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Gannett Informs Scripps That Cincinnati JOA Will Not Be Renewed in 2007

Press release from the issuing company

MCLEAN, Va.--Jan. 16, 2004-- Gannett Co., Inc. has informed The E.W. Scripps Company that the Joint Operating Agreement (JOA) involving The Cincinnati Enquirer, The Cincinnati Post and The Kentucky Post will not be renewed when it expires on Dec. 31, 2007. Three years' prior notification is required under the terms of the contract signed on Sept. 23, 1977, creating the Cincinnati JOA. Gannett owns The Enquirer, which is published mornings and Sunday. Scripps owns the afternoon Cincinnati Post and The Kentucky Post. "Deciding not to renew the Cincinnati JOA was a sad but necessary step for Gannett to take," said Gary L. Watson, president of Gannett's Newspaper Division. "Readership habits in Cincinnati and around the country continue to shift away from afternoon newspapers. As profitability declines and expenses rise, tough decisions needed to be made." "We are sorry the Cincinnati business relationship with our long-time friends and partners at Scripps will be coming to an end," Watson said. "We wish them well." Under the JOA contract, the news/editorial operations of The Enquirer and The Post newspapers are separate. The Enquirer-managed JOA handles all other operations of the newspapers, including advertising, printing and circulation in exchange for a contractually specified portion of the operating income of the JOA. The current business arrangement is expected to continue until the Dec. 31, 2007, termination date of the JOA. There are no termination fees payable under the contract.