NEW YORK - Gannett Co., Inc. (NYSE: GCI), the parent company of the USA TODAY Network, has announced its partnership with The Confederation of North, Central America and Caribbean Association Football (Concacaf) to serve as an official media content partner. This collaboration aims to enhance the visibility of Concacaf's competitions, including the 2024 Champions Cup, an elite men's club soccer tournament.
The 2024 Champions Cup Final is scheduled for Saturday at Estadio Hidalgo in Pachuca, Mexico, featuring CF Pachuca and Columbus Crew. Gannett's extensive network, including USA TODAY Sports and Pro Soccer Wire, will provide comprehensive coverage of the event, which will determine the regional club champion and the Concacaf representative at the FIFA Club World Cup in the United States in Summer 2025.
Lesley Webster, Executive Director of Enterprise and Distributed Partnerships at Gannett, expressed excitement about the partnership, highlighting the growing interest in men's soccer in the country and the network's capability to cater to sports fans with exclusive coverage.
Concacaf General Secretary, Philippe Moggio, also remarked on the successful impact and reach of the Champions Cup, attributing enhanced fan engagement and relevance across North America to the partnership with Gannett. The anticipation for the final match and crowning of the Concacaf regional club champion was emphasized.
The alliance between Gannett and Concacaf aligns with the media company's mission to inspire and inform audiences. Gannett's portfolio includes USA TODAY, local media organizations across the United States, digital marketing solutions, and events divisions. The partnership is expected to serve the interests of the extensive sports audience that both entities command, which exceeds 50 million.
This press release statement serves as the basis for the information provided.
InvestingPro Insights
In the light of Gannett Co., Inc.'s (NYSE: GCI) recent partnership with Concacaf, investors and followers of the media giant may find the company's financial health and market performance of interest. With a market capitalization of $516.03 million, Gannett shows a significant presence in the media industry, despite a challenging market environment reflected in a negative P/E ratio of -4.24. The adjusted P/E ratio for the last twelve months as of Q1 2024, has further declined to -6.58, suggesting that earnings have not kept pace with the company's share price.
On the profitability front, Gannett's gross profit for the last twelve months as of Q1 2024 stands at $966.15 million, with a gross profit margin of 36.73%. This margin reflects the company's ability to manage production and sales costs effectively. However, revenue growth has seen a decline of -8.23% over the same period, indicating potential headwinds in sales or competitive pressures.
From an investment perspective, Gannett's stock has experienced a remarkable turnaround in recent times, with a 1-month price total return of 53.31% and a 3-month price total return of 74.18%. This performance is particularly noteworthy when considering the company's revenue challenges, and it may reflect investor optimism about strategic initiatives such as the Concacaf partnership. The InvestingPro Fair Value metric places Gannett's stock at $4.35, above the analyst target of $3.6, suggesting that the stock may have further room for growth.
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