From a post on Local News Initiative by Greg Burns headlined “Gannett Positions for the Future by Cutting Today”:

Earlier this month, Gannett’s Michael Reed had an opportunity to set a new course for the nation’s biggest newspaper company after disappointing financial results in August.

Instead, he doubled down.

Reed doubled down on cost-cutting, promising to cut $200 million to $240 million from “declining parts” of the business – primarily print. He doubled down on paying off debt, which tops $1.34 billion. Most of all, he doubled down on boosting digital subscriptions, while also promising to expand a unit that specializes not in journalism, but in selling web services to small- and medium-sized businesses.