USA TODAY Co., Inc
USA TODAY Co., Inc. is a U.S.-based diversified media company with operations in national news, local publishing, and digital marketing services. Its business is organized around the USA TODAY Media network in the United States, Newsquest in the United Kingdom, and LocaliQ, a digital marketing solutions business serving small and medium-sized businesses.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueUSA TODAY and local news brands that produce journalism and audience content.
Advertising sold across owned digital properties and partner platforms.
Paid digital access to news content and related audience products.
Managed marketing products for SMBs, including search and social campaigns.
Print advertising, syndication, commerce, and other ancillary revenues.
Products
Reported · share of revenue- Print Circulation24.8 %
- Print Advertising20.6 %
- Digital Marketing Services19.6 %
- Digital Advertising15.3 %
- Commercial and Other8.7 %
- Other10.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells to consumers who read national and local news, including paid digital subscribers and print readers. It also serves small and medium-sized businesses through LocaliQ, where customers buy digital marketing tools and managed campaigns to generate leads and conversions. Advertisers, agencies, and content partners are also important buyers across the media network.
They buy news access, subscriptions, and engage with free and paid journalism across national and local brands.
They buy LocaliQ products such as search marketing, listings, websites, and conversion tools to acquire customers.
They buy print and digital advertising inventory to reach local and national audiences.
They buy or distribute marketing solutions and media placements on behalf of end clients.
They license or distribute content and digital assets to extend reach and monetize audience traffic.
Strategy
The company’s strategy centers on expanding audience reach, increasing digital engagement, and diversifying revenue toward subscriptions, digital advertising, and marketing services. It also emphasizes strengthening the capital structure while using a more integrated technology and operating base to support monetization across its brands.
A larger and more engaged audience supports advertising, subscriptions, and syndication monetization.
A broader mix of digital advertising, subscriptions, and services reduces reliance on legacy print economics.
Lower leverage and more flexibility support reinvestment and resilience through industry cycles.
Technology, automation, and data capabilities improve efficiency and monetization across products.
Geography
The company’s core media operations are in the United States, with USA TODAY Media serving national and local audiences and LocaliQ operating primarily in North America. Newsquest provides a meaningful international base in the United Kingdom, while LocaliQ also has sales operations in Canada, Australia, New Zealand, and the U.K., with support services in India. International operations expose the company to foreign exchange movements and local regulatory regimes.
Risks
The business is exposed to structural pressure in print media, heavy competition in digital advertising, and dependence on third-party platforms for traffic and monetization. It also faces international currency exposure, cybersecurity and privacy risks, and leverage-related constraints that can limit operating flexibility.
- Dependence on third-party platforms and algorithmsImpact: HighLikelihood: Medium
Audience traffic and monetization depend on search, social, and partner platforms that can change rules or reduce referral volume.
Exposure: USA TODAY Media and LocaliQ
- Cybersecurity and privacy incidentsImpact: HighLikelihood: Medium
The company handles user and customer data and relies on digital systems, creating breach and compliance exposure.
Exposure: All digital operations
- Leverage and covenant constraintsImpact: HighLikelihood: Medium
Debt service and covenant compliance can limit reinvestment and reduce flexibility in a cyclical industry.
Exposure: Corporate and consolidated
- Newsprint and distribution disruptionImpact: MediumLikelihood: High
Print publishing still depends on paper supply, production facilities, and delivery networks.
Exposure: USA TODAY Media
- Foreign exchange volatilityImpact: MediumLikelihood: Medium
A meaningful share of revenue comes from the U.K. and other foreign markets, so currency moves affect reported results.
Exposure: Newsquest and international LocaliQ
Accounting
Judgemental itemsAdvertising, subscriptions, and services may be sold together, requiring allocation based on standalone selling prices.
Impact: Affects timing and mix of recognized revenue
Media and LocaliQ revenues vary by quarter due to audience patterns and customer marketing budgets.
Impact: Quarterly comparability and margin trends
The company carries acquired media and brand assets that must be tested for impairment when indicators arise.
Impact: Potential non-cash charges to earnings
Realizability of deferred tax assets depends on future taxable income and judgment about tax positions.
Impact: Can materially affect tax expense and equity
U.K. and other foreign operations are translated into U.S. dollars, creating reported volatility.
Impact: Affects revenue, expense, and operating income
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Last updated: 24/09/2026