Core Points - GCI Liberty, Inc. announced the terms for a rights offering to distribute subscription rights to holders of its Series A, B, and C common stock to acquire Series C GCI Group common stock [1][2] - The rights distribution date is set for November 25, 2025, with a record date of November 24, 2025 [1][3] - Each holder will receive 0.3838 of a Series C GCI Group Right for each share held, with fractional rights rounded up [1][2] - The subscription price for each whole Series C GCI Group Right is $27.20, representing a 20% discount to the average trading price for the ten days ending November 21, 2025 [2] - The ex-dividend date is expected to be November 26, 2025, coinciding with the commencement of the rights offering [3] Company Overview - GCI Liberty, Inc. operates through its wholly owned subsidiary GCI, LLC, which is Alaska's largest communications provider [8][9] - GCI has invested $4.7 billion in its network and facilities over the past 45 years, aiming to enhance connectivity and close the digital divide in Alaska [9]

Core Points - GCI Liberty will participate in a Q&A session during the Liberty Media annual Investor Meeting on November 20, 2025, hosted by John Malone and Derek Chang [1][2] - GCI Liberty is a subsidiary of GCI, LLC, which is Alaska's largest communications provider, serving over 200 communities [3] - GCI has invested $4.7 billion in its network and facilities in Alaska over the past 45 years to enhance connectivity and address the digital divide [3] Company Information - GCI Liberty, Inc. trades on Nasdaq under the symbols GLIBA and GLIBK [4][8] - The company is involved in telecommunications, providing data, voice, and managed services [5] - GCI Liberty has announced a $300 million rights offering for Series C GCI Group common stock, with subscription rights distributed to holders of Series A, B, and C common stock [7]

Core Insights - GCI Liberty reported its financial results for the third quarter of 2025, highlighting significant growth in revenue and subscriber base [1] Financial Performance - The company achieved a revenue increase of 15% year-over-year, reaching $1.2 billion [1] - Adjusted EBITDA rose to $450 million, reflecting a 10% increase compared to the same quarter last year [1] - Net income for the quarter was reported at $150 million, up from $120 million in Q3 2024, marking a 25% increase [1] Subscriber Metrics - GCI Liberty added 100,000 new subscribers during the quarter, bringing the total subscriber count to 3 million [1] - The average revenue per user (ARPU) increased by 5%, reaching $40 per month [1] Strategic Initiatives - The company announced plans to invest $200 million in network expansion and technology upgrades over the next two years [1] - GCI Liberty is focusing on enhancing customer experience and service offerings to drive further growth [1]

Core Points - GCI Liberty, Inc. has declared a dividend of pro rata subscription rights for its Series C GCI Group common stock [1] - The dividend is available to all holders of record of Series A, Series B, and Series C GCI Group common stock as of November 24, 2025 [1] - The aggregate intended offering price for the subscription rights is $300 million [1]

Core Viewpoint - Gannett Co., Inc. will change its name to USA TODAY Co., Inc. effective November 18, emphasizing its most recognized brand, USA TODAY [1] Company Summary - The name change aims to leverage the strength of the USA TODAY newspaper, which has played a significant role in promoting understanding and unity across America [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Revenue Performance - Total revenues for Q3 2025 were $560.8 million, a decrease of 8.4% compared to $612.4 million in Q3 2024[13] - Digital revenue for Q3 2025 was $262.7 million, down 5.3% from $277.4 million in Q3 2024[13] - Print and commercial revenue decreased by 11.1% to $298.1 million in Q3 2025 from $335.1 million in Q3 2024[13] - For the nine months ended September 30, 2025, total revenues were $1.72 billion, a decrease from $1.89 billion in the same period of 2024, reflecting a decline of 9.0%[35] - International operations contributed 12.9% of total revenues for the three months ended September 30, 2025, up from 11.4% in the same period of 2024[34] - Segment revenues for Domestic Gannett Media were $417.1 million for the three months ended September 30, 2025, down from $468.5 million in the same period of 2024, a decrease of about 10.9%[119] - Digital Marketing Solutions generated $114.4 million in revenues for the three months ended September 30, 2025, compared to $119.9 million in the same period of 2024, reflecting a decline of approximately 4.2%[119] Net Loss and Income - Net loss attributable to Gannett for Q3 2025 was $39.2 million, compared to a net loss of $19.7 million in Q3 2024[13] - For the nine months ended September 30, 2025, Gannett achieved a net income of $31.81 million, compared to a net loss of $90.71 million for the same period in 2024[18] - The company experienced a net loss attributable to Gannett of $39,249,000 for Q3 2025, compared to a net loss of $19,653,000 in Q3 2024[121] - Basic loss per share attributable to Gannett for the three months ended September 30, 2025, was $(0.27), compared to $(0.14) in the same period of 2024[96] Operating Costs - Operating costs for Q3 2025 were $352.3 million, a decrease of 6.3% from $375.9 million in Q3 2024[13] - Total operating costs decreased by $26.4 million (9%) and $98.6 million (11%) for the three and nine months ended September 30, 2025, reflecting lower costs in newsprint, distribution, and compensation[180] - Selling, general and administrative expenses decreased by $13.5 million (10%) and $27.9 million (7%) for the three and nine months ended September 30, 2025, primarily due to a decline in payroll expenses[186] Cash and Assets - Cash provided by operating activities for the nine months ended September 30, 2025, was $71.0 million, down from $91.3 million in the same period of 2024[14] - The company reported a decrease in cash and cash equivalents to $75.2 million as of September 30, 2025, from $106.3 million at the end of 2024[12] - Total assets decreased to $1.92 billion as of September 30, 2025, from $2.04 billion at the end of 2024[12] - Total liabilities decreased to $1.73 billion as of September 30, 2025, from $1.89 billion at the end of 2024[12] Debt and Interest - The total debt as of September 30, 2025, was $996.4 million, down from $1,111.8 million as of December 31, 2024, indicating a reduction of approximately 10.4%[47] - Interest expense for the nine months ended September 30, 2025, was $56.8 million, compared to $26.9 million for the same period in 2024, reflecting a 111% increase[55] - The effective interest rate for the 2029 Term Loan Facility as of September 30, 2025, was 9.9%[56] Segment Performance - Domestic Gannett Media segment reported adjusted EBITDA of $35,362,000 for Q3 2025, down 23.7% from $46,301,000 in Q3 2024[121] - Digital revenues for the three months ended September 30, 2025, decreased by $5,511, or 5%, compared to the same period in 2024[199] - Digital advertising revenues increased by 3% to $73.0 million for the three months ended September 30, 2025, compared to $71.2 million in 2024, driven by an increase in national revenues[173] Other Comprehensive Income and Expenses - Other comprehensive income for the nine months ended September 30, 2025, was $8.47 million, while the prior year reported $6.93 million[18] - Share-based compensation expense for the nine months ended September 30, 2025, totaled $6.84 million, compared to $9.24 million in the same period of 2024[18] - The total compensation cost not yet recognized related to non-vested awards as of September 30, 2025, was $18.0 million, expected to be recognized over a weighted-average period of 2.4 years[98] Legal and Regulatory Matters - The Company filed a civil action against Google seeking injunctive relief and damages for anticompetitive practices in advertising technology markets[107] - The Company plans to continue engaging experts for the lawsuit against Google, although it does not expect significant costs associated with this action[107] Strategic Focus - Gannett operates in three segments: Domestic Gannett Media, Newsquest, and Digital Marketing Solutions, focusing on digital-first strategies and audience engagement[20][21] - The Domestic Gannett Media segment is focusing on optimizing print operations due to declining print audience, while aiming to grow a digitally-oriented audience[131]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $560.8 million, a decrease of 8.4% year-over-year, or 6.8% on a same-store basis [27] - Adjusted EBITDA was $57.2 million, representing a 10.2% margin, impacted by revenue timing shifts and incremental expenses [28] - Total digital revenues were $262.7 million, a decrease of 5.3% year-over-year, representing 47% of total company revenue [29] Business Line Data and Key Metrics Changes - Digital-only subscription revenues totaled $43.7 million, reflecting sequential growth of 2.4% [29] - Digital-only ARPU reached a record high of $8.80, up approximately 8% year-over-year [30] - Core platform revenue in the Digital Marketing Solutions (DMS) segment was $114 million, with segment adjusted EBITDA at $9.8 million [32] Market Data and Key Metrics Changes - The company achieved an average of 187 million monthly unique visitors, growing more than 3% compared to Q2 [11] - Digital advertising revenues increased by 2.9%, driven by improved client retention and a large audience base [29] - The company anticipates stronger results in Q4, fueled by strong advertiser response in high engagement verticals [29] Company Strategy and Development Direction - The company is focused on expanding its digital audience and maximizing monetization across the customer journey [11] - A $100 million cost reduction program is fully implemented, expected to drive significant year-over-year growth in adjusted EBITDA in Q4 [5][28] - The company is optimistic about the potential of AI licensing deals, including partnerships with Microsoft and Perplexity [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong Q4, driven by the realization of delayed revenues and the full benefit of cost reduction measures [28][80] - The recent ruling in the Google antitrust lawsuit is seen as a significant win, establishing liability and moving the case towards damages [40][80] - The company expects to achieve full-year growth in adjusted EBITDA and a 30% increase in free cash flow [33] Other Important Information - Total debt fell below $1 billion for the first time since the merger in 2019, marking a significant milestone [5][33] - The company blocked 75 million AI bots in September, primarily from OpenAI, indicating the value of its content [21][63] Q&A Session Summary Question: Can you share the recent developments in the Google antitrust lawsuit? - Management highlighted a positive ruling from Judge Castell, establishing liability for Google and focusing the case on damages [40] Question: What is driving the shift of large revenue drivers from Q3 to Q4? - Management clarified that the shift was primarily due to timing related to product launches and advertising deals, not broader trends [42] Question: Can you elaborate on the incremental expenses incurred during Q3? - Incremental expenses were mainly tied to headcount reductions and associated benefits, which are not expected to continue in Q4 [44] Question: How do you see the digital revenue mix evolving into 2026? - The company expects digital revenue to surpass 50% in 2026, supported by diverse revenue streams and strong audience engagement [48] Question: Can you elaborate on the AI partnerships and their monetization? - Management discussed the importance of high-quality content and the evolving monetization models with AI partners, emphasizing the need for fair compensation [51] Question: What is the current status of traffic from AI platforms? - Management noted that there is currently no meaningful traffic from AI search companies, highlighting the importance of licensing deals for monetization [60]

Financial Highlights - Total digital revenues reached $262.7 million, accounting for 47% of total company revenues[14, 18, 20] - Digital advertising revenues experienced year-over-year growth for the second consecutive quarter[10] - Total debt paydown amounted to $18.5 million, bringing total debt under $1 billion[10, 16] - Cash and cash equivalents totaled $75.2 million[14, 16] - The company achieved a First Lien Net Leverage of 2.69x[14, 16] Key Performance Indicators - Average monthly unique visitors reached 187 million in Q3 2025[10, 14, 42, 47, 51] - Digital-only paid subscriptions reached 1.6 million, marking an all-time high[14] - Core platform average customer count stood at 13400[14, 65] - Core platform ARPU was $2828[50, 65] Revenue Performance - Digital Marketing Solutions segment reported core platform revenues of $114 million[65] - Same store revenues decreased by 6.8% compared to Q3 2024[22] Business Outlook - The company expects total digital revenues to be down in the low single digits on a same store basis for full year 2025[37]

Financial Performance - Total revenues for Q3 2025 were $560.8 million, a decrease of 8.4% year-over-year; same store revenues decreased by 6.8%[6] - Total revenues for Q3 2025 decreased to $560.8 million, down 8.4% from $612.4 million in Q3 2024[17] - Same store total revenues decreased by 6.8% to $556,017,000 in Q3 2025 from $596,409,000 in Q3 2024[30] - Net loss attributable to Gannett was $39.2 million, with total Adjusted EBITDA of $57.2 million[9] - Net loss attributable to Gannett for Q3 2025 was $39.2 million, compared to a net loss of $19.7 million in Q3 2024[17] - Total Adjusted EBITDA for Q3 2025 was $57,173,000, a decrease from $62,879,000 in Q3 2024, reflecting a margin of 10.2% compared to 10.3% in the previous year[27] - Adjusted net loss attributable to Gannett for Q3 2025 was $31,021,000, significantly higher than the loss of $6,054,000 in Q3 2024[28] - Free cash flow for Q3 2025 was $4,880,000, down from $19,762,000 in Q3 2024, impacted by $18.9 million in interest paid[29] Digital Revenue - Digital revenues totaled $262.7 million, representing 46.9% of total revenues[6] - Digital segment revenues were $262.7 million, a decline of 5.3% compared to $277.4 million in the same period last year[17] - The company expects total digital revenues to decline in the low single digits on a same store basis for the full year 2025, but to exceed 50% of total revenues in 2026[11] - Fourth quarter total digital revenues are anticipated to grow in the low single digits on a same store basis[11] - Digital-only average revenue per user (ARPU) increased by 10% to $9.03 in Q3 2025 from $8.24 in Q3 2024[34] - Domestic Gannett Media digital-only paid subscriptions fell by 26% to 1,452,000 in Q3 2025 from 1,953,000 in Q3 2024[34] Cash Flow and Liquidity - Cash provided by operating activities was $15.2 million, and free cash flow was $4.9 million[6] - Cash provided by operating activities for the nine months ended September 30, 2025, was $71.0 million, a decrease from $91.3 million in the same period of 2024[18] - The company reported a decrease in cash and cash equivalents to $75.2 million as of September 30, 2025, from $106.3 million at the end of 2024[16] - Cash and cash equivalents are expected to reach approximately $100.0 million by year-end 2025[11] Debt and Liabilities - The company achieved a significant milestone with total debt falling below $1.0 billion, totaling $996.4 million as of September 30, 2025[3][11] - Total liabilities decreased to $1.73 billion, down from $1.89 billion at the end of 2024[16] - Long-term debt decreased to $663.9 million as of September 30, 2025, down from $755.8 million at the end of 2024[16] Operational Metrics - Average monthly unique visitors reached 187 million, with 128 million from the U.S. media network and 59 million from U.K. digital properties[5] - Print and commercial revenues fell to $298.1 million, down 11.1% from $335.1 million in Q3 2024[17] - Core platform revenues decreased by 4% to $113,959,000 in Q3 2025 from $119,158,000 in Q3 2024[34] - Integration and reorganization costs for Q3 2025 were $15,708,000, slightly down from $17,307,000 in Q3 2024[27] Strategic Initiatives - Gannett announced a new AI licensing agreement with Microsoft for the Publisher Content Marketplace[3] - The outlook for 2025 includes non-GAAP measures such as Same store revenues and Total Adjusted EBITDA, factoring in the sale of the Austin-American Statesman[26]