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Analogy 1: The McDonald's of national newspapers

Analogy 2: The CNN of print journalism

Analogy 3: A daily, printed Google News

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• Print Newspapers: Production and distribution of the USA Today national newspaper and hundreds of local daily and weekly newspapers across the United States.
• Digital News & Information Platforms: Operation of websites and mobile applications for USA Today and its vast network of local news brands, providing national and local news, sports, and entertainment content. (Service: Digital Content Delivery)
• Digital Marketing Services: Provides a suite of advertising and marketing solutions to businesses, including search engine optimization, social media marketing, display advertising, and website development. (Service: Business Marketing & Advertising)

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Please note that the information provided here is for USA Today, which is a publication owned by Gannett Co., Inc. (NYSE: GCI). The symbol TDAY is incorrect and does not correspond to USA Today or Gannett.

Based on Gannett's financial reporting, its advertising and marketing services revenue consistently surpasses its circulation (subscription/sales) revenue. Therefore, USA Today (as part of Gannett) primarily sells its services (advertising space and marketing solutions) to other companies.

Identifying specific "major customer companies" by name for an advertising-based business like USA Today is not publicly disclosed. Media companies like Gannett serve a vast and constantly changing roster of advertisers, and these business relationships are typically confidential. However, we can categorize the types of companies that represent its major customers for advertising and marketing services:

• National Advertisers: These are large corporations and brands across various industries that utilize USA Today's national reach to advertise their products and services to a broad audience. Examples of industries include automotive, consumer packaged goods (CPG), financial services, technology, healthcare, and telecommunications. Due to the confidential nature of individual advertising contracts, specific company names are not disclosed, and their stock symbols are not relevant to USA Today's direct customer list.
• Local and Regional Businesses: While USA Today has a national footprint, Gannett's broader portfolio includes numerous local media properties. These properties, often bundled with national advertising opportunities, cater to local businesses such as car dealerships, real estate agencies, retail stores, restaurants, and local service providers seeking to reach consumers within specific geographic markets.
• Recruitment and Classified Advertisers: Companies, organizations, and governmental bodies seeking to fill job vacancies or place other forms of classified advertisements (e.g., legal notices, public announcements). These range from small businesses to large corporations and public sector entities.

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Mike Reed, Chairman & Chief Executive Officer
Mike Reed joined GateHouse Media, the predecessor company to New Media, in January 2006 as Chief Executive Officer and has been a board member since October 2006. He previously served as President and Chief Executive Officer of Community Newspaper Holdings, Inc. (CNHI), where he was also Chief Financial Officer, and worked for Park Communications, Inc. Reed has a background in private equity, known for acquiring newspapers and implementing significant cost-cutting measures. He became CEO of Gannett in June 2020, following the merger of GateHouse Media into Gannett in November 2019. He has served on the boards of the Newspaper Association of America, The Associated Press, and the University of Alabama's College of Communication and Information Sciences. Currently, he serves on the Board of Directors of the Minneapolis Star Tribune.

Trisha Gosser, Chief Financial Officer
Trisha Gosser was appointed Chief Financial Officer effective March 18, 2025, bringing over 20 years of financial experience, with more than 15 years in the media industry. She joined Gannett in 2007 and most recently served as Deputy Chief Financial Officer since January 2023, overseeing financial and strategic planning, data and analytics, and investor relations. Prior to this, she was Senior Vice President of Finance and Investor Relations for Gannett Co., Inc. and New Media Investment Group, Inc., playing a key role in their merger. Before joining Gannett, Gosser held finance roles at Brunswick Corporation and Mitsubishi Electric. She currently serves on the Board of Directors for the News Media Alliance.

Samantha Howland, Chief People Officer
Samantha Howland has served as the Chief People Officer since 2018. Prior to joining the company, she held the position of Chief People Officer at Mobiquity and was the Senior Managing Partner and Talent Practice Executive for Decision Strategies International.

Lark-Marie Antón, Chief Communications and Brand Officer
Lark-Marie Antón serves as the Chief Communications Officer. Her previous executive roles include positions at Hertz, Verizon, Loews Hotels, and Chief Communications Officer at Aura.

Henry Faure Walker, CEO, Newsquest Media Group
Henry Faure Walker is the CEO of Newsquest Media Group, a wholly-owned subsidiary of USA TODAY Co., Inc. operating in the United Kingdom.

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The public company USA Today (symbol: TDAY) faces several key risks to its business, primarily stemming from challenges within the evolving media landscape. USA Today Co., Inc. is a subsidiary of Gannett Co., Inc. (NYSE: GCI).

1. Declining Revenue from Traditional and Digital Advertising, and Challenges in Digital Monetization: USA Today, as part of Gannett, is experiencing a significant decline in overall revenue, with year-over-year revenue falling by 8.6% in the second quarter of 2025. The traditional print media business continues to struggle, and while the company is pivoting to digital, digital advertising revenue and subscriptions have also shown stagnation or decline, indicating difficulties in effectively monetizing its online content and traffic. Efforts to revamp subscription strategies to reduce churn are underway, but digital-only subscription growth is expected to lag for several quarters.
2. High Debt Load and Liquidity Concerns: Gannett carries a substantial debt load, reported at over $1 billion. The company's operating cash flow is insufficient to organically service this debt, leading to concerns about liquidity and the ability to refinance existing debt, particularly at potentially higher interest rates. Analysts have noted a high debt-to-equity ratio and an Altman Z-Score that suggests potential financial distress.
3. Intense Competition and Market Dominance by Tech Giants in Digital Advertising: USA Today operates in a highly competitive digital media environment where major tech companies like Google and Meta dominate the digital advertising market. This dominance creates significant pressure on USA Today's ability to secure advertising revenue and maintain healthy margins, as publishers often have to pay a substantial portion of ad revenues to these intermediaries. Gannett has even initiated a lawsuit against Google, alleging monopolistic practices in the digital advertising market that have negatively impacted publishers' ad revenue.

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For USA Today (now USA TODAY Co., Inc. as of November 18, 2025), the addressable markets for its main products and services, primarily newspaper publishing (print and digital) and advertising, are as follows in the U.S. region:

• U.S. Newspaper Publishing Industry (Print and Digital Content, including Subscriptions and Advertising): The market size for the Newspaper Publishing industry in the United States is estimated at $30.1 billion in 2025.
• U.S. Digital Media Market: The digital media market in the United States is projected to reach approximately $333.6 billion in 2025, growing at a compound annual growth rate (CAGR) of 11.3% from 2025 to 2030 to reach $567.498.8 million by 2030.
• U.S. Newspaper Print Advertising Market: Ad spending in the print advertising market for newspapers in the United States is expected to reach $4.72 billion by 2025.

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Gannett Co., Inc. (NYSE: GCI), the parent company of USA Today, is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on its digital transformation and new monetization strategies.

1. Expansion of Digital Subscriptions and Strategic Pricing Adjustments: Gannett is prioritizing the growth of its digital-only subscriber base and refining its pricing strategies. The company reported 1.1 million digital-only subscribers as of Q3 2023, representing a 7% year-over-year growth, with digital subscription revenue reaching $233.4 million in 2023. In Q3 2025, digital-only subscription revenues were $43.7 million. Management anticipates digital-only subscriptions to return to year-over-year growth in upcoming quarters by focusing on annual offers, raising prices in high-engagement markets, and introducing pay-per-article options.
2. Growth in Digital Advertising and Favorable Market Dynamics: Digital advertising is a significant revenue driver, with the company expecting improvement in this area. After a decline in Q1 2025, digital advertising revenues showed a positive growth of 4.0% year-over-year in Q2 2025. Larger digital advertising campaigns are projected to contribute more substantially to revenue in Q4 2025. Furthermore, Gannett expects regulatory shifts in the digital advertising ecosystem, such as the Department of Justice's ruling against Google's practices, to create a more favorable marketplace for publishers, enhancing digital advertising revenue growth.
3. AI Content Licensing and Monetization: Gannett is actively pursuing partnerships and licensing deals to monetize its extensive content library through artificial intelligence platforms. In Q3 2025, the company announced a new AI licensing deal with Microsoft. Gannett is also taking steps to block unauthorized AI content scraping, emphasizing that the value derived from AI search companies for publishers like Gannett must come from content licensing agreements. This strategy represents a new revenue stream and an opportunity to leverage its intellectual property.
4. Expansion into High-Engagement Digital Verticals (Video and Gaming): The company is focusing on expanding into high-engagement digital content, particularly video and games, to attract and monetize audiences. Gannett has launched specialized sports hubs (Big Ten, SEC, NFL) and a video-first platform, USA TODAY Pets. The company believes that increasing audience engagement with games, even by a small percentage, could generate significant additional digital-only subscription and digital advertising revenue.
5. Performance of Digital Marketing Solutions (DMS): Gannett's Digital Marketing Solutions segment continues to be a focus for growth, driven by increasing demand for digital advertising solutions. While Core Platform revenue in DMS saw a decrease in Q3 2025, the average revenue per user for DMS rose 2% year-over-year in Q2 2025. The company aims to improve performance within this segment to contribute to overall digital revenue growth.

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Share Repurchases

• Gannett's Board of Directors authorized a stock repurchase program of up to $100 million.
• As of September 30, 2025, approximately $96.9 million remained authorized under the stock repurchase program.
• The company did not repurchase any shares of Common Stock under the program during the nine months ended September 30, 2025.

Share Issuance

• The 2027 Notes are convertible into 4.8 million shares of Common Stock, based on an initial conversion price of $5.00 per share.
• The 2031 Notes are convertible into 44.7 million shares of Common Stock, based on an initial conversion price of $5.00 per share.
• As of September 30, 2025, no authorized preferred stock (300,000 shares, $0.01 par value per share) had been issued.

Inbound Investments

• Apollo Global Management (APO) became the fifth-largest shareholder, acquiring over 7.5 million shares at an average price of $2.25 (around 2023), representing 5% of the outstanding shares.
• Alta Fundamental Advisors, LLC also increased its position by 5.3 million shares around the same period.
• In the third quarter of 2025, the company announced a new AI licensing agreement with Microsoft, and an AI licensing deal with Perplexity in the second quarter of 2025.

Capital Expenditures

• Capital expenditures for fiscal years ending December 2020 to 2024 averaged $41.912 million, with a median of $39.56 million.
• Capital expenditures peaked at $55.413 million in June 2025 for the latest twelve months.
• For the three months ended September 30, 2025, capital expenditures were $10.297 million and are expected to increase due to investments in technology and products.