Gannett is teaming up with an online family networking service in what may be an effort to combat rapidly sliding shares.
The media ownership group has announced a "strategic investment" partnership with Cozi, a free service for intrafamily communication. Cozi gives families options to manage schedules, share information, and stay in communication via its web portal.
Gannett will now hold a minority stake in the company as well as a seat on the board of directors and will begin promoting the services through its television stations, newspapers, and web sites. It is also expected to add new Cozi features that will utilize its various forms of local city-based content.
The news comes the same week as word that Gannett's shares have plummeted to their lowest level since 1994 with a 4.5 percent drop at the market's close yesterday. Gannett's publishing ad revenue dropped 14 percent in May, and its television stations saw an average loss of six percent the same month.