Gannett shares tumble on dropping newspaper revenues

Gannett Co Inc, the largest newspaper chain in the United States, dashed hopes that newspaper advertising revenue would stop falling and that growth might even return. Shares of Gannett fell as much as 11 percent on Friday after the company reported a drop in third-quarter newspaper revenue. A bellwether of the newspaper industry, Gannett's results could point to more uncertainty in the sector. The New York Times Co, McClatchy Co and Media General are set to report earnings next week.