Newspaper publisher Gannett's first payment to private-equity giant Apollo Global Management is due in two months.
Publishers reliant on print advertising have faced an uphill battle as people now consume the vast majority of their news online, where tech giants Google and Facebook vacuum up most of the ad revenue. Now, with the first loan payment due in roughly two months, the world's largest publisher of newspapers has already suspended dividend payments for the first and second quarters.
The company had $156 million in cash as of the end of fourth quarter. The firm notes it plans to refinance the loan from Apollo at the end of 2021 when the leverage is lower. The company also plans to add another $100 million to $125 million to pay down debt through real estate sales this year and next, but Arthur questions how much more the company can sell.
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