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Gannett profit boosted by TV advertising gains

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McLean, Va.--Gannett Co. Tuesday said third-quarter earnings climbed sharply because of advertising gains at its TV stations. Gannett, which has 22 TV stations in addition to its more than 90 newspapers, including USA Today, said TV revenue soared 24%, boosted by political advertising and automotive ads. Newspaper ad revenue rose only slightly, and USA Today ad revenue fell 7% because of weak demand for technology and financial advertising, the company said. Gannett said third-quarter profits rose to $265.6 million, or 99 cents per share, from $227.1 million, or 85 cents a share, a year earlier.
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