Speaking at a Deutsche Bank conference in New York, Gannett chief financial officer Gracia Martore said the bulk of the write-down reflects the declining value in Gannett's UK newspaper operation, Newsquest Media Group.
She said the declining housing market in the UK was hitting ad revenues in the UK.
Martore added: "We are pleased with the progress we are making, but the economic environment is very difficult and advertising demand is challenging. We continue to work very diligently to find efficiencies and I don't think it reflects that Newsquest was a bad acquisition."
Newsquest publishes around 300 newspapers, including 17 dailies such as The Argus in Brighton, plus a range of digital platforms such as jobs site Fish4 and magazines including Exchange and Mart and Insurance Times.
In the US, Gannett publishes newspapers including USA Today and owns numerous television stations.
United Kingdom
Gannett prepares for huge assets write-down
LONDON - US media group Gannett, one of the biggest regional newspaper publishers in the UK through its Newsquest arm, is to write down its assets by up to $3bn to reflect the declining value of its operations in the US and the UK.
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