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Gannett Co Inc/DE – ‘10-Q’ for 9/26/99

On:  Tuesday, 11/9/99   ·   For:  9/26/99   ·   Accession #:  39899-99-29   ·   File #:  1-06961

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  As Of                Filer                Filing    For·On·As Docs:Size

11/09/99  Gannett Co Inc/DE                 10-Q        9/26/99    5:63K

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        10-Q Report                                           27     99K 
 2: EX-11       Earnings Per Share                                     1      6K 
 3: EX-27       Financial Data Schedule                                2      6K 
 4: EX-99.1     Newsquest July Financials                              4     10K 
 5: EX-99.2     Pro Forma Financial Statements                         6     22K

10-Q   —   10-Q Report
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
22Item 5. Other Information
"Item 6. Exhibits and Reports on Form 8-K 
10-Q1st Page of 27TOC↑TopPreviousNext↓BottomJust 1st
 

SECURITIES AND EXCHANGE COMMISSION                
Washington, D.C.  20549                 

FORM 10-Q               

(Mark One)                                                                      

X    Quarterly report pursuant to Section 13 or 15(d) of the Securities         
Exchange Act of 1934 for the quarterly period ended               
September 26, 1999 or                                             

_    Transition report pursuant to Section 13 or 15(d) of the Securities        
Exchange Act of 1934 for the transition period from                 
_______ to _________                                              

Commission file number 1-6961                           

GANNETT CO., INC.       
(Exact name of registrant as specified in its charter)            

Delaware                                                16-0442930              
(state or other jurisdiction of                          (I.R.S. Employer       
incorporation or organization)                          Identification No.)     

1100 Wilson Boulevard, Arlington, Virginia 22234          
(Address of principal executive offices)  (Zip Code)        

(703) 284-6000          
(Registrant's telephone number, including area code)          

(Former name, former address and former fiscal year, if       
changed since last report)                                  


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Indicate by check mark whether the registrant (1) has filed all reports         
required to be filed by Section 13 or 15(d) of the Securities Exchange          
Act of 1934 during the preceding 12 months (or for such shorter                 
period that the registrant was required to file such reports), and (2) has      
been subject to such filing requirements for the past 90 days.                  
Yes  X      No __                                                               

The number of shares outstanding of the issuer's Common Stock,                  
Par Value $1.00, as of September 26, 1999 was 278,771,355.                      


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PART I.  FINANCIAL INFORMATION                                                  

MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS                              

ACQUISITIONS/DISPOSITIONS/EXCHANGES                                             

On June 24, 1999, Gannett U.K. Limited ("Gannett UK"), a wholly-owned           
subsidiary of Gannett Co., Inc. ("the company"), made a cash offer to acquire   
the entire issued and to be issued share capital of Newsquest plc               
("Newsquest").  Pursuant to the Offer, Newsquest shareholders elected to        
receive 460 pence (U.S. $7.26) in cash or Loan Notes for each of 200.4 million  
fully diluted shares, for a total price of approximately 922 million pounds     
sterling (U.S. $1.5 billion).  Gannett UK also financed the repayment of        
Newsquest's existing debt.  Share purchases commenced in the third quarter      
of 1999 and were financed principally by commercial paper borrowings and        
operating cash flow.  On July 26, 1999, pursuant to the Offer Document,         
Gannett UK declared the Offer unconditional in all respects and shortly         
thereafter, Gannett UK effectively owned 100% of Newsquest shares.  The         
acquisition was recorded under the purchase method of accounting and            
Newsquest's results of operations are included in the company's third quarter   
financial statements from July 26, 1999 onward.                                 

On July 27, 1999, the company announced an agreement to sell the assets of its  
cable division to Cox Communications, Inc. for approximately $2.7 billion       
in cash.  Closing is expected to occur after regulatory approvals are           
obtained in early 2000.  Upon closing, a gain will be recognized which, along   
with the cable and security segment operating results, will be reported as      
discontinued operations in the company's financial statements.                  

EARNINGS SUMMARY                                                                

Quarter                                                                         

Operating income for the third quarter of 1999 rose $57.3 million or 18%.       
Newspaper publishing earnings were up $55.9 million or 23% for the quarter,     
reflecting continued strong advertising demand, very strong operating results   
at USA TODAY and USA WEEKEND, a 9% decline in newsprint expense and the         
positive impact of the recently acquired Newsquest properties.  Television      
earnings declined $0.7 million or 1% for the quarter.  The television segment   
results were impacted by recent transactions, including the exchange of the     
company's station in Austin, TX for a station in Sacramento, CA, plus other     
consideration.  Cable earnings rose $2.8 million or 20% for the quarter.        

Net income for the third quarter rose $31.0 million or 18%.  Net income per     
share was $.74 (diluted), up 19%.                                               


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Year-to-Date                                                                    

Operating income for the first nine months of 1999 rose $110.4 million or 11%.  
Non-operating income for the first nine months of 1999 included a second        
quarter net pre-tax gain of $55 million ($33 million after-tax) principally     
from the exchange of the television stations discussed above.  Non-operating    
income for the first nine months of 1998 included a first quarter net pre-tax   
gain of $306.5 million ($183.6 million after-tax) primarily from the            
disposition of the company's five remaining radio stations and its alarm        
security business.  Net income for the first nine months of 1999, excluding     
the 1999 and 1998 gains referred to above, advanced $72.0 million or 13%.       

A presentation of year-to-date earnings excluding the net non-operating         
gains follows:                                                                  

                                  Earnings Summary Excluding
                                   1999 and 1998 Net Non-operating Gains

(dollars in thousands,                                                          
except per share amounts)                                                       

                        Year-to-date Ended
                                  Sept. 26,    Sept. 27,     % Inc
                                    1999         1998        (Dec)
                                  --------     --------      -----

Operating income                       $1,101,149     $990,768       11.1       

Non-operating income (expense):                                                 
  Interest expense                  (56,918)     (60,767)      (6.3)
 Other                               4,731        2,450       93.1
                                 -----------    ---------     ------
Total                                     (52,187)     (58,317)     (10.5)      
                                 -----------    ---------     ------

Income before income taxes              1,048,962      932,451       12.5       
Provision for income taxes                418,400      373,880       11.9       
                                 -----------    ---------     ------
Net income                             $  630,562     $558,571       12.9       
                                 ===========    =========     ======

Net income per share-basic                  $2.26        $1.96       15.3       
                                     =====        =====       ====

Net income per share-diluted                $2.24        $1.95       14.9       
                                     =====        =====       ====


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Certain pro forma operating results for each business segment are discussed     
in the following sections of this report.                                       

NEWSPAPERS                                                                      

As discussed above, the company completed the acquisition of Newsquest on       
July 26, 1999.  Newsquest's principal activities are publishing and printing    
regional and local newspapers in the United Kingdom with a portfolio that       
includes 11 daily newspapers and a variety of non-daily publications.  Reported 
results include the operating results from the Newsquest properties from        
July 26, 1999 onward and were translated from pounds sterling to U.S. dollars   
at a weighted average rate of $1.61.                                            

Reported newspaper publishing revenues rose $118.1 million or 12% in the third  
quarter of 1999 and $204.7 million or 7% for the year-to-date, reflecting the   
impact of revenues from the Newsquest properties.  This included a              
$110.5 million or 16% gain in advertising revenues for the quarter and          
$202.7 million or 10% increase for the year-to-date.                            

The tables below provide, on a pro forma basis, details of newspaper ad         
revenue, including the newly acquired Newsquest properties, for the third       
quarter and year-to-date periods of 1999 and 1998. Advertising linage and       
preprint distribution details are also provided below; however, linage and      
preprint distribution for Newsquest publications are not included.              

Advertising revenue, in thousands of dollars (pro forma)                        

Third Quarter                                                                   
--------------                                                                  
                                    1999          1998    % Change
                                    ----          ----    --------

Local                           $234,251       $234,678      0  
National                         139,265        124,348     12  
Classified                       355,791        336,469      6  
                               --------       --------    ----
Total Run-of-Press               729,307        695,495      5  

Preprint and                                                    
other advertising              112,991        107,312      5
                               --------       --------    ----
Total ad revenue                $842,298       $802,807      5  
                               ========       ========    ====


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Advertising linage, in thousands of inches, and preprint distribution, in       
millions (pro forma)                                                            

Third Quarter                                                                   
--------------                                                                  
                                    1999          1998    % Change
                                    ----          ----    --------

Local                             8,207         8,201        0  
National                            811           723       12  
Classified                       11,653        10,706        9  
                                ------        ------      ----
Total Run-of-Press linage        20,671        19,630        5  
                                ======        ======      ====

Preprint distribution             1,762         1,704        3  
                                ======        ======      ====

Advertising revenue, in thousands of dollars (pro forma)                        

Year-to-Date                                                                    
------------                                                                    
                                    1999          1998    % Change
                                    ----          ----    --------
Local                           $716,958       $715,544      0  
National                         449,185        393,176     14  
Classified                     1,062,952      1,002,126      6  
                             ----------     ----------    ----
Total Run-of-Press             2,229,095      2,110,846      6  

Preprint and                                                    
other advertising              338,443        320,671      6
                             ----------     ----------    ----
Total ad revenue              $2,567,538     $2,431,517      6  
                             ==========     ==========    ====

Advertising linage, in thousands of inches, and preprint distribution, in       
millions (pro forma)                                                            

Year-to-Date                                                                    
------------                                                                    
                                    1999          1998    % Change
                                    ----          ----    --------
Local                            24,843        24,639        1  
National                          2,463         2,153       14  
Classified                       33,818        31,259        8  
                                ------        ------      ----
Total Run-of-Press linage        61,124        58,051        5  
                                ======        ======      ====

Preprint distribution             5,265         5,126        3  
                                ======        ======      ====


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Pro forma newspaper advertising revenues rose 5% for the quarter and 6% for the 
year-to-date.  Local ad revenues and volume were flat for the quarter.          
Year-to-date, local ad revenues were flat with volume up 1%.  National ad       
revenues rose 12% for the quarter and 14% for the year-to-date on a volume      
increase of 12% for the quarter and 14% for the year-to-date. Classified ad     
revenues increased 6% for the quarter and the year-to-date on a volume increase 
of 9% for the quarter and 8% for the year-to-date.  Most of the company's       
newspapers, including USA TODAY and USA WEEKEND, recorded solid gains in        
advertising revenue. Classified gains were strongest in the employment and      
automotive categories.                                                          

Reported newspaper circulation revenues declined 2% for the quarter and 1% for  
the year-to-date.  Pro forma net paid daily circulation for the company's local 
newspapers was lower by 2% for the quarter and 1% for the year-to-date.         
Sunday circulation was lower by 2% for the quarter and for the year-to-date.    
USA TODAY reported an average daily paid circulation of 2,235,808 in the        
ABC Publisher's statement for the 26 weeks ended September 26, 1999, a 1%       
increase over the comparable period a year ago.                                 

Operating costs for the newspaper segment increased $62.2 million or 8% for the 
quarter and $94.1 million or 4% for the year-to-date, largely due to the added  
costs from the Newsquest properties.  In total, newsprint expense decreased 9%  
for the quarter and 5% for the year-to-date.  Newsprint consumption rose 8% for 
the quarter and 4% for the year-to-date, while newsprint prices continued to    
decline.  The company expects newsprint prices to be lower for the remainder    
of the year as compared to the corresponding period of 1998.                    

Newspaper operating income increased $55.9 million or 23% for the quarter and   
$110.6 million or 15% for the year-to-date, reflecting strong advertising gains 
throughout the group particularly in classified and national advertising, very  
strong operating results at USA TODAY and USA WEEKEND, an overall decrease in   
newsprint expense and the positive impact of the recently acquired Newsquest    
properties.                                                                     


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TELEVISION                                                                      

Reported results include the impact of WLTX-TV (CBS) in Columbia, South         
Carolina, purchased in late April of 1998 and the impact of the exchange of     
KVUE-TV (ABC) in Austin, Texas for KXTV-TV (ABC) in Sacramento, California on   
June 1, 1999.  Gannett Television now consists of 21 television stations        
reaching 17.3 percent of the U.S. television market.                            

Reported television revenues increased $7.6 million or 5% for the third quarter 
and $3.8 million or 1% for the year-to-date, while operating costs increased    
$8.4 million or 9% for the quarter and $10.4 million or 4% for the              
year-to-date. On a pro forma basis, television station revenues increased 3%    
for the quarter and declined 1% for the year-to-date.  Pro forma local          
ad revenues increased by 8% for the quarter and 5% for the year-to-date,        
while national ad revenues decreased by 3% for the quarter and 7% for the       
year-to-date.                                                                   

Reported television operating income declined $0.7 million or 1% for the        
quarter and $6.6 million or 3% for the year-to-date.  Recent television station 
transactions, including the previously mentioned exchange completed in          
June 1999, unfavorably impacted the operating results of the television group.  

CABLE AND SECURITY                                                              

Reported operating revenues for the cable and security segment increased        
$6.4 million or 11% for the third quarter and $11.0 million or 6% for the       
year-to-date, while operating income rose $2.8 million or 20% for the quarter   
and $5.7 million or 13% for the year-to-date.  In early March 1998, the company 
sold its alarm security business, previously reported with this segment.  On a  
pro forma basis for the year-to-date, excluding the 1998 alarm security         
results, cable revenues rose $19.2 million or 11% and operating income          
increased $6.3 million or 15%.                                                  

In late August 1998, the company completed an exchange of its subscribers and   
certain cable system assets in the Chicago area (93,000 subscribers) for        
subscribers and certain cable systems assets of TCI Communications, Inc. in     
Kansas (128,000 subscribers). At the end of the third quarter of 1999,  the     
cable television business served approximately 517,000 subscribers in three     
states or 62% of homes passed.                                                  

The increases in cable operating revenues and operating income for the third    
quarter and year-to-date reflect the increased subscriber base from the asset   
exchange, higher subscription rates and significant increases in advertising    
revenues.                                                                       

As discussed above in the opening section of this report, the company has       
announced an agreement to sell the assets of its cable division.  Upon closing  
of this transaction, a gain on the disposal of the cable division assets, along 
with the cable and security segment operating results, will be reported as      
discontinued operations in the company's financial statements.                  


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NON-OPERATING INCOME AND EXPENSE/PROVISION FOR INCOME TAXES                     

Interest expense increased $9.3 million or 54% for the quarter reflecting       
increased commercial paper borrowings to finance the Newsquest acquisition.     
Year-to-date interest expense, however, decreased $3.8 million or 6%,           
reflecting the pay-down of long-term debt in the first half of 1999 from        
operating cash flow and proceeds from the disposal of certain businesses        
in 1998 and 1999.                                                               

Non-operating income for the year-to-date 1999 included a net pre-tax second    
quarter gain of $55 million ($33 million after-tax), while non-operating income 
for the year-to-date 1998 included a net pre-tax first quarter gain of          
$307 million ($184 million after-tax) as discussed in the Earnings Summary      
above.                                                                          

The company's effective income tax rate was 39.9% for the quarter and           
year-to-date periods of 1999 versus 40.1% for the same periods last year.       

NET INCOME                                                                      

Net income increased $31.0 million or 18% for the quarter.  For the             
year-to-date, excluding the $33 million and $184 million net non-operating      
after-tax gains in 1999 and 1998, net income rose $72.0 million or 13%.         
Diluted earnings per share rose to $0.74 from $0.62, an increase of 19% for the 
quarter, and rose to $2.24 from $1.95, an increase of 15% for the year-to-date  
(excluding the 1999 and 1998 net non-operating gains).                          

The weighted average number of diluted shares outstanding in the quarter        
totaled 282,200,000, compared to 286,923,000 for the third quarter of 1998.     
Year-to-date, the weighted average number of diluted shares outstanding totaled 
282,035,000, compared to 287,073,000 in the same period last year.  During the  
third quarter of 1999, the company repurchased approximately 1.3 million shares 
of common stock at a cost of approximately $91.3 million.  In the last half of  
1998, the company repurchased approximately six million shares of common stock  
at a cost of $329 million.  These stock repurchases were partially offset by    
shares issued upon the exercise of stock options and the settlement of stock    
incentive rights.   Exhibit 11 of this Form 10-Q presents the weighted average  
number of basic and diluted shares outstanding and the earnings per share for   
each period.                                                                    


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LIQUIDITY AND CAPITAL RESOURCES                                                 

The company's consolidated operating cash flow (defined as operating income     
plus depreciation and amortization of intangible assets) as reported in the     
accompanying Business Segment Information totaled $1,345.7 million for the      
first nine months of 1999, compared with $1,223.9 million for the same period   
of 1998, a 10% increase, reflecting strong overall operating results and the    
acquisition of Newsquest.                                                       

Capital expenditures for the year-to-date totaled $166 million, compared to     
$144 million in 1998.  The acquisition of Newsquest during the third quarter    
resulted in significant increases in the company's excess of acquisition cost   
over the value of assets acquired and its property, plant and equipment.        
Although the company's long-term debt was reduced by $358 million in the first  
half of 1999 from operating cash flow, at the end of the third quarter, the     
company's long-term debt was up $1.18 billion, reflecting commercial paper      
borrowings to finance the acquisition of Newsquest.  The company's foreign      
currency translation adjustment, included in accumulated other comprehensive    
income and reported as part of shareholders' equity, totaled $30.3 million,     
net of tax, at September 26, 1999, due to the strengthening of the British      
pound against the U.S. dollar since the Newsquest acquisition date.             
Newsquest's assets and liabilities at September 26, 1999 were translated from   
British pounds to U.S. dollars at an exchange rate of $1.64.  The company's     
regular quarterly dividend of $0.20 per share was declared in the first and     
second quarters and $0.21 per share was declared in the third quarter of 1999.  
Dividends declared totaled $170.6 million for the first nine months of 1999.    

YEAR 2000                                                                       

In prior filings, the company has included discussion surrounding its Year 2000 
plans, which is updated below.                                                  

Project                                                                         

The company developed a plan to ensure that all of its key computer systems     
would be Year 2000 compliant in advance of December 31, 1999.  The plan         
encompasses all operating properties (including those recently acquired),       
corporate headquarters and, where necessary, computer applications that         
directly interface elements of the company's business with business partners,   
customers, suppliers and service providers.                                     

The plan structure includes several phases: inventory, assessment, detailed     
analysis, implementation/remediation, audit and contingency planning.  The      
first three phases of inventory, assessment and detailed analysis are complete. 
The implementation/remediation phase is substantially complete.  Audit and      
contingency planning efforts are also substantially complete, but will continue 
to be refined up to the Year 2000.                                              

The company's business systems (i.e., marketing, sales support, customer        
billing and accounts receivable, accounting, accounts payable and payroll) at   
a majority of its local operating properties and at its headquarters are        
already Year 2000 compliant.  This has been achieved through a systematic       
roll-out of Year 2000 compliant software where it was necessary.  By the end    
of the third quarter of 1999, more than 99% of these business applications were 
Year 2000 compliant.  For those few properties which still operate business     
systems that are not Year 2000 compliant, the company has already purchased or  
developed the necessary software and will be installing it during the fourth    
quarter of 1999 according to plan.                                              


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For newspaper operations, critical systems also include publishing systems      
(i.e., front-end editorial and classified, networks, press and                  
mailroom/distribution systems) and other facility/administrative systems.  At   
the end of the third quarter of 1999, more than 97% of such newspaper           
publishing systems were Year 2000 compliant.  The company expects to complete   
installation of compliant publishing systems in the fourth quarter of 1999.     
All facility/administrative systems for the newspaper group are Year 2000       
compliant.                                                                      

The company's 21 television stations generally use standard purchased software  
and systems for production and broadcasting. Each station operates these        
systems independently on separate hardware platforms. Nearly all critical       
television station systems have been modified or upgraded as necessary for      
Year 2000 compliance.  For the few remaining systems, compliance will be        
achieved at various points through the fourth quarter of 1999 when the desired  
technology becomes available for purchase and installation.                     

For the cable television business, all business applications and other critical 
systems for production, distribution and administration are now Year 2000       
compliant.                                                                      

The company has requested confirmation of compliance from its third party       
vendors and, in important cases, has or will run tests in the fourth quarter    
of 1999 to verify compliance.                                                   

Costs                                                                           

The costs specifically associated with efforts to achieve Year 2000 compliance  
are expected to be less than $33 million in the aggregate (exclusive of         
software and hardware that has been or will be replaced or upgraded in the      
normal course of business), and more than 96% of such costs were incurred and   
reported through the end of the third quarter of 1999.  Year 2000 compliance    
costs are not material to the company's financial position or to operating      
results for any of the years involved and compliance efforts have not           
significantly affected progress of other information technology plans or        
programs.                                                                       


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Risks                                                                           

The business risks the company would face if it were unable to achieve Year     
2000 compliance for its critical systems could vary significantly in degree of  
seriousness, depending on the system and the business unit affected. The        
company may be unable to publish certain of its newspapers, broadcast from      
certain of its television stations and/or deliver programming in certain cable  
markets.  If this occurred, it would most likely be due to Year 2000 related    
failure of the company's utility, telecommunications or content service         
providers, not from internal company system failure.  The company continues     
to work directly with these vendors to evaluate risk levels.  If the company's  
operations were affected in this manner, revenue losses would result which      
would not be fully recovered when normal operations resumed.  Incremental       
repair and start up costs might also be incurred.  Given the present state of   
its Year 2000 compliance program and its plans to complete it as described      
above, the company does not expect that a significant portion of its operations 
would be adversely impacted, and even if certain operations were so impacted,   
it would be only for a limited time.   Consequently, management does not        
believe possible disruptions of this nature would have a material effect on the 
company's financial condition or results of operations.                         

While the company believes its Year 2000 plan will ensure functionality of all  
key systems, each business unit and corporate headquarters have also prepared   
contingency plans.                                                              

CERTAIN FACTORS AFFECTING FORWARD LOOKING STATEMENTS                            

Certain statements in the company's 1998 Annual Report to Shareholders, its     
Annual Report on Form 10-K, and in this Quarterly Report contain                
forward-looking information.  The words "expect," "intend," "believe,"          
"anticipate," "likely," "will," and similar expressions generally identify      
forward-looking statements.  These forward-looking statements are subject to    
certain risks and uncertainties which could cause actual results and events to  
differ materially from those anticipated in the forward-looking statements.     

Potential risks and uncertainties which could adversely affect the company's    
ability to obtain these results include, without limitation, the following      
factors: (a) increased consolidation among major retailers or other events      
which may adversely affect business operations of major customers and depress   
the level of local and national advertising; (b) an economic downturn in        
some or all of the company's principal newspaper or television markets leading  
to decreased circulation or local or national advertising; (c) a decline in     
general newspaper readership patterns as a result of competitive alternative    
media or other factors; (d) an increase in newsprint or syndication programming 
costs over the levels anticipated; (e) labor disputes which may cause revenue   
declines or increased labor costs; (f) acquisitions of new businesses or        
dispositions of existing businesses; (g) a decline in viewership of major       
networks and local news programming; (h) rapid technological changes and        
frequent new product introductions prevalent in electronic publishing; and      
(i) the uncertainty associated with the impact of Year 2000 issues on the       
company, its customers, its vendors and others with whom it does business.      


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                                                        [Enlarge/Download Table]

CONSOLIDATED BALANCE SHEETS                                                              
Gannett Co., Inc. and Subsidiaries                                                       
Unaudited, in thousands of dollars                                                       


                                                        Sept. 26, 1999     Dec. 27, 1998 
                                                        ----------------  ---------------
                                                                                         
ASSETS                                                                                   
Cash                                                    $        54,364   $       60,103 
Marketable securities                                                12            6,084 
Trade receivables, less allowance                                                        
     (1999 - $29,843; 1998 - $19,143)                           721,402          664,540 
Inventories                                                      97,481           87,176 
Prepaid expenses and other receivables                          108,937           88,482 
                                                        ----------------  ---------------
Total current assets                                            982,196          906,385 
                                                        ----------------  ---------------
Property, plant and equipment                                                            
Cost                                                          3,890,338        3,666,743 
Less accumulated depreciation                                (1,700,368)      (1,602,960)
                                                        ----------------  ---------------
Net property, plant and equipment                             2,189,970        2,063,783 
                                                        ----------------  ---------------
Intangible and other assets                                                              
Excess of acquisition cost over the value of                                             
     assets acquired, less amortization                       5,434,108        3,794,601 
Investments and other assets                                    329,023          214,711 
                                                        ----------------  ---------------
Total intangible and other assets                             5,763,131        4,009,312 
                                                        ----------------  ---------------
Total assets                                            $     8,935,297   $    6,979,480 
                                                        ================  ===============


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LIABILITIES & SHAREHOLDERS' EQUITY                                                       
Current maturities of long-term debt                    $                 $        7,812 
Accounts payable and current portion of film                                             
     contracts payable                                          360,020          312,283 
Compensation, interest and other accruals                       306,422          228,222 
Dividend payable                                                 58,780           55,790 
Income taxes                                                     64,205            6,395 
Deferred income                                                 127,236          117,465 
                                                        ----------------  ---------------
Total current liabilities                                       916,663          727,967 
                                                        ----------------  ---------------
Deferred income taxes                                           500,379          442,359 
Long-term debt, less current portion                          2,496,911        1,306,859 
Postretirement, medical and life insurance liabilities          306,946          308,145 
Other long-term liabilities                                     271,796          214,326 
                                                        ----------------  ---------------
Total liabilities                                             4,492,695        2,999,656 
                                                        ----------------  ---------------
Shareholders' Equity                                                                     
Preferred stock of $1 par value per share.  Authorized                                   
     2,000,000 shares; issued - none.                                                    
Common stock of $1 par value per share.  Authorized                                      
     400,000,000; issued, 324,420,732 shares.                   324,421          324,421 
Additional paid-in capital                                      128,839          126,045 
Retained earnings                                             5,268,045        4,775,313 
Accumulated other comprehensive income                           39,928                  
                                                        ----------------  ---------------
Total                                                         5,761,233        5,225,779 
                                                        ----------------  ---------------
Less treasury stock - 45,649,377 shares and                                              
     42,816,478 shares respectively, at cost                 (1,298,905)      (1,223,077)
Deferred compensation related to ESOP                           (19,726)         (22,878)
                                                        ----------------  ---------------
Total shareholders' equity                                    4,442,602        3,979,824 
                                                        ----------------  ---------------
Total liabilities and shareholders' equity              $     8,935,297   $    6,979,480 
                                                        ================  ===============



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                                                                [Download Table]

CONSOLIDATED STATEMENTS OF INCOME                                              
Gannett Co., Inc. and Subsidiaries                                             
Unaudited, in thousands of dollars (except per share amounts)                  


                                            Thirteen weeks ended         % Inc 
                                       Sept. 26, 1999   Sept. 27, 1998    (Dec)
                                        -------------   -------------    ----- 
                                                                               
Net Operating Revenues:                                                        
Newspaper advertising                   $    817,844    $   707,347       15.6 
Newspaper circulation                        255,754        251,534        1.7 
Television                                   166,770        159,125        4.8 
Cable                                         64,668         58,231       11.1 
Other                                         53,193         49,825        6.8 
                                        -------------   ------------     ----- 
Total                                      1,358,229      1,226,062       10.8 

Operating Expenses:                                                            
Cost of sales and operating expenses,                                          
    exclusive of depreciation                686,661        648,320        5.9 
Selling, general and administrative                                            
    expenses, exclusive of depreciation      214,436        188,076       14.0 
Depreciation                                  51,726         49,878        3.7 
Amortization of intangible assets             35,391         27,122       30.5 
                                        -------------   ------------     ----- 
Total                                        988,214        913,396        8.2 
                                        -------------   ------------     ----- 
Operating income                             370,015        312,666       18.3 

Non-operating income (expense):                                                
Interest expense                             (26,474)       (17,190)      54.0 
Other                                          1,588           (877)       --  
                                        -------------   ------------     ----- 
Total                                        (24,886)       (18,067)      37.7 

Income before income taxes                   345,129        294,599       17.2 
Provision for income taxes                   137,650        118,080       16.6 
                                        -------------   ------------     ----- 
Net income                              $    207,479    $   176,519       17.5 
                                        =============   ============     ===== 

Net income per share - basic                   $0.74          $0.62       19.4 
                                               =====          =====      ===== 

Net income per share - diluted                 $0.74          $0.62       19.4 
                                               =====          =====      ===== 

Dividends per share                            $0.21          $0.20        5.0 
                                               =====          =====      ===== 



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                                                                [Download Table]
CONSOLIDATED STATEMENTS OF INCOME                                               
Gannett Co., Inc. and Subsidiaries                                              
Unaudited, in thousands of dollars (except per share amounts)                   

                                           Thirty-nine weeks ended       % Inc  
                                        Sept. 26, 1999  Sept. 27, 1998    (Dec) 
                                        --------------  --------------    ----- 
                                                                                
Net Operating Revenues:                                                         
Newspaper advertising                   $    2,326,669  $    2,124,016      9.5 
Newspaper circulation                          757,923         758,375     (0.1)
Television                                     522,444         518,616      0.7 
Cable and Security                             190,521         179,521      6.1 
Other                                          152,082         149,581      1.7 
                                        --------------  --------------    ------
Total                                        3,949,639       3,730,109      5.9 

Operating Expenses:                                                             
Cost of sales and operating expenses,                                           
    exclusive of depreciation                1,994,237       1,938,055      2.9 
Selling, general and administrative                                             
    expenses, exclusive of depreciation        609,668         568,187      7.3 
Depreciation                                   153,327         153,273      0.0 
Amortization of intangible assets               91,258          79,826     14.3 
                                        --------------  --------------    ------
Total                                        2,848,490       2,739,341      4.0 
                                        --------------  --------------    ------
Operating income                             1,101,149         990,768     11.1 

Non-operating income (expense):                                                 
Interest expense                               (56,918)        (60,767)    (6.3)
Other*                                          59,261         308,977    (80.8)
                                        --------------  --------------    ------
Total                                            2,343         248,210    (99.1)

Income before income taxes                   1,103,492       1,238,978    (10.9)
Provision for income taxes                     440,150         496,800    (11.4)
                                        --------------  --------------    ------
Net income                              $      663,342  $      742,178    (10.6)
                                        ==============  ==============    ======

Net income per share - basic                     $2.37           $2.61     (9.2)
                                                 =====           =====     =====

Net income per share - diluted                   $2.35           $2.59     (9.3)
                                                 =====           =====     =====

Dividends per share                              $0.61           $0.58      5.2 
                                                 =====           =====     =====

* 1999 results include a net non-operating gain principally from the            
  exchange of KVUE-TV in Austin, Texas for KXTV-TV in Sacramento, California.   
  1998 results include a net non-operating gain principally from the            
  disposition of several businesses including Radio and Alarm Security.         
  See Management's Discussion and Analysis of Operations for earnings summary   
  excluding net non-operating gains.                                            



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                                                        [Enlarge/Download Table]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                       
Gannett Co., Inc. and Subsidiaries                                                    
Unaudited, in thousands of dollars                                                    

                                                           Thirty-nine weeks ended    
                                                       Sept. 26, 1999   Sept. 27, 1998
                                                       --------------   --------------
                                                                                      
Cash flows from operating activities                                                  
  Net income                                           $    663,342     $     742,178 
  Adjustments to reconcile net income to                                              
  operating cash flows:                                                               
    Depreciation                                            153,327           153,273 
    Amortization of intangibles                              91,258            79,826 
    Deferred income taxes                                    52,549            62,286 
    Other, net                                              (57,342)         (432,208)
                                                           ---------         ---------
  Net cash flow from operating activities                   903,134           605,355 
                                                           ---------         ---------

Cash flows from investing activities                                                  
  Purchase of property, plant and equipment                (166,126)         (143,682)
  Payments for acquisitions, net of cash acquired        (1,665,182)         (369,804)
  Change in other investments                               (18,626)           (1,559)
  Proceeds from disposal of certain assets                   38,450           649,466 
  Collection of long-term receivables                         8,178            14,649 
                                                           ---------         ---------
  Net cash (used for) provided by investing activities   (1,803,306)          149,070 
                                                           ---------         ---------

Cash flows from financing activities                                                  
  Proceeds from (payment of) long-term debt               1,130,394          (470,726)
  Dividends paid                                           (167,620)         (162,017)
  Cost of common shares repurchased                         (91,259)         (137,038)
  Proceeds from issuance of common stock                     16,644            16,880 
                                                           ---------         ---------
  Net cash used provided by (used for)                                                
     financing activities                                   888,159          (752,901)
                                                           ---------         ---------
  Effect of currency exchange rate change                       202                   
                                                           ---------         ---------
Net (decrease) increase in cash and cash equivalents        (11,811)            1,524 
Balance of cash and cash equivalents at                                               
  beginning of year                                          66,187            52,778 
                                                           ---------         ---------
Balance of cash and cash equivalents at                                               
  end of third quarter                                 $     54,376     $      54,302 
                                                           =========         =========



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                                                                [Download Table]

BUSINESS SEGMENT INFORMATION                                                  
Gannett Co., Inc. and Subsidiaries                                            
Unaudited, in thousands of dollars                                            


                                            Thirteen weeks ended       % Inc  
                                      Sept. 26, 1999   Sept. 27, 1998   (Dec) 
                                      --------------   --------------   ----- 
                                                                              
Operating Revenues:                                                           
Newspaper publishing                     $1,126,791      $1,008,706      11.7 
Television                                  166,770         159,125       4.8 
Cable                                        64,668          58,231      11.1 
                                      -------------    ------------     ----- 
Total                                    $1,358,229      $1,226,062      10.8 
                                      =============    ============     ===== 

Operating Income (net of                                                      
   depreciation and amortization):                                            
Newspaper publishing                       $304,676        $248,786      22.5 
Television                                   65,773          66,507      (1.1)
Cable                                        16,649          13,883      19.9 
Corporate                                   (17,083)        (16,510)     (3.5)
                                      -------------    ------------     ----- 
Total                                      $370,015        $312,666      18.3 
                                      =============    ============     ===== 

Depreciation and Amortization:                                                
Newspaper publishing                        $56,789         $46,386      22.4 
Television                                   15,522          14,643       6.0 
Cable                                        12,293          13,758     (10.6)
Corporate                                     2,513           2,213      13.6 
                                      -------------    ------------     ----- 
Total                                       $87,117         $77,000      13.1 
                                      =============    ============     ===== 

Operating Cash Flow:                                                          
Newspaper publishing                       $361,465        $295,172      22.5 
Television                                   81,295          81,150       0.2 
Cable                                        28,942          27,641       4.7 
Corporate                                   (14,570)        (14,297)     (1.9)
                                      -------------    ------------     ----- 
Total                                      $457,132        $389,666      17.3 
                                      =============    ============     ===== 

NOTES:                                                                        
Operating Cash Flow represents operating income for each of the Company's     
business segments plus related depreciation and amortization expense.         



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                                                                [Download Table]

BUSINESS SEGMENT INFORMATION                                                  
Gannett Co., Inc. and Subsidiaries                                            
Unaudited, in thousands of dollars                                            


                                            Thirty-nine weeks ended    % Inc  
                                      Sept. 26, 1999   Sept. 27, 1998   (Dec) 
                                      --------------   --------------   ----- 
                                                                              
Operating Revenues:                                                           
Newspaper publishing                     $3,236,674      $3,031,972       6.8 
Television                                  522,444         518,616       0.7 
Cable and Security                          190,521         179,521       6.1 
                                      -------------    ------------     ----- 
Total                                    $3,949,639      $3,730,109       5.9 
                                      =============    ============     ===== 

Operating Income (net of                                                      
   depreciation and amortization):                                            
Newspaper publishing                       $872,853        $762,276      14.5 
Television                                  230,524         237,104      (2.8)
Cable and Security                           48,080          42,362      13.5 
Corporate                                   (50,308)        (50,974)      1.3 
                                      -------------    ------------     ----- 
Total                                    $1,101,149        $990,768      11.1 
                                      =============    ============     ===== 

Depreciation and Amortization:                                                
Newspaper publishing                       $151,168        $138,656       9.0 
Television                                   47,298          44,636       6.0 
Cable and Security                           38,832          43,157     (10.0)
Corporate                                     7,287           6,650       9.6 
                                      -------------    ------------     ----- 
Total                                      $244,585        $233,099       4.9 
                                      =============    ============     ===== 

Operating Cash Flow:                                                          
Newspaper publishing                     $1,024,021        $900,932      13.7 
Television                                  277,822         281,740      (1.4)
Cable and Security                           86,912          85,519       1.6 
Corporate                                   (43,021)        (44,324)      2.9 
                                      -------------    ------------     ----- 
Total                                    $1,345,734      $1,223,867      10.0 
                                      =============    ============     ===== 

NOTES:                                                                        
Operating Cash Flow represents operating income for each of the Company's     
business segments plus related depreciation and amortization expense.         

In the first quarter of 1998, the Company sold its Alarm Security Business,   
which had been reported in the Cable and Security business segment.  On a     
pro forma basis for the year-to-date, giving effect to the sale of the        
Alarm Security Business, cable operations reported gains in revenues of       
11%, operating income of 15% and operating cash flow of 6%.                   



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NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS                            

September 26, 1999                                                              

1.  Basis of Presentation                                                       

The accompanying unaudited consolidated condensed financial                     
statements have been prepared in accordance with the instructions               
for Form 10-Q and, therefore, do not include all information and                
footnotes which are normally included in the Form 10-K and annual               
report to shareholders.  The financial statements covering the 13 and           
39-week periods ended September 26, 1999, and the comparative period of         
1998, reflect all adjustments which, in the opinion of the company,             
are necessary for a fair statement of results for the interim periods.          

2.  Accounting Standards                                                        

In June 1998, SFAS No. 133, "Accounting for Derivative Instruments              
and Hedging Activities" was issued.  This standard is effective                 
for fiscal periods beginning after June 15, 2000.  The adoption                 
of this standard is not expected to have a material effect on the               
company's results of operations or financial position.                          

3.  Comprehensive Income                                                        

SFAS No. 130, "Reporting Comprehensive Income" established standards for        
reporting comprehensive income.  Comprehensive income for the company includes  
net income, foreign currency translation adjustments and unrealized gains on    
available-for-sale securities, as defined under SFAS No. 115, "Accounting for   
Certain Investments in Debt and Equity Securities".  Comprehensive income       
totaled $247.4 million for the third quarter and $703.3 million for the         
year-to-date ended September 26, 1999, and other comprehensive income in 1999   
relates primarily to foreign currency translation adjustments, net of tax.      
The accumulated other comprehensive income was net of a deferred income tax     
liability of $26.5 million at September 26, 1999.                               

4.  Pro Forma Information (unaudited)                                           

The following table summarizes, on an unaudited, pro forma basis, the estimated 
combined results of operations of the company and its subsidiaries as though    
the Newsquest acquisition was made at the beginning of 1998.  However, this     
pro forma combined statement does not necessarily reflect the results of        
operations as they would have been if the combined companies had constituted    
a single entity during those years.                                             


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In millions, except per share amounts (pro forma and unaudited)                 

Year-to-date                                                                    
------------                                                                    
                     1999         1998
                   ------       ------
Operating revenues                      $4,241       $4,119                     

Income before income taxes              $1,119       $1,245                     

Net income                              $  673       $  746                     

Net income per share - diluted          $ 2.39       $ 2.60                     

The following table summarizes, on an unaudited, pro forma basis, the estimated 
combined results of operations of the company and its subsidiaries as though    
the Newsquest acquisition was made at the beginning of 1998.  However, this     
pro forma combined statement does not necessarily reflect the results of        
operations as they would have been if the combined companies had constituted    
a single entity during those years.  It also excludes the 1999 and 1998 net     
non-operating gains discussed in Management's Discussion and Analysis of        
Operations.                                                                     

In millions, except per share amounts (pro forma and unaudited)                 

Year-to-date                                                                    
------------                                                                    
                     1999         1998
                   ------       ------
Operating revenues                      $4,241       $4,119                     

Income before income taxes              $1,066       $  939                     

Net income                              $  641       $  562                     

Net income per share - diluted          $ 2.27       $ 1.96                     

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                      

The company is not subject to market risk associated with derivative financial  
instruments or derivative commodity instruments, as the company is not a party  
to any such instruments.  The company believes that its market risk from other  
financial instruments, such as accounts receivable, accounts payable and debt,  
is not material. The company is exposed to foreign exchange rate risk primarily 
due to its acquisition of Newsquest, which uses British pounds as its           
functional currency which is then translated into U.S. dollars.                 


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PART II.   OTHER INFORMATION                                                    

Item 5.  Other Information                                                

        In conformity with the requirements of the Integrated Disclosure
       System, the company has elected to update its current report on
           8-K dated July 27, 1999, as amended and updated on Form 8-K/A dated
  October 5, 1999, by including certain exhibits and certain
         information required under Rule 3-19 and Article 11 of Regulation
        S-X in connection with Gannett's Registration Statements on Form
S-3 (Nos. 33-63673, 33-58686 and 33-53159).             

  The following financial statements and pro forma financial
information are hereby filed as Exhibits 99-1 and 99-2, 
respectively.                                           

(a)  Financial Statements of Businesses Acquired        

            (i)  Unaudited consolidated balance sheet of Newsquest plc
               as of July 4, 1999 and unaudited consolidated profit and loss
            account and cash flows for the twenty-six and twenty-seven
weeks ended July 4, 1999 and July 5, 1998.    

(b)  Pro Forma Financial Information                    

              (i)  Unaudited pro forma condensed combined balance sheet of
             Gannett Co., Inc. and Newsquest plc as of June 27, 1999 and
                unaudited pro forma condensed combined statement of income for
the twenty-six weeks ended June 27, 1999.     

Item 6.  Exhibits and Reports on Form 8-K                                 

(a)  Exhibits.                                          
        See Exhibit Index for list of exhibits filed with this
report.                                       

   (b)  (i)  Current Report on Form 8-K dated July 2, 1999, in
            connection with the company's cash offer to acquire shares
of Newsquest plc.                             

         (ii) Current Report on Form 8-K dated July 27, 1999, in
        connection with the company's acquisition of Newsquest
   plc and the sale of the company's cable business.

              (iii) Current Report on Form 8-K/A dated October 5, 1999, in
             connection with the company's acquisition of Newsquest plc.


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SIGNATURES                                        

Pursuant to the requirements of the Securities Exchange Act of 1934,            
the registrant has duly caused this report to be signed on its behalf by        
the undersigned thereunto duly authorized.                                      

           GANNETT CO., INC.

Dated: November 9, 1999              By: /s/ George R. Gavagan                  
                                      ------------------------------------
           George R. Gavagan
                       Vice President and Controller

Dated: November 9, 1999             By: /s/ Thomas L. Chapple                   
                                      ------------------------------------
           Thomas L. Chapple
                        Senior Vice President, General
               Counsel and Secretary


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EXHIBIT INDEX                                     

Exhibit                                                                         
Number  Exhibit                          Location                               

3-1     Second Restated Certificate      Incorporated by reference to Exhibit   
     of Incorporation of Gannett Co., 3-1 to Gannett Co., Inc.'s Form 10-K
       Inc.                             for the fiscal year ended December 26,
                                     1993 ("1993 Form 10-K").  Amendment
                                      incorporated by reference to Exhibit
                            3-1 to the 1993 Form 10-K.

3-2     By-laws of Gannett Co., Inc.     Incorporated by reference to Exhibit   
     (reflects all amendments         3-1 to Gannett Co., Inc.'s Form 10-Q
through September 24, 1997)      for the fiscal quarter ended   
                     September 28, 1997.

4-1     $1,000,000,000 Revolving         Incorporated by reference to Exhibit   
Credit Agreement among           4-1 to the 1993 Form 10-K.     
Gannett Co., Inc. and the                                       
Banks named therein.                                            

4-2     Amendment Number One             Incorporated by reference to Exhibit   
     to $1,000,000,000 Revolving      4-2 to Gannett Co., Inc.'s Form 10-Q
      Credit Agreement among           for the fiscal quarter ended June 26,
Gannett Co., Inc. and the        1994.                          
Banks named therein.                                            

4-3     Amendment Number Two to          Incorporated by reference to Exhibit   
     $1,500,000,000 Revolving         4-3 to Gannett Co., Inc.'s Form 10-K
Credit Agreement among           for the fiscal year ended      
Gannett Co., Inc. and the        December 31, 1995.             
Banks named therein.                                            

4-4     Amendment Number Three to        Incorporated by reference to Exhibit   
     $3,000,000,000 Revolving         4-4 to Gannett Co., Inc.'s Form 10-Q
Credit Agreement among           for the fiscal quarter ended   
Gannett Co., Inc. and the Banks  September 29, 1996.            
named therein.                                                  

4-5     Indenture dated as of March 1,   Incorporated by reference to Exhibit   
     1983 between Gannett Co., Inc.   4-2 to Gannett Co., Inc.'s Form 10-K
and Citibank, N.A., as Trustee.  for the fiscal year ended      
                    December 29, 1985.

4-6     First Supplemental Indenture     Incorporated by reference to Exhibit   
  dated as of November 5, 1986     4 to Gannett Co., Inc.'s Form 8-K
among Gannett Co., Inc.,         filed on November 9, 1986.     
Citibank, N.A., as Trustee, and                                 
Sovran Bank, N.A., as Successor                                 
Trustee.                                                        

4-7     Second Supplemental Indenture    Incorporated by reference to           
 dated as of June 1, 1995,        Exhibit 4 to Gannett Co., Inc.'s
 among Gannett Co., Inc.,         Form 8-K filed on June 15, 1995.
NationsBank, N.A., as Trustee,                                  
and Crestar Bank, as Trustee.                                   


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4-8     Rights Plan.                     Incorporated by reference to           
                                  Exhibit 1 to Gannett Co., Inc.'s
                                 Form 8-K filed on May 23, 1990.

4-9     Amendment Number Four to         Incorporated by reference to           
   $3,000,000,000 Revolving         Exhibit 4-9 to Gannett Co., Inc.'s
    Credit Agreement among           Form 10-Q filed on August 12, 1998.
Gannett Co., Inc. and the                                       
Banks named therein.                                            

10-1    Employment Agreement dated       Incorporated by reference to Gannett   
     December 7, 1992 between         Co., Inc.'s Form 10-K for the fiscal
    Gannett Co., Inc. and John J.    year ended December 27, 1992 ("1992
Curley.*                         Form 10-K").                   

10-2    Employment Agreement dated       Incorporated by reference to the 1992  
December 7, 1992 between         Form 10-K.                     
Gannett Co., Inc. and Douglas H.                                
McCorkindale.*                                                  

10-3    Gannett Co., Inc. 1978           Incorporated by reference to Exhibit   
      Executive Long-Term Incentive    10-3 to Gannett Co., Inc.'s Form 10-K
Plan*                            for the fiscal year ended      
                                     December 28, 1980.  Amendment No. 1
                              incorporated by reference to
                                     Exhibit 20-1 to Gannett Co., Inc.'s
                                     Form 10-K for the fiscal year ended
                                      December 27, 1981.   Amendment No. 2
                              incorporated by reference to
                                     Exhibit 10-2 to Gannett Co., Inc.'s
                                     Form 10-K for the fiscal year ended
                                       December 25, 1983.  Amendments Nos. 3
                                    and 4 incorporated by reference to
                                    Exhibit 4-6 to Gannett Co., Inc.'s
                                 Form S-8 Registration Statement
                                    No. 33-28413 filed on May 1, 1989.
                                      Amendments Nos. 5 and 6 incorporated
                                 by reference to Exhibit 10-8 to
                                       Gannett Co., Inc.'s Form 10-K for the
                                      fiscal year ended December 31, 1989.
                                 Amendment No. 7 incorporated by
                                  reference to Gannett Co., Inc.'s
                                 Form S-8 Registration Statement
                                      No. 333-04459 filed on May 24, 1996.
                                 Amendment No. 8 incorporated by
                                      reference to Exhibit 10-3 to Gannett
                                       Co., Inc.'s Form 10-Q for the quarter
                                     ended September 28, 1997. Amendment
                                      dated December 9, 1997, incorporated
                                     by reference to Gannett Co., Inc.'s
                                  1997 Form 10-K.  Amendment No. 9
                                      incorporated by reference to Exhibit
                                       10-3 to Gannett Co., Inc.'s Form 10-Q
                                      for the quarter ended June 27, 1999.


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10-4    Description of supplemental      Incorporated by reference to Exhibit   
insurance benefits.*             10-4 to the 1993 Form 10-K.    

10-5    Gannett Co., Inc. Supplemental   Incorporated by reference to Exhibit   
      Retirement Plan, as amended.*    10-8 to Gannett Co., Inc.'s Form 10-K
                           for the fiscal year ended
                                       December 27, 1986 ("1986 Form 10-K").

10-6    Gannett Co., Inc. Retirement     Incorporated by reference to Exhibit   
   Plan for Directors.*             10-10 to the 1986 Form 10-K.  1991
                                     Amendment incorporated by reference
                                 to Exhibit 10-2 to Gannett Co.,
                                  Inc.'s Form 10-Q for the quarter
                                      ended September 29, 1991.  Amendment
                                 to Gannett Co., Inc. Retirement
                                      Plan for Directors dated October 31,
                                    1996, incorporated by reference to
                                    Exhibit 10-6 to the 1996 Form 10K.

10-7    Amended and Restated             Incorporated by reference to Exhibit   
      Gannett Co., Inc. 1987           10-1 to Gannett Co., Inc.'s Form 10-Q
Deferred Compensation Plan.*     for the fiscal quarter ended   
                                      September 29, 1996.  Amendment No. 5
                                      incorporated by reference to Exhibit
                                       10-2 to Gannett Co., Inc.'s Form 10-Q
                                     for the quarter ended September 28,
                                      1997.  Amendment No. 2 to January 1,
                                  1997 Restatement incorporated by
                              reference to Exhibit 10-7 to
                                       Gannett Co., Inc.'s Form 10-Q for the
                              quarter ended June 27, 1999.

10-8    Gannett Co., Inc. Transitional   Incorporated by reference to Exhibit   
  Compensation Plan.*              10-13 to Gannett Co., Inc.'s Form
                                10-K for the fiscal year ended
                    December 30, 1990.

11      Statement re computation of      Attached.                              
earnings per share.                                             

27      Financial Data Schedules.        Attached.                              

99-1    Unaudited consolidated balance   Attached.                              
sheet of Newsquest plc as of                                    
July 4, 1999 and unaudited                                      
consolidated profit and loss                                    
account and cash flows for the                                  
twenty-six and twenty-seven weeks                               
ended July 4, 1999 and                                          
July 5, 1998.                                                   


10-QLast Page of 27TOC1stPreviousNext↓BottomJust 27th

99-2    Unaudited pro forma condensed    Attached.                              
combined balance sheet of                                       
Gannett Co., Inc. and Newsquest                                 
plc as of June 27, 1999 and                                     
unaudited pro forma condensed                                   
combined statement of income                                    
for the twenty-six weeks ended                                  
June 27, 1999.                                                  

     The Company agrees to furnish to the Commission, upon request, a copy
   of each agreement with respect to long-term debt not filed herewith
   in reliance upon the exemption from filing applicable to any series
     of debt which does not exceed 10% of the total consolidated assets of
the Company.                                                    

*  Asterisks identify management contracts and compensatory plans     
or arrangements.

Dates Referenced Herein   and   Documents Incorporated by Reference

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12/31/99104
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7/4/992226
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6/27/99222710-Q
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6/1/998
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