Here are 1-2 brief analogies for USA Today (TDAY):

• Nexstar Media Group for local print and digital news.
• Marriott for local news and information outlets.

Gannett Co Inc. (TDAY), the company that owns USA Today and various other local media assets, sells primarily to individuals, with a significant portion of its content reaching approximately 20 million people per week through its numerous publications and digital platforms. While the company also serves approximately 220,000 business customers with advertising, marketing, and commercial printing services, the direct sale of news and information products to individuals forms a core part of its business model.

The up to three categories of individual customers that Gannett (TDAY) serves are:

1. General News and Information Seekers: This category includes individuals who subscribe to or purchase its daily and weekly newspapers and visit its local websites for broad coverage of local, national, and international news, politics, community events, opinion pieces, and general local information.
2. Local Interest and Lifestyle Readers: These are individuals who seek specialized content related to their local community and personal interests. They consume niche publications and dedicated sections focusing on topics such as recreation, sports, healthcare, real estate, youth sports, obituaries, weddings, and local school reports.
3. Digital Content Consumers: This category comprises individuals who primarily access news and information through online channels, including the company's 538 locally-focused websites and mobile devices, consuming digital content for their news and information needs.

Michael E. Reed, Chairman and Chief Executive Officer

Michael E. Reed has served as CEO of Gannett Co., Inc. (now USA TODAY Co., Inc.) since November 2013 and as Chairman since May 2019. He joined GateHouse Media, the predecessor to Gannett, as CEO in January 2006. Reed is described as coming from a private-equity background, known for acquiring newspapers and implementing cost-cutting measures, often leading to significant layoffs. His tenure has focused on digital transformation, deleveraging, and shareholder engagement. New Media Investment Group, managed by private equity firm Fortress Investment Group, acquired Gannett in 2019, at which point Reed, as CEO of GateHouse's parent company, was named CEO of the combined entity.

Trisha Gosser, Chief Financial Officer

Trisha Gosser was appointed Chief Financial Officer of Gannett Co., Inc. (now USA TODAY Co., Inc.) effective March 20, 2025. Before this role, she served as the Deputy Chief Financial Officer. Gosser brings over 20 years of financial experience, with more than 15 years in the media industry, where she has led teams in accounting, financial planning, data, and investor relations. She played a crucial role in the merger of Gannett Co., Inc. and New Media Investment Group. Prior to joining Gannett in 2007, she held finance positions at Brunswick Corp. and Mitsubishi Electric. She is also a member of the Board of Directors for the News Media Alliance.

Polly Grunfeld Sack, Chief Legal Officer

Polly Grunfeld Sack serves as the Chief Legal Officer.

Samantha Howland, Chief People Officer

Samantha Howland is the Chief People Officer, focusing on developing high-performance cultures by aligning people processes with organizational strategy. Her background in human resources encompasses various organizations, from startups to Fortune 500 companies, with a specialization in organizational and leadership development. Before joining Gannett (formerly GateHouse Media) in 2018, she was the Chief People Officer at Mobiquity, a digital engagement agency, and also held roles at Decision Strategies International as Senior Managing Partner and Talent Practice Executive.

Kristin Roberts, President, Gannett Media

Kristin Roberts holds the title of President, Gannett Media.

USA TODAY Co., Inc., trading under the symbol TDAY, faces several key risks inherent to its business model in the evolving media landscape.

1. The ongoing decline in traditional print revenue and the challenges associated with the transition to a sustainable digital-first business model pose a significant risk. The company has experienced declining revenue across various time frames, with its financial results reflecting the difficulties traditional media companies face in the digital age. Despite efforts to pivot towards digital platforms and grow digital advertising, revenue continues to decline year-over-year.
2. High debt levels represent another critical risk to the business. Although the company has made efforts to reduce its debt, which has fallen below $1 billion, its debt-to-equity ratio remains elevated. This financial leverage can limit the company's flexibility and impact investor sentiment.
3. Dependence on digital advertising revenue and competitive pressures from dominant digital platforms, such as Google, also pose a risk. The company's ongoing legal case against Google highlights the challenges publishers face in securing fair compensation for their content and the potential pressure on margins from intermediaries.

• Social media platforms and user-generated content are increasingly serving as primary sources for local news, community discussion, and event information. These platforms offer real-time updates and direct interaction, often surpassing traditional local news outlets in immediacy and perceived relevance for many users, directly threatening the audience engagement and readership of Gannett's 538 local websites.
• The dominance of large technology companies (e.g., Google, Meta) in the digital advertising market presents a clear emerging threat. These tech giants have established highly sophisticated and effective advertising ecosystems that offer hyper-targeted advertising, extensive reach, and advanced analytics. Local businesses, which are Gannett's core advertising customers, are increasingly shifting their marketing budgets to these platforms, thereby diminishing the advertising revenue available for Gannett's print and digital publications, and directly competing with its Propel digital marketing and business services.

USA Today Co., Inc. (symbol: TDAY) operates within several addressable markets in the United States, primarily related to news and information publishing, advertising, and digital marketing services.

The key addressable markets for USA Today Co., Inc.'s main products and services in the U.S. are as follows:

• Newspaper Publishing (Daily and Weekly Newspapers, News and Information Products): The U.S. Newspaper market size was valued at approximately USD 20.12 billion in 2024 and is projected to be around USD 20.14 billion in 2025. This market is expected to contract to USD 20.28 billion in 2025, with a projected compound annual growth rate (CAGR) of -1.3% from 2025 to 2030. Local and regional publications constituted over 58% of this market in 2024.
• Print Advertising: The U.S. print advertising expenditure is estimated at USD 8.0 billion in 2026. Print newspaper advertising is expected to account for 3.1% of the total local advertising spending in 2025. The U.S. print advertising distribution market size was approximately USD 4.8 billion in 2024 and USD 4.5 billion in 2025.
• Digital Advertising: The U.S. digital advertising market size is forecasted to increase by USD 218.3 billion, with a CAGR of 15.2% between 2024 and 2029. Digital ad revenue is projected to surpass traditional media, making up 52% of the total local advertising spend in 2025. The market size for Digital Advertising Agencies in the U.S. was USD 59.3 billion in 2025 and is projected to reach USD 64.2 billion in 2026.
• Local Advertising (Overall, encompassing Print and Digital Advertising): The local advertising landscape in the U.S. is projected to reach approximately USD 171 billion by 2025, excluding political spending. A revised projection for total local media spending in 2025 is USD 168.2 billion.
• Digital Marketing Services (Propel Digital Marketing and Business Services): The USA digital marketing market reached a valuation of USD 23 billion. The U.S. digital marketing software market size was estimated at USD 22.78 billion in 2022 and is expected to grow at a CAGR of 17.8% from 2023 to 2030, reaching USD 82.62 billion by 2030.
• Commercial Printing: The U.S. commercial printing market size was estimated at USD 126.99 billion in 2024 and is projected to grow to USD 150.50 billion by 2030, with a CAGR of 3.1% from 2025 to 2030.
• Yellow Page Directories: This market is in decline, with print directories expected to represent 0.1% of the total local advertising spending in 2025.

Here are 3-5 expected drivers of future revenue growth for USA Today (symbol: TDAY) over the next 2-3 years:

1. Growth in Digital-Only Subscriptions: USA TODAY Co., Inc. (formerly Gannett Co., Inc.) is actively pursuing a digital-first approach with a primary goal of expanding its digital-only subscriber base. This strategy aims to counteract the ongoing decline in traditional print circulation and is a crucial component of its long-term digital transformation.
2. Expansion of Digital Marketing Solutions (LocaliQ): The company's Digital Marketing Solutions (DMS) segment, operating under the LocaliQ brand, is positioned as a high-growth technology arm. It provides Software-as-a-Service (SaaS)-based advertising and marketing tools to small and medium-sized businesses, contributing significantly to the company's digital revenue streams.
3. Enhanced Ad-Tech Capabilities and AI Integration: USA TODAY Co., Inc. is engaging in strategic initiatives, including licensing and technology partnerships with companies like Microsoft and Perplexity. These collaborations are focused on integrating artificial intelligence into newsroom operations to boost efficiency and explore new ad-tech capabilities, which are expected to drive advertising revenue growth.
4. Diversification of Revenue Streams through Ventures: The company emphasizes diversifying its revenue streams beyond traditional publishing. This includes operations like USA TODAY NETWORK Ventures, which manages events such as the SKECHERS Hot Chocolate Run Series. Such ventures represent an expansion into new market interests and opportunities for revenue generation.

Capital Allocation Decisions for USA TODAY Co., Inc. (TDAY)

Share Repurchases

• In February 2022, Gannett's Board of Directors authorized a share repurchase program for up to $100 million of its common stock, with specific permission to execute up to this amount by December 31, 2022, under existing debt agreements.
• During the second quarter of 2025, the company reduced future shareholder dilution by approximately 3 million shares by repurchasing $14 million of its 2027 convertible notes.
• In March 2024, Gannett announced its intention to repurchase approximately $13 million of 6% first lien notes due in November 2026, for about $12 million, at a discount to their face value.

Share Issuance

• USA TODAY Co., Inc. has historically issued equity to raise capital or for acquisitions and strategic investments, which has the potential to dilute investors' percentage ownership.
• As of December 31, 2025, the company had 159,912,152 shares issued, with 147,124,756 shares outstanding.

Inbound Investments

• In the fourth quarter of 2025, USA TODAY Co., Inc. signed several AI licensing agreements, including a notable multi-year partnership with Meta, which are anticipated to significantly boost Adjusted EBITDA and enhance digital revenue trends.
• During the third quarter of 2025, the company announced a new AI licensing agreement with Microsoft for its upcoming Publisher Content Marketplace.

Outbound Investments

• The company has prioritized both internal and external investments in data, product, marketing, and its content platform to improve its offerings and align with the shift towards digital engagement.
• USA TODAY Co., Inc. is continuing its strategy of selling non-core assets to reduce its debt and leverage ratio, with approximately $60 million in debt reduction in Q1 2025 following the sale of the Austin-American Statesman.

Capital Expenditures

• For the fiscal years spanning 2020 to 2024, USA TODAY Co., Inc. (formerly Gannett Co., Inc.) reported average capital expenditures of $43.907 million, reaching a peak of $49.534 million in December 2024.
• Capital expenditures for the full year 2025 were $51.486 million, with a projection of approximately $45 million for 2025, primarily focused on technology and product investments.
• The company anticipates an increase in capital expenditures due to ongoing investments in technology and new products.