(MENAFN) Virginia-based media firm Gannett Co. posted a 33 percent increase in quarterly profit, driven by higher political and Olympics-related advertising business, AP reported.
The company said it made USD133.1 million net profit during the third quarter, up from USD99.8 million a year ago.
The company also reported a 3 percent increase in quarterly revenue to USD1.31 billion from USD1.27 billion a year earlier.
Gannett owns USA Today and 81 other newspapers, 23 television stations and several digital businesses.
Gannett's newspaper publishing business generated USD890.2 million in the quarter, down 3 percent from USD917.8 million last year, on "soft advertising demand" resulting from the slow economic recovery, the company explained.
Advertising revenue at the newspapers fell nearly 7 percent to USD552.7 million from USD591.7 million.
The company, however, saw its first increase in newspaper circulation revenue since 2007, helped by digital subscription growth.
The company's broadcasting arm reported 36 percent increase in quarterly revenue to USD237 million, compared to USD174.3 million a year ago, driven by what Gannett called "substantial" ad spending during the Summer Olympics.
Political spending was "slightly higher" than a year ago, the company added.