Here are 1-2 brief analogies for Gannett (GCI):

• It's like **iHeartMedia** for print news, owning hundreds of local newspapers and their digital platforms across the U.S., plus national brands like USA Today.
• Think of it as the **Sinclair Broadcast Group** of print media, with a massive portfolio of local newspapers across the U.S., alongside USA Today.

• News and Information Products: Publishes news, sports, and entertainment content through hundreds of local newspapers and the national USA Today brand, distributed in print and across digital platforms.
• Digital Marketing Services (LocaliQ): Offers a suite of digital marketing solutions, including SEO, social media, display advertising, and website services, primarily for small and medium-sized businesses.

Gannett (symbol: GCI) primarily sells to other companies, with its advertising and marketing services segments generating a larger portion of its revenue compared to individual subscriptions.

Gannett's customers in its B2B segments are the numerous businesses that purchase advertising space in its print and digital publications (including USA Today and a vast network of local newspapers) and those that utilize its digital marketing solutions arm, LocaliQ.

However, due to the highly fragmented nature of the advertising market and the breadth of Gannett's client base, no single customer accounts for 10% or more of Gannett's total consolidated revenues. Therefore, there are no specific "major customer companies" by name that can be identified and listed with their symbols as per the prompt's request for B2B customers.

Instead, Gannett serves a diverse customer base of businesses across various industries, including:

• Local Businesses: Small to medium-sized enterprises (SMEs) such as auto dealerships, real estate agencies, healthcare providers, restaurants, and home service companies, which advertise locally to reach their target audience.
• National Advertisers: Larger corporations and brands that engage in national or regional campaigns for products and services in sectors like consumer packaged goods, financial services, and telecommunications.
• Government and Public Sector: Entities that use Gannett's platforms for public notices, recruitment, and informational campaigns.

Michael E. Reed, Chairman and Chief Executive Officer

Michael E. Reed has over 25 years of experience in the newspaper and publishing industries. He joined Gannett Co., Inc. in November 2013 as a member of the board and as the Chief Executive Officer and President, and was elevated to Chairman of the Board in May 2019. Prior to Gannett, he was CEO of GateHouse Media and then New Media Investment Group, which acquired Gannett in 2019. His experience also includes serving as President and CEO of Community Newspaper Holdings, Inc., following a term as the company's Chief Financial Officer.

Douglas Horne, Chief Financial Officer

Douglas Horne was appointed as Gannett's Chief Financial Officer, effective April 7, 2020. He leads Gannett's overall finance and IT organizations. Prior to joining Gannett, Mr. Horne served as Global Controller for The We Company (WeWork) from May 2019 to November 2019, responsible for accounting, internal audit, shared services, and tax functions. He also spent eight years at Warner Media LLC (formerly Time Warner Inc.), most recently as Senior Vice President and Controller, where he also led the company's global sourcing organization. Before Warner Media, he was Deputy Chief Financial Officer, Controller, and Chief Accounting Officer for AOL Inc., where he was responsible for worldwide accounting, financial planning, shared services, tax, and treasury functions, and established the public-company finance and accounting functions for the spin-off of AOL from Time Warner.

Joe Miranda, Chief Technology and Data Officer

Joe Miranda joined Gannett as Chief Technology and Data Officer, effective June 23, 2025. In this role, he leads the adoption of new technologies, including AI, machine learning, and big data analytics, to enhance digital media and marketing solutions. Miranda brings over two decades of experience in leading enterprise digital transformations. He previously served as the Executive Vice President, Chief Digital and Technology Officer of Herbalife, where he oversaw the strategy and deployment of a scalable platform ecosystem, AI-enabled capabilities, and reimagined digital experiences. His past roles include positions at Thomson Reuters, Voya Financial, GE Capital, and Nielsen, where he led digital transformation teams.

Patty Michalski, Senior Vice President, Content Strategy & Innovation, Hearst Newspapers (Former Gannett Executive)

Patty Michalski is the Senior Vice President of Content Strategy and Innovation for Hearst Newspapers, a role she joined in April 2022. Before joining Hearst, Michalski had a career spanning over 20 years with Gannett, holding various senior editorial and audience development roles. From 2017, she served as executive editor of USA TODAY and director of audience of the USA TODAY Network, leading initiatives focused on digital innovation, content, and engagement strategies, including mobile and social media strategies for USA TODAY.

The emergence of advanced artificial intelligence models and platforms capable of generating high-quality, localized news articles, summaries, and multimedia content poses a clear emerging threat. These technologies have the potential to drastically reduce the cost of content production, enabling new entrants or existing tech companies to offer competing news services with minimal human journalistic overhead. This directly threatens Gannett's traditional labor-intensive model for producing local and national news, akin to how Netflix's streaming technology disrupted Blockbuster's physical distribution network by offering a fundamentally more efficient and scalable content delivery mechanism.

Gannett's main products and services primarily revolve around newspaper publishing (print and digital), digital marketing solutions, and associated advertising and subscriptions. The addressable market sizes for these in the U.S. are as follows:

• U.S. Newspaper Market (Overall - Print & Digital Advertising and Subscriptions): The U.S. newspaper market was valued at approximately USD 20.61 billion in 2024. This market is projected to decline to about USD 18.99 billion by 2030.
• U.S. Print Advertising Market (within Newspapers and Magazines): Ad spending in the U.S. print advertising market, specifically for newspapers, is expected to reach approximately $4.72 billion by 2025. The overall print advertising expenditure in the U.S. is estimated to be $9.3 billion in 2025.
• U.S. Digital Advertising and Digital Marketing Solutions Market: The U.S. digital advertising market is substantial and growing. It is expected to reach $243.2 billion by 2030. More broadly, the U.S. digital media market generated revenue of USD 272.2 billion in 2023 and is projected to reach USD 567.498 billion by 2030.

1. Growth in Digital Advertising and Digital-Only Subscriptions: Gannett is strategically shifting to become a digital-first media and marketing solutions provider, with a clear goal for digital revenues to exceed 50% of total revenues by 2026. The company anticipates total digital revenues to grow approximately 3-5% on a same-store basis in the second half of 2025, driven by ongoing digital advertising growth and accelerating digital marketing solutions trends. Digital advertising revenues showed positive year-over-year growth of 4.0% in Q2 2025, a significant improvement from previous declines. Furthermore, digital-only paid subscriptions reached 1.72 million in Q2 2025, with digital-only Average Revenue Per User (ARPU) increasing by 2.2% year-over-year. The company is also implementing a revised subscription strategy, moving away from heavily discounted introductory offers to focus on annual subscriptions and variable pricing, aiming to reduce churn and increase revenue per user.
2. Expansion and Performance of Digital Marketing Solutions (LocaliQ): The Digital Marketing Solutions segment, particularly through its LocaliQ platform, is identified as a key growth driver. In Q2 2025, core platform revenues within this segment were $116.9 million, showing 8.1% sequential growth. Core platform ARPU also increased by 5.1% sequentially and 1.9% year-over-year, while the average customer count grew by 2.8% sequentially to 13.8K. Gannett expects accelerated Digital Marketing Solutions trends to contribute to digital revenue growth.
3. Monetization through AI Initiatives and Content Licensing Agreements: Gannett is actively pursuing new revenue streams through artificial intelligence (AI) initiatives and content licensing. The company announced an AI licensing agreement with Perplexity and is partnering with Microsoft on its upcoming Publisher Content Marketplace, which aims to ensure fair compensation for publishers' premium content. These partnerships are expected to unlock monetization opportunities and contribute to digital revenue growth. Gannett is also exploring the use of AI to expand revenue opportunities beyond cost savings.
4. Launch of New Digital Products and Services: Gannett is expanding its digital offerings by launching new platforms and forming strategic partnerships. Examples include the launch of Studio IX, a new platform focused on women's sports, which has shown early success in audience engagement and advertiser interest. The company has also entered into a multi-year agreement with AddressUSA for a real estate portal, bringing back a traditional source of income in a digital format. These new digital ventures are part of Gannett's strategy to diversify digital revenue streams.

Share Repurchases

• Gannett authorized a share repurchase program for up to $100 million of its common stock in February 2022.
• In September 2023, Gannett repurchased approximately $15.0 million of its 6.00% first lien notes due November 1, 2026, for about $13.1 million, at a discount to par value.
• The company repurchased approximately $14.0 million of principal of its 2027 convertible notes in April 2025 to reduce future dilution.

Share Issuance

• For the nine months ended September 30, 2025, Gannett reported $44 million in issuance of common stock.

Inbound Investments

• In July 2025, Gannett partnered with Perplexity, an AI-powered answer engine, granting access to its content archives in exchange for attribution and compensation.
• Gannett announced an additional AI licensing deal with Microsoft in October 2025.

Outbound Investments

• Gannett sold the Austin-American Statesman in the first quarter of 2025.
• The company decided to sell or shut down certain non-strategic assets during 2024.

Capital Expenditures

• Gannett's consensus capital expenditures averaged $43.907 million annually from fiscal years 2020 to 2024, peaking at $49.534 million in 2024.
• Year-to-date capital expenditures for the purchase of property, plant, and equipment were $38.901 million as of September 30, 2025.
• Capital expenditures are expected to increase in 2025 due to investments in technology and products.