Key questions from the third quarter earnings call conducted by Gannett Company, Inc. on October 17, 2007.

Craig Huber (Lehman Brothers): In light of what happened with Belo and Scripps breaking up their company recently, do you have any inclination to split off your TV group, particularly ahead of a political/Olympic year next year?

Craig Dubow: Two-thirds of Belo is on the broadcast side, it makes sense. When you look at our portfolio, we are the opposite. Scripps and what they did yesterday with their core side with newspaper and TV staying together, suggests the position that we are in and we are staying with at least at this particular time as we all go forward.

Craig Huber (Lehman Brothers): Have your thoughts changed on that front at all?

Craig Dubow: We look at all of these and discuss things, but at this time, no; our position has not changed.

Craig Huber (Lehman Brothers): As you think out strategically about your pricing for newspaper advertising for next year cost categories, what should investors think about potential ad rate hikes across the categories?

Gracia Martore: We are just in the throes of budgeting for next year and we will share all of that information with the investment community in early December when we go to the media conferences. Pricing varies category by category and market by market, so it is too early to make a blanket statement about pricing going forward.

Craig Huber (Lehman Brothers): Do you think investors should expect any material changes versus your pattern over the last five or ten years?

Gracia Martore: I do not think there are any material changes versus our pattern over the last few years.

Craig Huber (Lehman Brothers): What were the net network revenues in the quarter for CareerBuilder?

Gracia Martore: CareerBuilder network revenues were $200 million in the third quarter; they increased about 17% over the third quarter of 2006.

Alexia Quadrani (Bear Stearns): The four markets that you highlighted as being the worst hit were Arizona, California, Florida and Nevada. Knowing that the real estate downturn is likely to persist for a while in those markets, is there any way you can try to help the profitability the way you did in Newsquest when you were in that period of downturn in those markets?

Gracia Martore: We are taking a number of steps in those four markets as well as in other areas to address efficiencies and look at further consolidations and centralization of various processes where that makes sense and where we can drive cost savings. We continue, as did Newsquest, to look at restructuring and to bring the expense side in sync with what the revenue opportunity is. At the same time, we do not want to let a short-term economic cycle which we believe the real estate boom/bust cycle is lead us to do things that are not in ultimately the best interest of the local franchises that we have. It is a careful balancing act that we have got to participate in.

Alexia Quadrani (Bear Stearns): Are you seeing worse retail or local advertising as a ripple effect into the other areas of your advertising in those markets than you are in the rest of the country?

Gracia Martore: We are particularly seeing in the areas of furniture where to the extent that there are number of foreclosures, there are less new houses being built and being occupied; furniture sales reflect those activities. It is having an impact in those four markets on other categories that the consumer would be sensitive to on spending.

Alexia Quadrani (Bear Stearns): You are expecting a bounce back in USA Today in October. Are you seeing similar trends in October or September for other parts of your business?

Gracia Martore: It is too early to say. When we look at our domestic operations, on the broadcast side we are up against some significant numbers on political in the quarter. On the U.S. community newspapers it is early in the quarter, but I would say in general that we do not see any material changes one way or another in the quarter; excluding that 53rd week that had an impact on the fourth quarter last year. On a 52-week basis that quarter seems to be at least starting out not dissimilar to the way it ended. Newsquest has continued to make progress; we would hope that they will continue to make progress as well in the fourth quarter.

Fred Searby (JP Morgan): What the plans are to monetize CareerBuilder?

Gracia Martore: What we have indicated is that we continue to enjoy, as do our partners, operating CareerBuilder as it is. They have made tremendous strides; being a private company has not impeded their ability to grow the business importantly. All of us look at ways to unlock value in our company and if down the road that was the appropriate thing to do, we would consider it. At the moment, we believe that the way we are operating CareerBuilder is in the best interest of all the partners.

Fred Searby (JP Morgan): With Newsquest it sounds like real estate classifieds are strong. What are your thoughts given some of the issues that are materializing in the mortgage market in the UK?