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Gannett profit, revenue gain on Olympic, election TV ad gains

In this Sept. 29, 2009 file photo, a USA Today newspaper box is shown outside a restaurant in Charlotte, N.C.

Chuck Burton/AP

Gannett Co Inc reported better than expected revenue and higher profit on television advertising related to the Olympics and the presidential election and on subscription revenue at its newspapers, thanks to its online pay model.

The newspaper and broadcast owner said on Monday that third-quarter revenue rose 3.4 per cent to $1.31-billion (U.S.). Analysts were expecting revenue of $1.29-billion, according to Thomson Reuters I/B/E/S.

Gannett, which is the largest U.S. newspaper chain with 82 properties including USA Today and the Indianapolis Star, said revenue at its publishing division declined 3 per cent to $890.2-million.

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Broadcasting revenue increased 36 per cent to $237.0-million.

Third-quarter net income rose to $133.1-million, or 56 cents per share, compared with $99.8-million, or 41 cents per share, in the same quarter last year.

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