three and six months ended June 30, 2025, Print advertising revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in local print display advertisements, a decrease in advertiser inserts, and lower spend on classified advertisements, partially offset by an increase in national print display advertisements. In addition, the decrease in Print advertising revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $2.7 million and $3.9 million, respectively, associated with businesses divested.

Current wording

For the three and nine months ended September 30, 2025, Print advertising revenues decreased compared to the three and nine months ended September 30, 2024, primarily due to a decrease in local print display advertisements, a decrease in advertiser inserts, and lower spend on classified advertisements, partially offset by an increase in national print display advertisements. In addition, the decrease in Print advertising revenues for the three and nine months ended September 30, 2025 reflected the absence of revenues in 2025 associated with businesses divested of $4.1 million and $8.0 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Print circulation revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in home delivery, and to a lesser extent single copy revenues as a result of a reduction in the volume of subscribers, partially offset by an increase in rates. In addition, the decrease in Print circulation revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $2.6 million and $3.7 million, respectively, associated with businesses divested.

Current wording

For the three and nine months ended September 30, 2025, Print circulation revenues decreased compared to the three and nine months ended September 30, 2024, primarily due to a decline in home delivery, and to a lesser extent single copy revenues, as a result of a reduction in the volume of subscribers, partially offset by an increase in rates. In addition, the decrease in Print circulation revenues for the three and nine months ended September 30, 2025 reflected the absence of revenues in 2025 associated with businesses divested of $2.4 million and $6.1 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Commercial and other revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in commercial print and delivery revenues, mainly driven by the decline in production volume. In addition, the decrease in Commercial and other revenues for the three and six months ended June 30, 2025 reflected the absence of revenues in 2025 of $6.6 million and $13.4 million, respectively, associated with businesses divested, of which $4.0 million and $8.7 million, respectively, related to commercial print and delivery revenues.

Current wording

For the three and nine months ended September 30, 2025, Commercial and other revenues decreased compared to the three and nine months ended September 30, 2024, primarily due to a decrease in commercial print and delivery revenues, mainly driven by the decline in production volume. In addition, the decrease in Commercial and other revenues for the three and nine months ended September 30, 2025 reflected the absence of revenues in 2025 associated with businesses divested of $2.7 million and $16.1 million, respectively, of which $1.6 million and $10.3 million, respectively, related to commercial print and delivery revenues.

Previous wording

For the three and six months ended June 30, 2025, Newsprint and ink costs decreased compared to the three and six months ended June 30, 2024, primarily due to lower volume driven by the decline in revenues, as well as lower costs related to the absence of revenues in 2025 associated with businesses divested.

Current wording

For the three and nine months ended September 30, 2025, Newsprint and ink costs decreased compared to the three and nine months ended September 30, 2024, primarily due to lower volume driven by the decline in revenues, as well as lower costs related to the absence of revenues in 2025 associated with businesses divested.

Previous wording

For the three and six months ended June 30, 2025, Distribution costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease of approximately $5.5 million and $15.6 million, respectively, associated with lower home delivery and single copy revenues, the conversion to mail and route optimization in multiple markets, including the impact of businesses divested of $1.4 million and $2.0 million, respectively, as well as a decrease in postage costs of $1.8 million and $1.7 million, respectively, including the impact of businesses divested of $1.0 million and $2.1 million, respectively.

Current wording

For the three and nine months ended September 30, 2025, Distribution costs decreased compared to the three and nine months ended September 30, 2024, primarily due to a decrease of $5.1 million and $20.7 million, respectively, associated with lower home delivery and single copy revenues, the conversion to mail and route optimization in multiple markets, including the impact of businesses divested of $2.0 million and $4.0 million, respectively, as well as a decrease in postage costs of $1.5 million and $3.2 million, respectively, mainly driven by the volume declines, including the impact of businesses divested of $0.4 million and $2.5 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in headcount tied to ongoing cost control initiatives, the impact of businesses divested of $3.9 million and $7.3 million, respectively, facility closures and the conversion to mail delivery in multiple markets.

Current wording

For the three and nine months ended September 30, 2025, Compensation and benefits costs decreased compared to the three and nine months ended September 30, 2024, primarily due to a decrease in headcount tied to ongoing cost control initiatives, the impact of businesses divested of $2.9 million and $10.2 million, respectively, downsizing our facilities footprint and the conversion to mail delivery in multiple markets.

Previous wording

For the three and six months ended June 30, 2025, Outside services costs, which includes professional services fulfilled by third parties, media fees and other digital costs, and paid search and ad serving services, decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in news and editorial expenses of $2.4 million and $7.5 million, respectively, mainly due to the cease-use of certain licensed content and the impact of businesses divested, a decrease in third-party media fees of approximately $0.5 million and $3.7 million, respectively, a decrease in outside printing costs of $1.9 million and $3.0 million, respectively, and a decrease in event related expenses of approximately $0.9 million and $1.7 million, respectively, mainly due to the impact of businesses divested.

Current wording

For the nine months ended September 30, 2025, Outside services costs, which includes professional services fulfilled by third parties, media fees and other digital costs, and paid search and ad serving services, decreased compared to the nine months ended September 30, 2024, primarily due to a decrease in news and editorial expenses of $8.4 million, mainly due to the cease-use of certain licensed content and the impact of businesses divested, a decrease in outside printing costs of $4.1 million, a decrease in third-party media fees of $2.2 million, and a decrease in event related expenses of $1.9 million, mainly due to the impact of businesses divested.

Previous wording

For the three and six months ended June 30, 2025, Other costs decreased compared to the three and six months ended June 30, 2024, primarily due to lower facility related expenses of approximately $5.2 million and $9.8 million, respectively, mainly associated with facility closures, and lower promotion costs of approximately $1.5 million and $4.0 million, respectively.

Current wording

For the three and nine months ended September 30, 2025, Other costs decreased compared to the three and nine months ended September 30, 2024, primarily due to lower facility related expenses of $4.8 million and $14.7 million, respectively, mainly associated with facility closures, and lower promotion costs of $0.8 million and $4.7 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Compensation and benefits costs decreased compared to the three and six months ended June 30, 2024, primarily due to a decline in payroll expenses of $4.3 million and $7.2 million, respectively, mainly due to a decrease in headcount tied to ongoing cost control initiatives, the impact of businesses divested and lower commissions related to revenue, as well as lower employee benefit costs of $2.4 million and $1.0 million, respectively.

Current wording

For the three and nine months ended September 30, 2025, Compensation and benefits costs decreased compared to the three and nine months ended September 30, 2024, primarily due to a decline in payroll expenses, mainly due to a decrease in headcount tied to ongoing cost control initiatives and lower commissions as well as the impact of businesses divested of $1.5 million and $4.5 million, respectively.

Previous wording

For the three and six months ended June 30, 2025, Outside services and other costs, which include services fulfilled by third parties, decreased compared to the three and six months ended June 30, 2024, primarily due to lower expenses, including promotion and technology costs.

Current wording

For the three and nine months ended September 30, 2025, Outside services and other costs, which include services fulfilled by third parties, decreased compared to the three and nine months ended September 30, 2024, primarily due to lower expenses, including promotion and technology costs.

Previous wording

(a) Included Commercial printing and delivery revenues of $2.6 million for each of the three months ended June 30, 2025 and 2024, and $5.0 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

(a) Included Commercial printing and delivery revenues of $2.7 million and $2.6 million for each of the three months ended September 30, 2025 and 2024, respectively, and $7.7 million and $7.6 million for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

For the three and six months ended June 30, 2025, Digital advertising revenues decreased compared to the three and six months ended June 30, 2024, primarily due to a decrease in national and local display revenues as well as lower spend on classified advertisements.

Current wording

For the three months ended September 30, 2025, Digital advertising revenues increased compared to the three months ended September 30, 2024, primarily due to an increase in national display revenues, partially offset by a decrease in local display revenues as well as lower spend on classified advertisements. For the nine months ended September 30, 2025, Digital advertising revenues decreased compared to the nine months ended September 30, 2024, primarily due to a decrease in local display revenues as well as lower spend on classified advertisements.

Previous wording

For the three and six months ended June 30, 2025, Digital-only subscription revenues increased compared to the three and six months ended June 30, 2024, primarily driven by an increase in digital-only paid subscriptions. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Current wording

For the three and nine months ended September 30, 2025, Digital-only subscription revenues increased compared to the three and nine months ended September 30, 2024, primarily driven by an increase in digital-only paid subscriptions. Refer to "Key Performance Indicators" below for further discussion of digital-only paid subscriptions.

Previous wording

For the three and six months ended June 30, 2025, Digital other revenues increased compared to the three and six months ended June 30, 2024, primarily due to an increase in syndication revenues.

Current wording

For the nine months ended September 30, 2025, Digital other revenues increased compared to the nine months ended September 30, 2024, primarily due to an increase in syndication revenues.