Facebook is 'not even a drop in the bucket' for Gannett

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Facebook is 'not even a drop in the bucket' for Gannett

Facebook may be opening its wallet to Legacy News Publishers it has taken traffic from over the years, but way more must be done to level the playing field.

Facebook is not a friend to the industry, or at all. It's not even a drop in the bucket what Facebook talks to us today, said Gannett Chairman and CEO Michael Reed on Yahoo Finance Live.

Added Reed, We are responsible for a billion and a half of subscription revenue revenue.

Suffice it to say, Facebook sees it a little bit different.

Facebook is more than willing to partner with media companies. The values of quality journalism reflect the reality that open societies work : informing and empowering citizens and holding the powerful to account. That's why we've invested $600 million since 2018 to support the news industry and plan at least $1 billion more over the next three years, said Nick Clegg, Facebook vice president for global affairs, in a blog post earlier this year.

Here is how it performed compared to Wall Street analyst estimates for the second quarter:

The adjusted sales increased 4.9% from a year ago, while total EBITDA surged 48.4%.

According to Gannett, however, it hauled in 174 million unique average monthly visitors throughout the quarter across its US Today Network and U.K. digital properties.

Gannett shares advanced 13% in the Friday session following the more successful second quarter than expected. Shares are up 86% year-to-date, outperforming the 7.5% drop in rival The New York Times.