-- Gannett: Blaming the dismal ad market, Gannett (NYSE: GCI) has two pieces of bad news for investors: one, it write down the value of its assets by $2.3 billion to $2.8 billion; secondly, the newspaper owner also forecast that Q2 earnings that are under what analysts had been expecting. The company’s stock has dropped more than 50 percent in the last year. AP: “Gannett CFO Gracia Martore said much of the writedown reflects a declining value in Gannett’s United Kingdom newspaper operation, Newsquest. It also generally reflects ‘where the market perceives traditional print businesses to be.’” CEO Craig Dubrow’s memo: “It’s an accounting event.”

-- NAA: Given publishers’ sagging profits and revenues, as well as a competing financial conference, The Newspaper Association of America has decided to cancel its Mid-Year Media Review event, which usually takes place in June. Instead, most of the participating companies, like NYTCo., News Corp. (NYSE: NWS), Journal Register (OTCBB: JRCO) and others will present at Deutsche Bank’s Media & Telecommunications Conference, which is being held the second week in June. (Reuters)

-- McClatchy: Online ad gains of 14.3 percent only partially offset McClatchy’s (NYSE: MNI) total April revenue decline of 14 percent. By itself, ad revenues fell 15.2 percent year-over-year last month. Looking at the segments in the Sacramento publisher’s online segment, national was up 201.4 percent to $1.4 million as retail grew 106 percent $4.2 million. There were some decreases within online, classified dipped 7.7 percent, pulled down by a 27 percent drop in job ad revenues. Overall, McClatchy’s total online ad revenues were $15.3 million in April. Release