Exhibit Index begins
                                                on page 11

                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.   20549

                            FORM 10-K
(Mark One)

X  Annual report pursuant to Section 13 or 15(d) of the
   Securities Exchange Act of 1934 [Fee Required] for the fiscal
   year ended December 31, 1995    or
   Transition report pursuant to Section 13 or 15(d) of the
   Securities Exchange Act of 1934 [No Fee Required] for the
   transition period from ______________ to _____________.

Commission file number         1-6961

                        GANNETT CO., INC.
      (Exact name of registrant as specified in its charter)

        Delaware                                16-0442930
(State or other jurisdiction of           (I.R.S. Employer Iden-
 incorporation or organization)               tification No.)

1100 Wilson Boulevard, Arlington, Virginia             22234
(Address of principal executive offices)             (Zip Code)

(Registrant's telephone number, including area code)  (703) 284-6000


Securities registered pursuant to
Section 12(b) of the Act:
                                         Name of each exchange
Title of each class                      on which registered

 Common Stock, Par Value $1.00            New York Stock Exchange


Securities registered pursuant
to Section 12(g) of the Act:

               None
      (Title of Class)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.    Yes     X         No  ____

                        - 1 -

<PAGE>

          Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [  X   ]

          The aggregate market value of the voting stock held by
non-affiliates of the registrant as of March 8, 1996 was in excess of
$9,121,771,826.

          The number of shares outstanding of the registrant's Common
Stock, Par Value $1.00, as of March 8, 1996 was 140,753,924.

Documents incorporated by reference.

          (1) Portions of the registrant's Annual Report to
Shareholders for the fiscal year ended December 31, 1995 in Parts
I, II and III.

          (2) Portions of the registrant's Proxy Statement issued in
connection with its Annual Meeting of Shareholders to be held on
May 7, 1996.

                        - 2 -


<PAGE>
                      CROSS REFERENCE SHEET

     The information required in Parts I, II and III of the Form
10-K is incorporated by reference to sections of the Company's
1995 Annual Report to Shareholders ("Annual Report") and its
definitive Proxy Statement for the Annual Meeting of Shareholders
to be held May 7, 1996 ("Proxy Statement") as described below:


Part I


Item 1.   Business.                Form 10-K Information (Annual
                                   Report pp. 49-59); Note 10 -
                                   Business Segment Information
                                   (Annual Report pp. 44-45).


Item 2.   Properties.              Properties (Annual Report pp.
                                   53, 54, 56, 58 and 59);
                                   Corporate Facilities (Annual
                                   Report p. 59); Markets We
                                   Serve (Annual Report
                                   pp. 64-66).


Item 3.   Legal Proceedings.       Note 9 - Commitments,
                                   Contingent Liabilities and
                                   Other Matters (Annual Report
                                   pp. 43-44); Regulation (Annual
                                   Report p. 53).


Item 4.   Submission of Matters    Not Applicable.
          to a Vote of Security
          Holders.


Part II


Item 5.   Market for Registrant's  Gannett Shareholder Services
          Common Equity and        (Annual Report, inside back cover);
          Company                  Profile (Annual Report, inside
          Related Stockholder      front cover);
          Matters                  Gannett Common Stock Prices
                                   (Annual Report p. 22);
                                   Dividends (Annual Report
                                   p. 31).



Item 6.   Selected Financial       Eleven-Year Summary and Notes
          Data.                    to Eleven-Year Summary (Annual
                                   Report pp. 46-48).




Item 7.   Management's Discussion  Management's Discussion and
          and Analysis of          Analysis
          Financial Condition and  of Results of Operations and
          Results of Operations.   Financial
                                   Position (Annual Report
                                   pp. 23-31).

                        - 3 -


<PAGE>


Item 8.   Financial Statements     Consolidated Financial
          and Supplementary Data.  Statements and
                                   Notes to Consolidated
                                   Financial State-
                                   ments (Annual Report
                                   pp. 32-45). Effects of
                                   Inflation and changing prices
                                   (Annual Report p. 31);
                                   Quarterly Statements of
                                   Income (Annual Report p. 61).


Item 9.   Changes in and           None.
          Disagreements
          with Accountants
          on Accounting and
          Financial Disclosure.


Part III


Item 10.  Directors and Executive  Executive Officers of the
          Officers of the          Company are listed
          Registrant.              below:


          Denise H. Bannister - Group President, Gannett Gulf
             Coast Newspaper Group, and President and Publisher,
             Pensacola News Journal.
          Sara M. Bentley - Group President, Gannett Northwest
             Newspaper Group, and President and   Publisher, Statesman
             Journal.
          Thomas L. Chapple - Senior Vice President, General
             Counsel, and Secretary.
          Richard L. Clapp - Senior Vice President, Personnel.
          Susan Clark-Johnson - Senior Group President, Gannett
             Pacific Newspaper Group, and    President and
             Publisher, Reno (Nev.) Gazette-Journal.
          Michael J. Coleman - Senior Group President, Gannett
             South Newspaper Group, and President
             and Publisher, FLORIDA TODAY at Brevard County.
          John J. Curley - Chairman, President, and Chief Executive Officer.
          Thomas Curley - President and Publisher, USA TODAY.
          Philip R. Currie - Senior Vice President, News, Gannett
             Newspaper Division.
          Donald W. Davidson - President, Gannett Outdoor Group.
          Gerard R. DeFrancesco - President, Gannett Radio.
          Millicent A. Feller - Senior Vice President, Public
             Affairs and Government Relations.
          Lawrence P. Gasho - Vice President, Financial Analysis.
          George R. Gavagan - Vice President, Corporate Accounting Services.
          John B. Jaske - Senior Vice President, Labor Relations and
             Assistant General Counsel.
          Bern Mebane - Senior Group President, Gannett Piedmont
             Newspaper Group.
          Douglas H. McCorkindale - Vice Chairman, and Chief Financial
             and Administrative Officer.
          Larry F. Miller - Senior Vice President, Financial Planning,
             and Controller.
          W. Curtis Riddle - Senior Group President, Gannett East
             Newspaper Group, and President and Publisher,
             Wilmington (Delaware) News Journal.

                        - 4 -


<PAGE>
          Carleton F. Rosenburgh - Senior Vice President, Gannett
             Newspaper Division.
          Gary F. Sherlock - Group President, Gannett Atlantic Newspaper Group,
              and President and Publisher, Gannett Suburban Newspapers.
          Mary P. Stier - Group President, Gannett Midwest Newspaper Group,
              and President and Publisher, Rockford Register Star.
          Jimmy L. Thomas - Senior Vice President, Financial Services
              and Treasurer.
          Ronald Townsend - President, Gannett Television.
          Cecil L. Walker - President, Gannett Broadcasting.
          Gary L. Watson - President, Gannett Newspaper Division.
          Susan V. Watson - Vice President, Investor Relations.


          Information concerning the Executive Officers of the
          Company is included in the Annual Report on pages 18
          through 20.  Information concerning the Board of
          Directors of the Company is incorporated by reference
          to the Company's Proxy Statement pursuant to General
          Instruction G(3) to Form 10-K.



Item 11.  Executive Compensation.  Incorporated by reference to the Company's
                                   Proxy Statement pursuant to General
                                   Instruction G(3) to Form 10-K.


Item 12.  Security Ownership of    Incorporated by
          Certain                  reference to the
          Beneficial Owners and    Company's Proxy Statement
          Management.              pursuant to
                                   General Instruction G(3) to
                                   Form 10-K.


Item 13.  Certain Relationships    Incorporated by
          and                      reference to the
          Related Transactions.    Company's Proxy Statement
                                   pursuant to
                                   General Instruction G(3) to
                                   Form 10-K.

                        - 5 -


<PAGE>

Part IV


Item 14.  Exhibits, Financial Statement Schedules, and Reports
          on Form 8-K.

       (a)   Financial Statements, Financial Statement Schedules
             and Exhibits.

          (1)   Financial Statements.

          The following financial statements of the Company and
          the accountants' report thereon are included on pages
          32 through 45 of the Company's 1995 Annual Report to
          Shareholders and are incorporated herein by reference:

             Consolidated Balance Sheets as of December 31, 1995
             and December 25, 1994.

             Consolidated Statements of Income - Fiscal Years
             Ended December 31, 1995, December 25, 1994, and
             December 26, 1993.

             Consolidated Statements of Cash Flows - Fiscal
             Years Ended December 31, 1995, December 25, 1994,
             and December 26, 1993.

             Consolidated Statements of Changes in Shareholders'
             Equity - Fiscal Years Ended December 31, 1995,
             December 25, 1994, and December 26, 1993.

             Notes to Consolidated Financial Statements.

             Report of Independent Accountants.

          (2)   Financial Statement Schedules.

          The following financial statement schedules are
          incorporated by reference to "Schedules to Form 10-K
          Information" appearing on pages 62 through 63 of the
          Company's 1995 Annual Report to Shareholders:

             Schedule V - Property, Plant and Equipment.

             Schedule VI - Accumulated Depreciation and
             Amortization of Property, Plant and Equipment.


                        - 6 -


<PAGE>
             Schedule VIII - Valuation and Qualifying Accounts.

             Schedule X - Supplementary Income Statement
             Information.

          The Report of Independent Accountants on Financial
          Statement Schedules appears on page 8 of this Annual
          Report on Form 10-K.

          Note: Financial statements of the registrant are omitted as the
                registrant is primarily an operating company and the
                aggregate of the minority interest in and the debt of
                consolidated subsidiaries is not material in relation to
                total consolidated assets.  All other schedules are
                omitted as the required information is not applicable
                or the information is presented in the consolidated
                financial statements or related notes.

       (3)   Pro Forma Financial Information.

       Not Applicable.

       (4)   Exhibits.

       See Exhibit Index for list of exhibits filed with this
       Annual Report on Form 10-K.  Management contracts and
       compensatory plans or arrangements are identified with
       asterisks on the Exhibit Index.

(b)    Reports on Form 8-K.

       A Current Report on Form 8-K dated December 5, 1995 was
       filed in connection with the acquisition of Multimedia,
       Inc.

                        - 7 -


<PAGE>

               REPORT OF INDEPENDENT ACCOUNTANTS ON
                  FINANCIAL STATEMENT SCHEDULES



To the Board of Directors and Shareholders
of Gannett Co., Inc.


Our audits of the consolidated financial statements referred to
in our report dated February 6, 1996 appearing on page 45 of the
1995 Annual Report to Shareholders of Gannett Co., Inc. (which
report and consolidated financial statements are incorporated by
reference in this Annual Report on Form 10-K) also included an
audit of the Financial Statement Schedules listed in Item 14(a)
of this Form 10-K.  In our opinion, these Financial Statement
Schedules present fairly, in all material respects, the
information set forth therein when read in conjunction with the
related consolidated financial statements.

/s/Price Waterhouse LLP
- --------------------------------
PRICE WATERHOUSE LLP



Washington, D.C.
February 6, 1996




                        - 8 -


<PAGE>

                             SIGNATURES

          Pursuant to the requirements of Section 13 or 15(d) of
the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

Dated: February 20, 1996        GANNETT CO., INC.
                                  (Registrant)

                                By /s/Douglas H. McCorkindale
                                   --------------------------
                                   Douglas H. McCorkindale,
                                   Vice Chairman, and Chief Financial
                                   and Administrative Officer

       Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed below by the following
persons on behalf of the registrant in the capacities and on the
dates indicated.

Dated: February 20, 1996           /s/John J. Curley
                                   -----------------
                                   John J. Curley,
                                   Director, and Chairman,
                                   President and Chief Executive
                                   Officer


Dated: February 20, 1996           /s/Douglas H. McCorkindale
                                   --------------------------
                                   Douglas H. McCorkindale,
                                   Director, and Vice Chairman,
                                   and Chief Financial and
                                   Administrative Officer


Dated: February 20, 1996           /s/Larry F. Miller
                                   ------------------
                                   Larry F. Miller,
                                   Senior Vice President,
                                   Financial Planning, and
                                   Controller


Dated: February 20, 1996           /s/Andrew F. Brimmer
                                   --------------------
                                   Andrew F. Brimmer, Director

                        - 9 -


<PAGE>

Dated: February 20, 1996           /s/Meredith A. Brokaw
                                   ---------------------
                                   Meredith A. Brokaw, Director


Dated: February 20, 1996           /s/Rosalynn Carter
                                   ------------------
                                   Rosalynn Carter, Director


Dated: February 20, 1996           /s/Peter B. Clark
                                   -----------------
                                   Peter B. Clark, Director


Dated: February 20, 1996           /s/Stuart T.K. Ho
                                   -----------------
                                   Stuart T.K. Ho, Director


Dated: February 20, 1996           /s/Drew Lewis
                                   -------------
                                   Drew Lewis, Director


Dated: February 20, 1996           /s/Josephine P. Louis
                                   ---------------------
                                   Josephine P. Louis, Director


Dated: February 20, 1996           /s/Rollan D. Melton
                                   -------------------
                                   Rollan D. Melton, Director


Dated: February 20, 1996           /s/Thomas A. Reynolds, Jr.
                                   --------------------------
                                   Thomas A. Reynolds, Jr., Director


Dated: February 20, 1996
                                   ---------------------------
                                   Carl T. Rowan, Director


Dated: February 20, 1996           /s/Dolores D. Wharton
                                   ---------------------
                                   Dolores D. Wharton, Director

                        - 10 -


<PAGE>

                           EXHIBIT INDEX

Exhibit
Number  Exhibit                         Location
- ------- -----------------------------   ----------------------------------
2-1     Agreement and Plan of           Incorporated by reference to
        Merger dated as of July 24,     Exhibit 99 to
        1995 between Gannett Co.,       Gannett Co., Inc.'s Form 8-K
        and Multimedia, Inc.            filed on July 26, 1995.


3-1     Second Restated Certificate     Incorporated by reference to
        of Incorporation of Gannett     Exhibit 3-1 to
        Co., Inc.                       Gannett Co., Inc's Form 10-K for
                                        the fiscal year ended December 26, 1993
                                        ("1993 Form 10-K").

        Amendment to Restated           Incorporated by reference to
        Exhibit 3-1                     the 1993 Form 10-K.
        Certificate of Incorporation.


3-2     By-laws of Gannett Co., Inc.    Incorporated by reference to
                                        Exhibit 3-2 to the 1993 Form
                                        10-K.

4-1     $1,000,000,000 Revolving        Incorporated by reference to Exhibit
        Credit Agreement among          4-1 to the 1993 Form 10-K.
        Gannett Co., Inc. and the
        Banks named therein.

4-2     Amendment Number One            Incorporated by reference to
        to $1,000,000 Revolving         Exhibit 4-2
        Credit Agreement among          to Gannett Co., Inc.'s Form 10-Q
        Gannett Co., Inc. and the       for the fiscal quarter ended
        Banks named therein.            June 26, 1994.

4-3     Amendment Number Two to         Attached.
        $1,500,000,000 Revolving
        Credit Agreement among
        Gannett Co., Inc. and the
        Banks named therein.

                        - 11 -


<PAGE>

4-4     Indenture dated as of March 1,  Incorporated by reference to Exhibit 4-2
        1983 between Gannett Co., Inc.  to Gannett Co., Inc.'s Form 10-K for the
        and Citibank, N.A., as Trustee. fiscal year ended December 29, 1985.


4-5     First Supplemental Indenture    Incorporated by reference to
        dated as of November 5, 1986    Exhibit 4 to
        among Gannett Co., Inc.,        Gannett Co., Inc.'s Form 8-K filed on
        Citibank, N.A., as Trustee, and November 9, 1986.
        Sovran Bank, N.A., as Successor
        Trustee.


4-6     Rights Plan.                    Incorporated by reference to
                                        Exhibit 1 to Gannett Co.,Inc.'s
                                        Form 8-K filed on May 23, 1990.

10-1    Employment Agreement dated      Incorporated by reference to Gannett
        December 7, 1992 between        Co., Inc.'s Form 10-K for the fiscal
        Gannett Co., Inc. and John J.   year ended December 27, 1992
        Curley.*                        ("1992 Form 10-K").

10-2    Employment Agreement dated      Incorporated by reference to the 1992
        December 7, 1992 between        Form 10-K.
        Gannett Co., Inc.and Douglas H.
        McCorkindale.*

10-3    Agreement dated January 5,      Incorporated by reference to
        1995 between Gannett Tele-      Gannett Co., Inc.'s Form 10-K
        vision and CTR Productions.     for the fiscal year
                                        ended December 25, 1994.

10-4    Gannett Co., Inc. 1978          Incorporated by reference to
        Executive Long-Term Incentive   Exhibit 10-3 to
        Plan.*                          Gannett Co., Inc.'s Form 10-K for
                                        the fiscal year ended December
                                        28, 1980. Amendment No. 1
                                        incorporated by reference
                                        to Exhibit 20-1 to
                                        Gannett Co., Inc.'s
                                        Form 10-K for the fiscal year
                                        ended December 27, 1981.
                                        Amendment No. 2 incorporated by
                                        reference to Exhibit 10-2
                                        to Gannett Co., Inc.'s Form 10-K
                                        for the fiscal year ended
                                        December 25, 1983.  Amendments
                                        Nos. 3 and 4 incorporated
                                        by reference to Exhibit 4-6 to
                                        Gannett Co., Inc.'s Form S-8
                                        Registration Statement No.
                                        33-28413 filed on May 1, 1989.
                                        Amendments Nos. 5 and 6
                                        incorporated by reference to
                                        Exhibit 10-8 to Gannett Co.,
                                        Inc.'s Form 10-K for the fiscal
                                        year ended December 31, 1989.

                        - 12 -


<PAGE>

10-5    Description of supplemental     Incorporated by reference to
        insurance benefits.*            Exhibit 10-4 to the 1993
                                        Form 10-K.

10-6    Gannett Co., Inc. Supplemental  Incorporated by reference to Exhibit
        Retirement Plan, as amended.*   10-8 to Gannett Co., Inc's Form 10-K
                                        for the fiscal year ended
                                        December 27,1986 ("1986 Form 10-K").

10-7    Gannett Co., Inc. Retirement    Incorporated by reference to Exhibit
        Plan for Directors.*            10-10 to the 1986 Form 10-K.
                                        1991 Amendment incorporated by
                                        reference to Exhibit 10-2 to
                                        Gannett Co., Inc.'s Form 10-Q
                                        for the quarter ended September
                                        29, 1991.  1995 Amendments
                                        attached in Exhibit 10-7.



10-8    Gannett Co., Inc. 1987          Incorporated by reference to
        Deferred Compensation Plan,     Exhibit 10-8
        as restated.*                   to the 1993 Form 10-K.


10-9    Gannett Co., Inc. Transitional  Incorporated by reference to Exhibit
        Compensation Plan.*             10-13 to Gannett Co., Inc.'s Form
                                        10-K for the fiscal year ended
                                        December 30, 1990.

11      Statement re computation of     Attached.
        earnings per share.

13      Portions of 1995 Annual Report  Attached.
        to Shareholders incorporated
        by reference.

21      Subsidiaries of Gannett Co.,    Attached.
        Inc.

23      Consent of Independent          Attached.
        Accountants.

27      Financial Data Schedule.        Attached.



        The Company agrees to furnish to the Commission, upon
        request, a copy of each agreement with respect to
        long-term debt not filed herewith in reliance upon the
        exemption from filing applicable to any series of debt
        which does not exceed 10% of the total consolidated
        assets of the Company.

     *  Asterisks identify management contracts, and
        compensatory plans or arrangements.

                        - 13 -







                         AMENDMENT TO

                        GANNETT CO., INC.

               RETIREMENT PLAN FOR DIRECTORS


     GANNETT CO., INC. ("Gannett") hereby amends its Retirement
Plan for Directors ("Plan") to provide a lump sum payment to a
Director's beneficiaries whether death occurs prior to or
following retirement.

     Section 5 of the Plan is amended to read as follows:

     Section 5.  Death Benefits: In the event of the death of a
Director, either prior to or following retirement, the present
value of the benefit to which the Director would have been
entitled had retirement occurred the day before death shall be
paid in a single sum to the Beneficiary designated by the
Director or to the Director's estate in the event the Beneficiary
is no longer living or has not been designated.

     IN WITNESS WHEREOF, the Company has caused its duly
authorized officer to execute this Amendment, which shall be
effective as of May 2, 1995.


                              GANNETT CO., INC.


                              By:  /s/Thomas L. Chapple
                                   --------------------------
                                   Thomas L. Chapple
                                   Secretary




<PAGE>
                         AMENDMENT TO

                        GANNETT CO., INC.

               RETIREMENT PLAN FOR DIRECTORS


     GANNETT CO., INC. ("Gannett") hereby amends its Retirement
Plan for Directors ("Plan") to provide that retirement
compensation will be based on the highest compensation earned by
a director during his or her last ten years of Board service.

     Section
 2 of the Plan is amended to read as follows:

     Section 2. Benefit: The annual benefit payable pursuant to
this Plan shall be computed by multiplying the highest annual
Director's Compensation paid by Gannett during the ten years
preceding the Director's retirement from the Board by the
appropriate percentage in the table shown below.

     The term "Compensation" as used in this Plan shall include
annual retainer, committee chair retainer, board and committee
meeting fees, and such types of cash payments as may be provided
as director compensation in the future.

               Years of Service
               As Director              Percentage
               -------------------      -------------
               10 or more               100%
               9                   90%
               8                   80%
               7                   70%
               6                   60%
               5                   50%
               Less than 5              -0-


     IN WITNESS WHEREOF, the Company has caused its duly
authorized officer to execute this Amendment, which shall be
effective as of June 20, 1995.


                              GANNETT CO., INC.


                              By:  /s/Thomas L. Chapple
                                   --------------------------
                                   Thomas L. Chapple
                                   Secretary









<TABLE>

Calculation of Earnings Per Share

<CAPTION>
                                                     Fiscal Year Ended
                                        ------------------------------------------
                                        December 31,  December 25,  December 26,
                                            1995          1994          1993
                                        ------------- ------------- -------------
<S>                                     <C>           <C>           <C>

Net Income                              $477,262,000  $465,399,000  $397,752,000


Net income per share                           $3.41         $3.23         $2.72

Weighted average number of common
 shares outstanding                      140,156,000   144,276,000   146,474,000

</TABLE>






                                       - Front Cover -


Company Profile
Gannett Co., Inc. is a diversified news and information company that
publishes newspapers, operates broadcasting stations, cable television
systems, a television entertainment programming unit
and outdoor advertising businesses, and is engaged in
marketing, commercial printing, a newswire service, data services,
news programming and alarm security services. The company has
operations in 44 states, the District of Columbia, Canada, Guam and
the U.S. Virgin Islands.
   Gannett is the largest U.S. newspaper group in terms of
circulation, with 92 daily newspapers, including USA TODAY, a variety
of non-daily publications and USA WEEKEND, a weekly newspaper
magazine. Total average paid daily circulationof Gannett's daily
newspapers is approximately 6.6 million.
   Gannett owns and operates 15 television stations and seven FM and
six AM radio stations in major markets. Gannett's cable division
serves 458,000 subscribers in five states. Gannett Outdoor Group is
the largest outdoor advertising group in North America, with
operations in 19 major markets in the U.S., and in most markets in
Canada.
   Gannett was founded by Frank E. Gannett in 1906 and incorporated in
1923. The company went public
 in 1967. Its more than 140 million
shares of common stock are held by more than 14,000 shareholders of
record in all 50 states and abroad. The company has 39,100 employees.
Corporate headquarters is located at Arlington, Va.




<PAGE>

                                       -16-

Board of Directors

John J. Curley
Chairman, president and chief executive officer, Gannett Co., Inc.
Formerly: President and chief executive officer, Gannett Co., Inc.
(1986-89); president and chief operating officer (1984-86). Other
directorships: Dickinson College Board of Trustees. Age 57. Term
expires in 1996. (b,d,g,h)

Andrew F. Brimmer
President, Brimmer & Company, Inc., and chairman, District of Columbia
Financial Responsibility and Management Assistance Authority. Other
directorships: Airborne Express; BankAmerica Corporation and Bank of
America NT&SA; BlackRock Investment Income Trust, Inc. (and other
Funds); Brimmer & Company, Inc.; Carr Realty Corporation; Connecticut
Mutual Life Insurance Company; E.I. duPont de Nemours & Company;
Navistar International Corporation; PHH Corporation; and trustee of
the College Retirement Equities Fund. Age 69. Dr. Brimmer will retire
from the Board on May 6, 1997. (a,f)

Meredith A. Brokaw
President, Penny Whistle Toys, Inc., New York City, and author of
seven children's books. Other directorships: Conservation
International, Washington, D.C. Age 55. Term expires in 1996. (b,d,f)

Rosalynn Carter
Author and businesswoman. Formerly: First Lady (1977-81). Other
directorships: Carter Presidential Center; RosalynnCarter
Institute of Georgia Southwestern College; Friendship Force
International; adviser, Habitat for Humanity, Inc.; trustee, The
Menninger Foundation. Age 68. Term expires in 1997. (b,e,h)

Peter B. Clark
Former chairman, president and chief executive officer, The Evening
News Association (1969-86). Formerly: Regents professor, Graduate
School of Management, University of California at Los Angeles (1987).
Other directorships: Trustee, Harper-Grace Hospital. Age 67. Term
expires in 1996. (c,f)

Stuart T.K. Ho
Chairman of the board and president, Capital Investment of Hawaii,
Inc. Other directorships: Aloha Airgroup, Inc.; Bancorp Hawaii, Inc.;
College Retirement Equities Fund; Capital Investment of Hawaii, Inc.
Age 60. Term expires in 1998. (a,b,e)

Drew Lewis
Chairman and chief executive officer, Union Pacific Corporation.
Other directorships: American Express Co.; AT&T; Ford Motor Co.;FPL Group,
Inc.; Union Pacific Corporation; Union Pacific Resources Group Inc.
Age 64. Term expires in 1997. (a,d)


<PAGE>
                                       -17-

Josephine P. Louis
Chairman and chief executive officer, Eximious Inc., and Eximious Ltd.
Other directorships: HDO Productions, Inc.; trustee, Chicago
Horticultural Society; trustee, Chicago Historical Society. Age 65.
Term expires in 1996. (a,b,f)

Douglas H. McCorkindale
Vice chairman and chief financial and administrative officer, Gannett
Co., Inc. Formerly: Vice chairman and chief financial officer, Gannett
Co., Inc. (1984-85). Other directorships: Continental Airlines, Inc.;
Frontier Corporation; and seven funds which are part of the Prudential
group of mutual funds. Age 56. Term expires in 1998. (b,g,h)

Rollan D. Melton
Chairman and chief executive officer, Speidel Newspapers Inc., and
columnist, Reno (Nev.) Gazette-Journal. Other directorships: National
Judicial College; John Ben Snow Trust and Foundation. Age 64. Mr.
Melton will retire from the Board on May 6, 1997. (e,h)

Thomas A. Reynolds Jr.
Chairman emeritus of Chicago law firm of  Winston & Strawn. Other
directorships: Jefferson Smurfit Group; Union Pacific Corporation. Age
67. Term expires in 1997. (a,b,c)

Carl T. Rowan
President, CTR Productions Inc.; author and lecturer; columnist, King
Features and the Chicago Sun-Times; television and radio commentator.
Age 70. Mr. Rowan will retire from the Board on May 7, 1996. (d,e)

Dolores D. Wharton
Chairman and CEO, Fund for Corporate Initiatives, Inc. Other
directorships: COMSAT Corporation; Kellogg Company. Age 68. Term
expires in 1997. (c,h)


(a) Member of Audit Committee.
(b) Member of Executive Committee.
(c) Member of Executive Compensation Committee.
(d) Member of Management Continuity Committee.
(e) Member of Public Responsibility Committee.
(f) Member of Personnel Practices Committee.
(g) Member of Gannett Management Committee.
(h) Member of Contributions Committee.


<PAGE>
                                       -18-

Company and Divisional Officers

Gannett's principal management group is the Gannett Management
Committee, which coordinates overall management policies for the
Company. The members are identified below and on the previous pages.
 The managers of the Company's various local operating units enjoy
substantial autonomy in local policy, operational details, news
content and political endorsements.
   The Company's corporate headquarters staff includes specialists who
provide advice and assistance to the Company's operating units in
various phases of the Company's operations.
   Below are brief descriptions of the business experience during the
last five years of the officers of the Company and the heads of its
national and regional divisions. Officers serve for a term of one year
and may be re-elected. Information about the two officers who serve as
directors (John J. Curley and Douglas H. McCorkindale) can be found on
pages 16-17.

Christopher W. Baldwin, Vice president, taxes. Formerly: Director,
taxes (1979-1993). Age 52.

Denise H. Bannister, President, Gannett Gulf Coast Newspaper Group,
and president and publisher, Pensacola (Fla.) News Journal. Formerly:
Vice president, Gannett South Newspaper Group, and president and
publisher, Pensacola News Journal (1991-1994); vice president, Gannett
East Newspaper Group (1990-1991), and president and publisher, The
Herald-Dispatch, Huntington, W. Va. (1989-1991). Age 45.

Sara M. Bentley, President, Gannett Northwest Newspaper Group, and
president and publisher, Statesman Journal, Salem, Ore. Formerly:
President and publisher, Statesman Journal (1988-1994). Age 44.

Thomas L. Chapple, Senior vice president, general counsel and
secretary. Formerly: Vice president, general counsel and secretary
(1991-1995); vice president, associate general counsel and secretary
(1981-1991). Age 48.*

Richard L. Clapp, Senior vice president/personnel. Formerly: Vice
president, compensation and benefits (1983-1995). Age 55.*

Susan Clark-Johnson, Senior group president, Gannett Pacific Newspaper
Group, and president and publisher, Reno (Nev.) Gazette-Journal.
Formerly: President, Gannett West Newspaper Group, and president and
publisher, Reno Gazette-Journal (1985-1994). Age 49.

Michael J. Coleman, Senior group president, Gannett South Newspaper
Group, and president and publisher, FLORIDA TODAY at Brevard County.
Formerly: President, Gannett South Newspaper Group, and president and
publisher, FLORIDA TODAY  (1991-1994); president, Gannett Central
Newspaper Group, and president and publisher, Rockford (Ill.) Register
Star (1986-1991). Age 52.


<PAGE>
                                       -19-

Thomas Curley, President and publisher, USA TODAY. Formerly: President
and chief operating officer, USA TODAY (1986-1991). Thomas Curley is
the brother of John J. Curley. Age 47.*

Philip R. Currie, Senior vice president, news, Newspaper Division.
Formerly: Vice president, news, Newspaper Division (1982-1995). Age
54.

Donald W. Davidson, President, Gannett Outdoor Group. Age 57.*

Gerry DeFrancesco, President, Gannett Radio. Formerly: President and
general manager, KIIS/KIIS-FM at Los Angeles (1991-1992); executive
vice president, Gannett Radio, and vice president and station manager,
KIIS/KIIS-FM (1991); vice president and operations manager, Pyramid
Broadcasting, Philadelphia, Pa. (1990-1991); vice president and
station manager, KIIS/KIIS-FM (1989-1990). Age 41.

Millicent A. Feller, Senior vice president, public affairs and
government relations. Formerly: Vice president, public affairs and
government relations (1986-1991). Age 48.*

Lawrence P. Gasho, Vice president, financial analysis. Age 53.

George R. Gavagan, Vice president, corporate accounting services.
Formerly: Assistant controller (1986-1993). Age 49.

Dale Henn, Assistant treasurer. Formerly: Director, capital
appropriations (1987-1994). Age 44.

John B. Jaske, Senior vice president, labor relations and assistant
general counsel. Formerly: Vice president, labor relations and
assistant general counsel (1980-1991). Age 51.*

Madelyn P. Jennings, Senior vice president, personnel. Age 61. Ms.
Jennings retired July 1, 1995.

Kristin H. Kent, Vice president, senior legal counsel and assistant
secretary. Formerly: Vice president, senior legal counsel (1993-1995);
senior legal counsel (1986-1993). Age 45.

Gracia C. Martore, Vice president, treasury services. Formerly:
Assistant treasurer (1985-1993). Age 44.

Myron Maslowsky, Vice president, internal audit. Formerly: Director,
internal audit (1989-1995). Age 41.

Bern Mebane, Senior group president, Gannett Piedmont Newspaper Group.
Formerly: President, Multimedia Newspaper Company (1989-1995). Age 46.

William Metzfield, President, Gannett Supply Corp., and vice
president, purchasing, Gannett Co., Inc. Age 54.


<PAGE>
                                       -20-

Larry F. Miller, Senior vice president, financial planning and
controller. Formerly: Vice president, financial planning and
controller (1986-1991). Age 57.*

W. Curtis Riddle, Senior group president, Gannett East Newspaper
Group, and president and publisher, The News Journal, Wilmington, Del.
Formerly: President, East Newspaper Group, and president and
publisher, Lansing (Mich.) State Journal (1993-1994); president,
Gannett Central Newspaper Group (1991-1993), and president and
publisher, Lansing State Journal (1990-1993); vice president, Gannett
Central Newspaper Group (1989-1991); president and publisher,
Lafayette (Ind.) Journal and Courier (1988-1990). Age 44.

Carleton F. Rosenburgh, Senior vice president, Gannett Newspaper
Division. Formerly: Vice president, circulation (1986-1991). Age 56.

Gary F. Sherlock, President, Gannett Atlantic Newspaper Group, and
president and publisher, Gannett Suburban Newspapers. Formerly: Vice
president, Gannett Metro Newspaper Group, and president and publisher,
Gannett Suburban Newspapers (1990-1994); executive vice president,
advertising, Newspaper Division (1988-90); president, Gannett National
Newspaper Sales (1986-90). Age 50.

Mary P. Stier, President, Gannett Midwest Newspaper Group, and
president and publisher, Rockford (Ill.) Register Star. Formerly: Vice
president, Gannett Central Newspaper Group (1990-1993), and president
and publisher, Rockford Register Star (1991- 1993); publisher, Iowa
City Press-Citizen (1987-1991). Age 38.

Jimmy L. Thomas, Senior vice president, financial services and
treasurer. Formerly: Vice president, financial services and treasurer
(1980-1991). Age 54.*

Ronald Townsend, President, Gannett Television. Age 54.*

Wendell J. Van Lare, Vice president, senior labor counsel. Formerly:
Director, labor relations (1980-1993). Age 50.

Cecil L. Walker, President, Gannett Broadcasting Division. Age 59.*

Barbara W. Wall, Vice president, senior legal counsel. Formerly:
Senior legal counsel (1990-1993); assistant general counsel
(1985-1990). Age 41.

Gary L. Watson, President, Gannett Newspaper Division. Formerly:
President, Gannett Community Newspaper Group (1985-1990). Age 50.*

Susan V. Watson, Vice president, investor relations. Age 43.


* Member of the Gannett Management Committee.

<PAGE>
                                       -22-


Gannett common stock prices

Restated to reflect the 2-for-1 stock split effective
January 6, 1987.   High-low range by quarters based
on NYSE-composite closing prices.

 Year   Quarter      Low      High
- ------ ---------  --------- ---------
1985   first        $23.57    $29.38
       second       $27.38    $31.50
       third        $27.25    $32.88
       fourth       $26.63    $31.25
1986   first        $29.63    $37.00
       second       $34.25    $43.56
       third        $33.19    $42.75
       fourth       $33.88    $38.25
1987   first        $35.94    $49.63
       second       $43.75    $54.88
       third        $48.50    $55.25
       fourth       $31.75    $52.75
1988   first        $33.75    $39.50
       second       $29.38    $35.63
       third        $30.50    $34.25
       fourth       $32.38    $35.00
1989   first        $34.63    $38.25
       second       $36.63    $48.50
       third        $43.64    $49.88
       fourth       $39.50    $45.25
1990   first        $39.50    $44.38
       second       $35.50    $42.25
       third        $29.88    $37.50
       fourth       $30.63    $37.75
1991   first        $35.75    $42.63
       second       $39.75    $44.38
       third        $39.38    $46.63
       fourth       $35.88    $42.25
1992   first        $42.25    $47.88
       second       $41.50    $49.13
       third        $43.88    $48.25
       fourth       $46.00    $53.63
1993   first        $50.63    $55.38
       second       $47.50    $54.75
       third        $47.75    $51.38
       fourth       $47.50    $58.13
1994   first        $53.38    $58.38
       second       $50.63    $54.88
       third        $48.38    $51.63
       fourth       $46.75    $53.38
1995   first        $50.13    $55.00
       second       $52.00    $55.75
       third        $53.00    $55.50
       fourth       $52.88    $64.38
1996   first        $59.25    $69.25     *


* through March 5, 1996



<PAGE>
                                       -23-


Management's responsibility for financial statements

The management of the Company has prepared and is responsible
for the consolidated financial statements and related financial
information included in this report. These financial statements
were prepared in accordance with generally accepted accounting
principles. These financial statements necessarily include
amounts determined using management's best judgments and
estimates.
 The Company's accounting and other control systems provide
reasonable assurance that assets are safeguarded and that the books
and records reflect the authorized transactions of the Company.
Underlying the concept of reasonable assurance is the premise that
the cost of control not exceed the benefit derived.
Management believes that the Company's accounting and other control
systems appropriately recognize this cost/benefit relationship.
 The Company's independent accountants, Price Waterhouse LLP, provide
an independent assessment of the degree to which management meets its
responsibility for fairness in financial reporting. They regularly
evaluate the Company's system of internal accounting control and
perform such tests and other procedures as they deem necessary to
reach and express an opinion on the financial statements. The Price
Waterhouse LLP report appears on page 45.
 The Audit Committee of the Board of Directors is responsible for
reviewing and monitoring the Company's financial reports and
accounting practices to ascertain that they are appropriate in the
circumstances. The Audit Committee consists of five non-management
directors, and meets to discuss audit and financial reporting matters
with representatives of financial management, the internal auditors
and the independent accountants. The internal auditors and the
independent accountants have direct access to the Audit Committee to
review the results of their examinations, the adequacy of internal
accounting controls and the quality of financial reporting.





John J. Curley                   Douglas H. McCorkindale
Chairman, President and          Vice Chairman, Chief Financial
Chief Executive Officer          and Administrative Officer





Management's discussion and analysis of results of operations
 and financial position

Basis of reporting
Following is a discussion of the key factors which have affected the
Company's business over the last three years. This commentary should
be read in conjunction with the Company's financial statements, the
11-year summary of operations and the Form 10-K information that
appear in the following sections of this report.
 The Company's fiscal year ends on the last Sunday of the calendar
year. The Company's 1995 fiscal year ended on December 31, 1995, and
encompassed a 53-week period. The Company's 1994 and 1993 fiscal years
each encompassed a 52-week period.


Acquisitions and dispositions
On December 4, 1995, the Company completed the acquisition of
Multimedia, Inc. ("Multimedia"). Multimedia's principal business
operations include 10 local daily newspapers, five
television stations, two radio stations, a cable television division,
television entertainment programming and an alarm security company.
Further information concerning Multimedia
businesses is presented in the 10-Ksection of this report beginning on
page 49.
 The consideration paid for Multimedia included $45.25 per common
share, totaling $1.8 billion, and the assumption of Multimedia
liabilities of approximately $0.5 billion. This
acquisition was accounted for under the purchase method of accounting
and Multimedia's results of operations are included in the Company's
financial statements from the date of acquisition. The acquisition of
Multimedia did not materially affect the Company's consolidated
results of operations for 1995.
 The Company financed the acquisition of Multimedia with the issuance
of unsecured promissory notes (commercial paper). The Financial
Position section of this report on page 30 contains further
information on this and other financing activities of the Company.
 In May 1994, the Company purchased Nursing Spectrum, which publishes
a group of biweekly periodicals specializing in advertising for
nursing employment. In December 1994, the Company purchased television
station KTHV-TV in Little Rock, a CBSaffiliate. These acquisitions
were accounted for under the purchase method of accounting, and
consideration paid included cash and shares of the Company's common
stock. The acquisitions were not material to the Company's financial
position or results of operations.
 In November 1994, the Company sold its newspaper in Stockton,
Calif., and realized a gain which is reflected in non-operating
income.


<PAGE>
                                       -24-

Results of operations
Consolidated summary


In millions of dollars
                         1995     Change     1994     Change    1993     Change
                       --------- --------- --------- -------- --------- --------
Operating revenues       $4,007         5%   $3,825        5%   $3,642        5%
Operating  income          $852         5%     $813       14%     $714       16%
Net income                 $477         3%     $465       17%     $398       15%



Business segment reporting
For financial reporting purposes, the Company has established four
separate business segments: newspapers; broadcasting (television and
radio); cable television; and a segment for all other business
operations. In prior years, the Company's operations were reported in
three segments:newspapers; broadcasting; and outdoor advertising. Upon
the completion of the Multimedia acquisition, the Company established
a separate business segment for the acquired cable television division
because of the relative significance of the operations of this
business and the amount of the Company's investment therein. At the
same time, the Company elected to group its outdoor advertising along
with the alarm security and entertainment businesses acquired from
Multimedia in its fourth "Other businesses" reporting segment.
Additionally, certain businesses previously reported in the newspaper
segment are now reflected in the other businesses segment. Prior-year
segment data has been restated to reflect this reporting change.
 A discussion of the operating results of each of the Company's
principal business segments and other factors affecting financial
results follows. Operating cash flow amounts presented with business
segment information represent operating income plus depreciation and
amortization of intangible assets. Such cash flow amounts vary from
net cash flow from operating activities presented in the Consolidated
Statements of Cash Flows, because cash payments for interest and taxes
are not reflected therein, nor are the cash flow effects of
non-operating items or changes in certain operations-related balance
sheet accounts.

Newspapers
In addition to its local newspapers, the Company's newspaper
publishing operations include USA TODAY, USA WEEKEND and Gannett
Offset commercial printing. The financial results of the newspaper
segment for 1995 were materially impacted by sharply higher newsprint
prices and by the effects of a strike by members of six unions against
The Detroit News and the Detroit Newspaper Agency, which began on July
13, 1995 and continues. Newspaper publishing operating results were as
follows:


In millions of dollars
                       1995    Change    1994    Change   1993    Change
                     --------- --------- ------- -------- ------- --------
Revenues               $3,229        3%  $3,137       6%  $2,969       6%
Expenses               $2,527        5%  $2,402       5%  $2,293       4%
                     --------- --------- ------- -------- ------- -------
Operating income         $702       -5%    $735       9%    $676      12%
                     ========= ========= ======= ======== ======= =======
Operating cash flow      $849       -4%    $884       8%    $822      11%


 Newspaper operating revenues: Newspaper operating revenues are
derived principally from advertising and circulation sales, which
accounted for 69% and 27%, respectively, of total newspaper revenue in
1995. Other newspaper publishing revenues are mainly from commercial
printing businesses. The table below presents these components of
reported revenue for the last three years:

Newspaper publishing revenues, in millions of dollars
                       1995     Change     1994     Change    1993     Change
                     --------- --------- --------- -------- --------- --------
Advertising            $2,219         3%   $2,153        7%   $2,005        7%
Circulation              $869         2%     $849        1%     $839        4%
Commercial printing
 and other               $141         4%     $135        8%     $125        2%
                     --------- --------- --------- -------- --------- --------
Total                  $3,229         3%   $3,137        6%   $2,969        6%
                     ========= ========= ========= ======== ========= ========



 In the tables that follow, newspaper advertising linage, circulation
volume statistics and related revenue results are presented on a pro
forma basis for newspapers owned at the end of 1995. The Multimedia
newspapers acquired in December 1995 are included as if they were
owned throughout the period covered by these comparisons.

Advertising revenue, in millions of dollars (pro forma)
                       1995     Change     1994     Change    1993     Change
                     --------- --------- --------- -------- --------- --------
Local                    $846         0%     $844        2%     $826        1%
National                 $342         5%     $324       11%     $293        4%
Classified               $774         7%     $720       14%     $633        6%
                     --------- --------- --------- -------- --------- --------
Total Run-of-Press     $1,962         4%   $1,888        8%   $1,752        3%
Preprint and other
 advertising             $366         3%     $355        4%     $342        9%
                     --------- --------- --------- -------- --------- --------
Total ad revenue       $2,328         4%   $2,243        7%   $2,094        4%
                     ========= ========= ========= ======== ========= ========


Advertising linage, in millions of inches (pro forma)
                       1995     Change     1994     Change    1993     Change
                     --------- --------- --------- -------- --------- --------
Local                    35.5        -1%     36.0        0%     36.1       -2%
National                  2.3         1%      2.3        8%      2.1       -1%
Classified               36.1         5%     34.5        8%     32.0        6%
                     --------- --------- --------- -------- --------- --------
Total Run-of-Press       73.9         2%     72.8        4%     70.2        1%
Preprint                 70.3         4%     67.9        4%     65.1        9%
                     --------- --------- --------- -------- --------- --------
Total ad linage         144.2         3%    140.7        4%    135.3        5%
                     ========= ========= ========= ======== ========= ========

<PAGE>

                                       -25-


 Reported advertising revenues were $66.6 million greater than 1994,
a 3% increase, while pro forma advertising revenues reflect a 4%
increase.
 Of the principal advertising categories presented in the pro forma
table above, the strongest growth in 1995 was in classified,
reflecting gains in employment and automotive advertising, which were
experienced at most of the Company's local newspapers. National
advertising revenues reflect significant improvement also, principally
from gains at USA TODAY. USA TODAY advertising linage grew 3% and
advertising revenues rose 7%.
 Local advertising linage was down slightly in 1995, reflecting the
impact of the strike in Detroit and generally soft conditions for the
retail industry.
 The Company increased advertising rates at certain of its newspapers
in 1995 and advertising revenue was also favorably impacted by the
additional week in the 1995 fiscal year. Advertising revenue growth
was adversely impacted by the strike in Detroit.
 Looking to 1996, the Company expects further advertising revenue
growth at most of its newspaper properties. Advertising associated
with the Summer Olympics in Atlanta and political contests will
contribute to this growth. The effects of the strike in Detroit are
expected to diminish in 1996 and further advertising rate increases
are planned at many newspapers. Changes in national economic factors
such as interest rates, employment levels and the rate of general
economic growth will have an impact on revenues at all of the
Company's newspaper operations.
 Newspaper circulation revenues rose 2% or $19.7 million in 1995,
reflecting added revenues in December from Multimedia newspapers, the
favorable impact of the 53rd week in fiscal year 1995 and circulation
price increases at certain newspapers. Circulation revenues were
adversely affected by the strike in Detroit. On a pro forma basis,
morning circulation rose 0.3%, reflecting gains at 17 of 57
newspapers. Evening newspaper circulation continued to decline,
reflecting the national trend. In total, evening circulation was off
nearly 6%, as 29 of 35 newspapers reported lower volume. For the
Company's Sunday newspapers, total circulation was down 3%. Most of
the evening and Sunday circulation volume loss was attributable to the
strike in Detroit.
 USA TODAY reported an average daily paid circulation of 2,059,017 in
the ABCPublisher's statement for the six months ended September 24,
1995, which, subject to audit, is a 2% increase from the comparable
period a year ago. For the full year, USA TODAY circulation volume and
revenue rose 2% and 3%, respectively.
 Circulation volume at certain of the Company's newspapers was
affected by management efforts to reduce less valuable outstate or
fringe circulation, which is costly to deliver.
 In 1996, efforts will be continued to better manage the quality of
the circulation base and related costs. Management also plans further
circulation price increases. Over the two-year period 1995-1996, price
increases will have been implemented at most of the Company's
newspapers. Circulation volume and revenues at Detroit are recovering
from the impact of the strike and are expected to continue to do so.
At USA TODAY, single-copy prices at selected outlets are being raised.
The Company expects further circulation revenue growth at most of its
newspaper properties.
 Pro forma circulation volume for the Company's local newspapers is
summarized in the table below:

Average net paid circulation, in thousands
                       1995     Change     1994     Change    1993     Change
                     --------- --------- --------- -------- --------- --------
Local Newspaper
Morning                 3,361        -1%    3,389        1%    3,363        1%
Evening                 1,125        -6%    1,192       -5%    1,248       -4%
                     --------- --------- --------- -------- --------- --------
Total daily             4,486        -2%    4,581       -1%    4,611       -1%
Sunday                  6,195        -3%    6,394       -1%    6,462        -


 In 1994, newspaper advertising revenues rose $148 million or 7%.
Classified linage growth of 8% was broad-based and translated to
a 13% increase in revenues. In the classified category,
gains in employment advertising were strongest, followed by
significant improvement in automotive.
 National ROP advertising volume rose 8% in 1994 and related revenues
increased 11%, reflecting gains at USA TODAY, USA WEEKEND and at most
of the Company's local newspapers, with strong improvement in the
South and Gulf Coast groups, which benefited from advertising related
to new casino operations.
 For local ROP advertising, 1994 linage was even with 1993, while
revenues rose 2%. Business conditions for local retail advertisers
improved in 1994 in much of the country, offsetting
lagging demand in the East and Atlantic groups. Preprint linage, which
includes local and national supplements inserted into the Company's
newspapers, rose 5% for the year.

In millions, as reported
        Newspaper
       advertising
 Year    revenues
- --------------------
1986         $1,589
1987         $1,787
1988         $1,909
1989         $2,018
1990         $1,917
1991         $1,853
1992         $1,882
1993         $2,005
1994         $2,153
1995         $2,219


 Newspaper circulation revenues rose $11 million or 1% in 1994.
Morning newspaper circulation in total rose 1% for the year,
reflecting gains at 28 of 49 newspapers. Evening circulation was off
2% as 19 of 32 newspapers reported lower volume. For the Company's 66
Sunday newspapers, total circulation was 1% lower compared to 1993, as
25 newspapers reported gains and 41 reported lower volume.


<PAGE>
                                       -26-



 USA TODAY reported an average daily paid circulation of 2,009,523 in
the ABC Publisher's statement for the six months ended September 25,
1994. For the full year 1994, USA TODAY circulation volume and revenue
increased 1%.
 Newspaper advertising revenues increased $123 million or 7% in 1993.
On a pro forma basis, which reflects the purchase of The Honolulu
Advertiser as if it occurred at the beginning of 1992,
newspaper ad revenues rose $82 million or 4%. Total advertising linage
rose 5% for the year. ROP advertising linage was 1% higher than 1992.
ROP classified increased 5%, while local and national linage declined
2% and 1%, respectively.  Preprint linage rose 8% for the year. At USA
TODAY, ad revenues and linage rose 9%.
 Newspaper circulation revenues rose $32 million or 4% for 1993. On a
pro forma basis, circulation revenues rose 2%. The Company continued
its efforts to increase circulation and household penetration at all
of its local daily and Sunday newspapers. Average paid circulation
grew at 49% of the Company's daily newspapers and 57% of its Sunday
newspapers in 1993.
 The decline in overall daily circulation in 1993 was principally
among the Company's afternoon newspapers, including The Detroit News.
 USA TODAY reported an average daily paid circulation of 1,973,296 in
the ABC Publisher's statement for the six months ended September 26,
1993, a 2.5% increase over the prior year. For the full year, USA
TODAY circulation volume and circulation revenues grew 2%.

In millions, as reported
        Newspaper
       circulation
 Year    revenues
- --------------------
1986           $576
1987           $645
1988           $686
1989           $718
1990           $730
1991           $777
1992           $807
1993           $839
1994           $849
1995           $869



 Newspaper operating expenses: Newspaper operating expenses rose $125
million or 5% in 1995. The impact of newsprint price increases had a
dramatic effect on costs. In total, newsprint expense rose 33%. The
average cost per ton of newsprint consumed in 1995 rose more than 40%
from 1994's average cost. In response to these price increases, the
Company began taking steps in 1994 to reduce consumption. These
efforts have been and will continue to be a principal focus of
newspaper management. For 1995, the Company's newsprint consumption
declined nearly 5%.
 Suppliers have announced plans for further newsprint price increases
in 1996, however, it is not certain at this time if market conditions
will support these plans. In the absence of further newsprint price
changes, the Company's average cost per ton will be approximately 20%
greater than in 1995 because of the carryover effect of 1995 price
increases.
 Payroll costs for newspaper operations rose 2% in 1995. Year-end
employment levels were down slightly, principally because of reduced
staffing requirements at the Detroit operations, reflecting
efficiencies of the replacement worker group. Salary and wage
increases for 1996 are expected to be modest and employment levels are
expected to decline slightly.
 Newspaper costs were also affected significantly by incremental
costs in Detroit related to the strike, including security costs,
repair costs from strike-related damage and costs for employees
"loaned" to Detroit from other Gannett and Knight-Ridder (our agency
partner in Detroit)newspapers to assist in publishing operations.
These strike-related costs have been diminishing and the Company
expects them to diminish further in 1996.
 Newspaper operating expenses rose $107 million or 5% in 1994.
Newsprint costs rose 1%, which reflected increased consumption
and slightly lower average prices.
 Payroll costs for newspaper operations rose 3% in 1994. Employment
levels were down slightly, due in part to the sale of the
Company's newspaper in Stockton, Calif. Newspaper payroll costs
included increased sales costs associated with the growth in
advertising revenues.
 Newspaper operating expenses rose $86 million or 4% in 1993.
Newsprint costs rose 3% for the year, reflecting higher prices and
higher consumption. Payroll costs for the newspaper segment rose 3%
for the year. Employment levels declined
slightly from 1992.
 Newspaper operating income: Operating income for the newspaper
segment declined $33 million in 1995, primarily because of sharply
higher newsprint costs and the effect of the strike in Detroit. With
the principal exception of Detroit, most of the Company's other local
newspapers reported improved operating income, as advertising and
circulation revenue gains, coupled with cost controls, more than
offset the impact of newsprint price increases. At USA TODAY, earnings
declined as newsprint expense increased more than 40%.
 For 1996, the Company expects growth in advertising revenues from
improved volume and price increases, and circulation revenue growth
principally from pricing initiatives. The improved revenue and cost
outlook for Detroit also will have a positive impact on newspaper
operating earnings comparisons for 1996.
 The inclusion for the full year in 1996 of the results of newspapers
purchased in connection with the Multimedia acquisition will have a
significant impact on operating results comparisons.
 Operating income for the newspaper segment rose $57 million or 8% in
1994. Advertising revenue gains at virtually all of the Company's
newspaper operations, led principally by classified advertising,
provided the impetus for the profit gains. Most of the Company's local
newspapers reported higher earnings in 1994. USA TODAY earnings rose
on an advertising revenue increase of 7%.


<PAGE>
                                       -27-

 Operating income for newspapers rose $70 million or 11% in 1993.
Revenue gains at most local newspapers, led by classified advertising,
coupled with modest growth in costs, anchored the strong performance.
Most of the Company's local newspapers reported higher earnings in
1993, with the larger newspapers posting the strongest gains.
 USA TODAY recorded its first annual profit in 1993, fueled by a 9%
increase in advertising revenues and effective controls over costs.

Broadcasting
Broadcasting operations at the end of the Company's 1995 fiscal year
included 15 television stations and 13 radio stations. This includes
five television and two radio stations acquired in the Multimedia
purchase.
 Over the last three years, the Company's broadcasting revenues,
expenses, operating income and operating cash flows were as follows:

In millions of dollars
                       1995     Change     1994     Change    1993     Change
                     --------- --------- --------- -------- --------- --------
Revenues                 $466        15%     $407        2%     $397        7%
Expenses                 $283         2%     $278      -11%     $310        2%
                     --------- --------- --------- -------- --------- --------
Operating income         $183        42%     $129       49%      $87       31%
                     ========= ========= ========= ======== ========= ========
Operating cash flow      $213        35%     $158       34%     $118       21%



 Total reported broadcasting revenues rose $60 million or 15% in
1995. Contributing to this increase are the results of the Multimedia
stations from the date of acquisition, and results from KTHV-TV in
Little Rock, which was owned for only one month in 1994. On a pro
forma basis, broadcasting revenues rose 9% for the year.
 For television, pro forma local and national advertising revenues
rose 13% and 6%, respectively. Demand for television advertising was
particularly strong in 1995 as most of the Company's stations reported
higher revenues. Revenues were favorably impacted by the strength of
NBC programming and improved late local news ratings in a number of
markets. The stations in Atlanta and Phoenix reported the strongest
revenue growth. Gains were achieved in many categories, including
automotive, fast food and telecommunications.

 Pro forma radio station revenues rose 8%, reflecting generally
strong advertising demand. All but two of the Company's radio stations
reported revenue gains. Revenue improved sharply at the Dallas and
Houston stations.
 Reported operating costs for broadcast rose just $6 million or 2% in
1995. Programming and promotion costs were down for the year.
 Operating income from broadcasting reached a record high of $183
million, which was $54 million or 42% better than 1994. Most of the
revenue gains in broadcasting translated directly to earnings. All but
two television stations and two radio stations reported improved
results. Earnings were also favorably affected by the additional week
in fiscal 1995 and by operating results from Multimedia stations for
the month of December 1995.
 For 1996, the Company expects to post new revenue and earnings
records in broadcasting. The Summer Olympics in Atlanta and political
contests are expected to give rise to further demand for television
advertising at the Company's stations. The Summer Olympics will be
carried by NBC and the Company now has nine NBC affiliates, including
WXIA-TVin Atlanta, site of the Games, KUSA-TVin Denver, which switched
affiliation in September 1995 to NBC from ABC, and four new NBC
affiliates acquired in the Multimedia purchase.
 The addition of the Multimedia television stations will have a
significant effect on year-to-year comparisons of revenues, expenses
and earnings for 1996.
 Total broadcasting revenues rose $10 million or 2% in 1994, which
reflects the sale of four radio stations and the Company's television
station in Boston in 1993. On a pro forma basis, broadcasting revenues
rose 14%.
 For television, pro forma local and national ad revenues rose 12%
and 16%, respectively. Television revenues were favorably affected in
1994 by the Winter Olympics, political advertising and a stronger
economy. Pro forma radio station revenues improved 20%, reflecting
generally improved ratings and a stronger economy.
 Reported operating costs for broadcast reflect a decline of $33
million or 11%, due to the sale of stations in 1993. On a pro forma
basis, costs for broadcasting rose 4%, reflecting higher selling and
promotion costs.
 The improvement in broadcast earnings for 1994 reflects earnings
gains at all but one of the Company's smaller broadcast markets, as
well as the positive effect of stations sold in 1993.
 Total broadcasting revenues rose $27 million or 7% for 1993.
Television revenues rose 7% and radio revenues rose 8%. On a pro forma
basis, radio station revenues rose 15%. For television, local and
national ad revenues rose 11% and 3%, respectively. Television revenue
results for 1993 were particularly strong in light of 1992's election
year and Olympics advertising. The sharp improvement in operating
earnings for broadcasting in 1993 reflected gains in nearly all of the
Company's television and radio station markets.


In millions, as reported
       Broadcasting
 Year    revenues
- -----  -------------
1986           $351
1987           $357
1988           $391
1989           $408
1990           $397
1991           $357
1992           $371
1993           $397
1994           $407
1995           $466



<PAGE>
                                       -28-

Cable
As part of the Multimedia purchase, the Company acquired a cable
television business headquartered in Wichita, Kan., which serves
458,000 subscribers in five states. Operating results from the cable
system business for the period it was owned by the Company (December
1995) were as follows:

In millions of dollars
                       1995
                     ---------
Revenues                  $15
Expenses                  $11
                     ---------
Operating income           $4
                     =========
Operating Cash Flow        $8


The cable business traditionally has generated exceptionally strong
operating cash flow. For 1996, the Company expects growth in cable
subscribers and revenues.


Other businesses
As discussed on page 24 of this report, certain of the Company's
businesses have been grouped for business segment reporting purposes.
The principal businesses included in this segment are outdoor
advertising, and the television entertainment programming and alarm
security businesses acquired in the Multimedia purchase. The group
also includes certain businesses previously reported within the
newspaper publishing segment. These include Telematch, Gannett Direct
Marketing Services and Gannett TeleMarketing, among others. Prior-year
segment data has been restated to reflect the reporting change for
these businesses. Aggregate revenues, expenses, operating income and
operating cash flows for this group over the last three years were as
follows:


In millions of dollars
                       1995    Change    1994    Change   1993    Change
                     --------- --------- ------- -------- ------- -------
Revenues                 $296        5%    $281       2%    $276      -4%
Expenses                 $265        -     $265       2%    $260      -6%
                     --------- --------- ------- -------- ------- -------
Operating income          $31       88%     $16       4%     $16      51%
                     ========= ========= ======= ======== ======= =======
Operating cash flow       $49       35%     $37       1%     $36      13%



 For 1995, the outdoor advertising business comprises the majority of
the revenue, expense and operating profit reported for this segment.
The Company's outdoor advertising group includes operations in 19
major markets in the U.S. and most major markets in Canada. Outdoor
advertising results were strong in 1995 as revenue rose 5%, while
costs were held to an increase of just 1%. Operating profit rose
significantly. Overall revenue gains were achieved in the face of a
decline in revenues from the tobacco industry in the U.S. Revenue
gains in Canada and Southern California were strongest and all but one
of the Company's outdoor markets reported higher revenues.
 Outdoor revenues rose 4% in 1994. Despite further losses of ad
revenues from the tobacco industry and difficult operating conditions
in the earthquake-stricken areas of Southern California, domestic
revenues rose 5%. Outdoor operating costs rose just 4% in 1994 and
operating profit growth was strong, as all markets, except Southern
California, showed improvement.
 Outdoor revenues declined 4% in 1993. U.S. operations experienced a
loss in revenues from the tobacco industry, and revenues from Southern
California operations were lower. Outdoor operating costs were 7%
below 1992 levels. Because of cost reductions, operating profit for
outdoor rose dramatically in 1993. All of the larger outdoor markets
reported improved results except Southern California.
 In recent years, outdoor revenues and operating income have been
adversely affected by reduced ad expenditures by the
tobacco industry, which is among the principal sources of national
revenues. The Company believes further, but smaller, reductions in ad
spending by this industry in 1996 are possible. Revenues from the
tobacco industry have become a far less
significant part of the outdoor business over recent years. The
Company expects that further reductions in ad spending by this
industry are not likely to be significant to the business.
 Operating results from the television entertainment programming and
alarm security businesses are reflected in the segment results above
for only the month of December 1995, and as such are not of major
significance to aggregate 1995 results.
 The TV entertainment programming business is headquartered in New
York City and its principal activities involve production of
syndicated talk shows for television markets in the U.S. and abroad.
The alarm security business, Multimedia Security Service, is
headquartered in Wichita, Kan., and serves approximately 101,000
customers primarily in eight states.
 Both of these businesses operate profitably and are expected to
continue to do so. However, there has been a significant increase in
competition in the talk show business in recent years. An increase in
the number of shows has resulted in greater fragmentation of the
viewing audience and advertising revenues. The Company expects the
competitive pressure in this business to continue, which is likely to
adversely affect prospects for revenue and earnings growth.

Consolidated operating expenses
Over the last three years, the Company's consolidated operating
expenses were as follows:

In millions of dollars
                       1995    Change    1994    Change   1993    Change
                     --------- --------- ------- -------- ------- -------
Cost of sales          $2,253        7%  $2,107       2%  $2,067       2%
Selling, general
 and admin. expenses     $692       -1%    $696       7%    $650       3%
Depreciation             $160       -2%    $163      -1%    $164       5%
Amortization of
 intangible assets        $50       10%     $46       1%     $45      11%



<PAGE>
                                       -29-


 Cost of sales for 1995 rose $146 million or 7%. The principal factor
contributing to this increase was the dramatic rise in newsprint
prices, which began in 1994. Newsprint expense rose 33% for the year
as the average cost per ton consumed was 40% higher than in 1994.
Newsprint consumption in 1995 was reduced by 5%.
 Other factors contributing to the increase in cost of goods sold
include strike-related costs in Detroit, the additional week
in the 1995 fiscal year and the operating results for Multimedia
businesses for December 1995.
 Selling, general and administrative costs (SG&A) declined $4 million
or 1% in 1995, principally because reduced charitable contributions
($20 million lower than in 1994) more than offset modest increases in
other SG&A costs. Promotion costs were also lower in 1995,
particularly for broadcasting.
 Depreciation expense declined nearly $4 million or 2% in 1995,
principally because certain assets from previous acquisitions became
fully depreciated. Amortization of intangible assets was $5 million or
10% higher in 1995 because of amortization for December of the
intangible assets recorded in connection with the Multimedia
acquisition.
 For 1996, newsprint consumption costs will increase approximately
20% in the absence of any change in prices, because of the carryover
effect of 1995 price increases. The Company's pension expense will
also increase significantly in 1996 because of the use of a lower
discount rate assumption. Cost of goods sold for 1996 is expected to
be favorably affected by diminishing strike-related costs in Detroit.
Consolidated operating expense comparisons for 1996 will be materially
affected by the inclusion of Multimedia properties for the full year.
 Cost of sales for 1994 rose $40 million or 2%, reflecting increases
in newsprint and payroll expenses for newspapers and lower television
programming costs (due principally to the sale at the end of 1993 of
the Company's station in Boston). The increase in SG&A costs of $46
million or 7% is attributed to generally higher sales and promotion
costs and higher charitable contributions.
 Cost of sales for 1993 rose $43 million or 2%, reflecting modest
increases in newsprint and payroll costs for newspapers, lower
television programming costs and broad reductions in outdoor costs.
The increase in SG&A costs in 1993 of $21 million or 3% related to
generally higher sales activity for newspapers and broadcasting and
savings in outdoor from restructuring.
 The increase in depreciation and amortization of intangible assets
in 1993 reflects the acquisition of The Honolulu Advertiser.
 Payroll and newsprint costs, the largest elements of the Company's
operating expenses, are presented below, expressed as a percentage
of total pre-tax operating expenses.


                               1995     1994     1993
                               -------  -------  -------
Payroll and employee benefits    42.9%    44.2%    44.0%
Newsprint and other
 production material             21.9%    17.3%    17.4%


Non-operating income and expense
Interest expense for the full year of 1995 rose $7 million or 14%. For
the period prior to the Multimedia acquisition, the Company's interest
expense was below year-ago levels as outstanding debt had been reduced
substantially. For December, interest expense rose sharply because of
commercial paper borrowings to finance the acquisition. The Company's
financing activities are discussed further in the Financial Position
section of this report.
 Interest expense declined $6 million or 11% in 1994, reflecting
lower average borrowings, partially offset by higher average borrowing
rates.
 Other non-operating income for 1995 was below 1994. Amounts reported
for 1994 reflect a gain on the sale of the Company's newspaper in
Stockton, Calif., partially offset by costs associated with
non-operating assets and minority investments in developing
businesses.
 Interest expense for 1993 was even with 1992 as higher average
interest rates resulting from new fixed rate debt were offset by lower
average borrowings.

Provision for income taxes
The Company's effective income tax rate was 40.6% in 1995 and 40.5% in
1994 and 1993.
 The increase in the effective tax rate for 1995 is attributable to
amortization of non-deductible intangible assets recorded in
connection with the Multimedia acquisition. The Company expects its
effective tax rate to increase further in 1996 because of this factor.

Net income and income before cumulative effect of accounting principle
changes


In millions

          Net
 Year    income
- ------ ----------
1986        $276
1987        $319
1988        $364
1989        $398
1990        $377
1991        $302
1992        $200 *
1993        $398
1994        $465
1995        $477

* Income before accounting principle changes was $346

The Company reported record net income and earnings per share in 1995.
Net income rose $12 million or 3% to $477 million and earnings per
share reached $3.41, up 6% from $3.23 in 1994. Earnings progress was
fueled by the strong improvement in broadcast earnings, which helped
offset the impact of higher newsprint prices and the strike in
Detroit.


<PAGE>
                                       -30-


 The average number of shares outstanding for 1995 totaled
140,156,000, nearly 3% lower than in 1994, reflecting the Company's
purchase of 8 million of its shares in the third quarter of 1994,
partially offset by shares issued for stock options since then. Shares
outstanding at the end of 1995 totaled 140,564,645.
 Net income rose $68 million or 17% in 1994. On a per share basis,
net income reached $3.23, up 19% from $2.72 in 1993. Significant
earnings progress from newspaper and outdoor operations and a dramatic
improvement in broadcast earnings contributed to the gain.
 The average number of shares outstanding for 1994 totaled
144,276,000, 1.5% lower than in 1993, reflecting the purchase of 8
million shares in the third quarter of 1994. Shares outstanding at the
end of 1994 totaled 139,767,110.
 Net income rose $52 million or 15% in 1993, excluding the cumulative
effect of accounting principle changes recognized in 1992. On a per
share basis, net income reached $2.72, up 13% from $2.40 in 1992
before accounting changes. Profit gains from the newspaper, broadcast
and outdoor businesses contributed to 1993's earnings performance.
      The average number of shares outstanding for 1993 totaled
146,474,000, 1.6% higher than in 1992, reflecting the shares issued in
connection with the acquisition of The Honolulu Advertiser.
 The table below presents net income expressed as a percent of sales
over the last 10 years.

In percentages
            Return on
              sales
       (before cumulative
            effect of
           accounting
 Year       changes)
- ------ -------------------
1986                  9.9
1987                 10.4
1988                 11.0
1989                 11.3
1990                 11.0
1991                  8.9
1992                 10.0 *
1993                 10.9
1994                 12.2
1995                 11.9

* Before accounting principle changes


Other matters
Federal Communications Commission Rules restrict ownership of
newspapers, broadcast and cable businesses in the same market. In
conjunction with the Multimedia acquisition, the Company obtained
temporary waivers with respect to these rules. Prior to the expiration
of these waivers, the Company may be required to alter its ownership
interests in certain businesses. This and other regulatory matters are
more fully discussed in the 10-K section of this report on pages
55-57.

Financial Position

Liquidity and capital resources
The Company's financial position changed dramatically in 1995 upon the
acquisition of Multimedia on December 4. This acquisition was for cash
and required payments for the outstanding shares of Multimedia, the
retirement of Multimedia debt and certain transaction costs. The cost
of the acquisition was $2.3 billion and was financed through the
issuance of commercial paper. The principal effects of this
acquisition on the Company's financial position were to increase
property, plant and equipment ($0.6 billion), intangible assets ($2
billion)and long-term debt ($2.3 billion). All working capital
accounts also reflect increases because of the acquisition, as do
certain non-current asset and liability accounts. The increase in the
Company's newsprint inventory also reflects sharply higher newsprint
prices and greater quantities on hand at year-end.
 Other principal changes in financial position during 1995 include an
increase in "Other Assets,"which reflects a $45 million contribution
to the Gannett Retirement Plan in early 1995. The
increase in property, plant and equipment in 1995 reflects capital
spending of $184 million, and long-term debt reflects repayments
totaling $465 million from cash flow during the year.
 Cash flow from operating activities as reported in the accompanying
consolidated statements of cash flows totaled $603 million in
1995 and $714 million in 1994. Working capital, or the
excess of current assets over current liabilities, totaled $41.3
million at the end of 1995 and $124 million at the end of 1994.
Certain key measurements of the elements of working capital for the
last three years are presented in the following chart:


                               1995      1994       1993
                             --------  ---------  ---------
Current ratio                1.1-to-1  1.2-to-1   1.7-to-1
Accounts receivable turnover      7.2       7.9        8.0
Newsprint inventory turnover      7.6       9.6        9.9

 A summary of debt transactions in 1995 follows:


In millions of dollars

Long-term debt at end of 1994                    $768
Increase in commercial paper obligations        2,054
Debt assumed in connection with acquisition       502
Pay-down of long-term debt                       (465)
                                             ---------
Long-term debt at end of 1995                  $2,859
                                             =========

 The increase in commercial paper obligations during 1995 was
primarily to finance the acquisition of Multimedia. In 1996, the
Company has already repaid approximately $90 million in matured
fixed-rate debt and, in the absence of major cash outlays for further
acquisitions, expects to repay a significant portion of its commercial
paper obligations from operating cash flows.
 The Company's operations have historically generated strong positive
cash flow, which, along with the Company's program


<PAGE>
                                       -31-



of issuing commercial paper and maintaining bank revolving credit agreements,
has provided adequate liquidity to meet the Company's requirements,
including requirements for acquisitions.
 The Company regularly issues commercial paper for cash requirements
and maintains a revolving credit agreement equal to or in excess
of any commercial paper outstanding. The Company's
commercial paper has been rated A-1 and P-1 by Standard & Poor's
Corporation and Moody's Investors Service, Inc., respectively.
Further, the Company has filed a shelf
registration statement with the Securities and Exchange Commission
under which up to $1.5 billion of additional debt securities may be
issued. The Company's Board of Directors has established a maximum
aggregate level of $3.5 billion for amounts which may be raised
through borrowings or the issuance of equity securities.
 Note 4 to the Company's financial statements on page 39 of this
report provides further information concerning commercial paper
transactions and the Company's revolving credit agreements.
 The Company has a capital expenditure program (not including
business acquisitions) of approximately $284 million planned for 1996,
including approximately $30 million for land and buildings or
renovation of existing facilities, $237 million for machinery and
equipment and cable and alarm security systems, and $17 million for
vehicles and other assets. Management reviews the capital expenditure
program periodically and modifies it as required to meet current
business needs. It is expected that the 1996 capital program will be
funded from operating cash flow.

Capital stock
In 1988, the Company's Board of Directors authorized the repurchase of
up to 7.5 million shares of its outstanding common stock. During the
period 1988-1991 the Company purchased 4.5 million shares of its
common stock under this program at a cost of $158 million. In 1994,
the Company purchased the remaining 3 million shares, and the program was
expanded by an additional 5 million shares, which also were purchased.
The total cost of the share repurchase program in 1994 was $399 million.
No share repurchases were made in 1995.
 Certain of the shares acquired by the Company have been reissued for
acquisitions or in settlement of employee stock
awards. The remaining shares are held as treasury stock.
 An employee 401(k) Savings Plan was established in 1990 which
includes a Company matching contribution in the form of Gannett
stock. To fund the Company's matching contribution, an
Employee Stock Ownership Plan (ESOP) was formed which acquired
1,250,000 shares of Gannett stock from the Company for $50 million.
The stock purchase was financed with a loan from the Company.
 The Company's common stock outstanding at December 31, 1995 totaled
140,564,645 shares, compared with 139,767,110 shares at December 25,
1994.
 The Company's return on shareholders' equity is presented in the
table below.


In percentages
             Return on
           shareholders'
              equity
        (before cumulative
             effect of
 Year   accounting changes)
- -----   -------------------
1986                  20.4
1987                  21.0
1988                  21.5
1989                  21.0
1990                  18.6
1991                  16.7
1992                  21.2
1993                  21.9
1994                  25.0
1995                  24.1

Dividends
Dividends declared on common stock amounted to $193.4 million in 1995,
compared with $192.7 million in 1994,
reflecting an increase in the dividend rate partially offset by lower
shares outstanding.


         Dividends
         declared
 Year    per share
- ------ -------------
1986         $0.86
1987         $0.94
1988         $1.02
1989         $1.11
1990         $1.21
1991         $1.24
1992         $1.26
1993         $1.30
1994         $1.34
1995         $1.38


     In October 1995, the quarterly dividend was increased from $.34
to $.35 per share.

Cash Dividends     Quarter      Payment date   Per share
- --------------- -------------- -------------- -----------
1995            4th Quarter    Jan. 2, 1996        $0.35
                3rd Quarter    Oct. 2, 1995        $0.35
                2nd Quarter    July 1, 1995        $0.34
                1st Quarter    April 1, 1995       $0.34

1994            4th Quarter    Jan. 3, 1995        $0.34
                3rd Quarter    Oct. 1, 1994        $0.34
                2nd Quarter    July 1, 1994        $0.33
                1st Quarter    April 1, 1994       $0.33


Effects of inflation and changing prices
The Company's results of operations and financial condition have not
been significantly affected by inflation and changing prices. In all
of its principal businesses, subject to normal competitive conditions,
the Company generally has been able to pass along rising costs through
increased selling prices. Further, the effects of inflation and
changing prices on the Company's
property, plant and equipment and related depreciation expense have
been reduced as a result of an ongoing capital expenditure program and
because of the availability of replacement assets with improved
technology and efficiency.

<PAGE>
                                       -32-


<TABLE>
CONSOLIDATED BALANCE SHEETS
In thousands of dollars
<CAPTION>
                                                  Dec. 31, 1995   Dec. 25, 1994
                                                 --------------- ---------------
<S>                                              <C>             <C>
ASSETS
Current assets:
Cash                                                    $46,962         $44,229
Marketable securities, at cost, which
 approximates market                                         23              23
Trade receivables (less allowance for
 doubtful receivables of $22,182 and
 $15,846, respectively)                                 587,896         487,615
Other receivables                                        33,663          29,745
Inventories                                             111,653          53,047
Prepaid expenses                                         73,887          36,178
                                                 --------------- ---------------
Total current assets                                    854,084         650,837
                                                 --------------- ---------------
Property, plant and equipment:
Land                                                    138,601         130,166
Buildings and improvements                              739,510         690,589
Cable and security systems
 and outdoor advertising structures                     665,471         259,532
Machinery, equipment and fixtures                     1,894,893       1,669,192
Construction in progress                                121,191          64,977
                                                 --------------- ---------------
Total                                                 3,559,666       2,814,456
Less accumulated depreciation                        (1,488,979)     (1,386,312)
                                                 --------------- ---------------
Net property, plant and equipment                     2,070,687       1,428,144
                                                 --------------- ---------------
Intangible and other assets:
Excess of acquisition cost over the
 value of assets acquired (less amortization
 of $491,743 and $442,166, respectively)              3,386,600       1,472,002
Investments and other assets (Note 5)                   192,429         156,069
                                                 --------------- ---------------
Total intangible and other assets                     3,579,029       1,628,071
                                                 --------------- ---------------
Total assets                                         $6,503,800      $3,707,052
                                                 =============== ===============
</TABLE>



<PAGE>
                                       -33-


<TABLE>
CONSOLIDATED BALANCE SHEETS
In thousands of dollars
<CAPTION>
                                                  Dec. 31, 1995   Dec. 25, 1994
                                                 --------------- ---------------
<S>                                              <C>             <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt (Note 4)           $90,751          $1,026
Accounts payable
 Trade                                                  255,864         202,550
 Other                                                   23,730          13,335
Accrued liabilities
 Compensation                                            80,554          60,574
 Interest                                                13,355          11,658
 Other                                                  182,386          76,274
Dividend payable                                         49,208          47,739
Income taxes (Note 7)                                    15,071          37,618
Deferred income                                         101,853          76,280
                                                 --------------- ---------------
Total current liabilities                               812,772         527,054
                                                 --------------- ---------------
Deferred income taxes (Note 7)                          327,916         164,691
Long-term debt (Note 4)                               2,767,880         767,270
Postretirement medical and life insurance
 liabilities (Note 6)                                   305,700         306,863
Other long-term liabilities                             143,884         118,936
                                                 --------------- ---------------
Total liabilities                                     4,358,152       1,884,814
                                                 --------------- ---------------
Shareholders' equity (Notes 4 and 8):
Preferred stock, par value $1: Authorized,
 2,000,000 shares: Issued, none
Common stock, par value $1: Authorized,
 400,000,000 shares: Issued, 162,210,366 shares
 and 162,211,590 shares, respectively                   162,210         162,212

Additional paid-in capital                               76,811          76,604
Retained earnings                                     2,923,752       2,639,440
Foreign currency translation adjustment                 (12,258)        (12,894)
                                                 --------------- ---------------
                                                      3,150,515       2,865,362
Less Treasury stock, 21,645,721 shares and
 22,444,480 shares, respectively, at cost              (973,272)     (1,008,199)
Deferred compensation related to ESOP (Note 8)          (31,595)        (34,925)
                                                 --------------- ---------------
Total shareholders' equity                            2,145,648       1,822,238
                                                 --------------- ---------------
Commitments and contingent liabilities (Note 9)
                                                 --------------- ---------------
Total liabilities and shareholders' equity           $6,503,800      $3,707,052
                                                 =============== ===============
</TABLE>


<PAGE>
                                       -34



<TABLE>
CONSOLIDATED STATEMENTS OF INCOME
In thousands of dollars
<CAPTION>
Fiscal year ended                                   Dec. 31, 1995  Dec. 25, 1994   Dec. 26, 1993
                                                   --------------- -------------- ---------------
<S>                                                <C>             <C>            <C>
Net operating revenues:
Newspaper advertising                                  $2,219,250     $2,152,671      $2,005,037
Newspaper circulation                                     869,173        849,461         838,706
Broadcasting                                              466,187        406,608         397,204
Cable                                                      15,061              -               -
All Other                                                 437,065        415,783         400,674
                                                   --------------- -------------- ---------------
Total                                                   4,006,736      3,824,523       3,641,621
                                                   --------------- -------------- ---------------
Operating Expenses:
Cost of sales and operating expenses,
 exclusive of depreciation                              2,252,540      2,106,810       2,067,244
Selling, general and administrative expenses,
 exclusive of depreciation                                692,358        696,139         650,390
Depreciation                                              159,657        163,242         164,420
Amortization of intangible assets                          50,298         45,554          45,215
                                                   --------------- -------------- ---------------
Total                                                   3,154,853      3,011,745       2,927,269
                                                   --------------- -------------- ---------------
Operating Income                                          851,883        812,778         714,352
                                                   --------------- -------------- ---------------
Non-operating income (expense):
Interest expense                                          (52,175)       (45,624)        (51,250)
Interest income                                             7,514          3,239           4,493
Other                                                      (3,760)        11,706             857
                                                   --------------- -------------- ---------------
Total                                                     (48,421)       (30,679)        (45,900)
                                                   --------------- -------------- ---------------
Income before income taxes                                803,462        782,099         668,452
Provision for income taxes (Note 7)                       326,200        316,700         270,700
                                                   --------------- -------------- ---------------
Net income                                               $477,262       $465,399        $397,752
                                                   =============== ============== ===============
Net income per share                                        $3.41          $3.23           $2.72
                                                   =============== ============== ===============
</TABLE>


<PAGE>
                                       -35-



<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
In thousands of dollars
<CAPTION>
Fiscal year ended                                                 Dec. 31, 1995  Dec. 25, 1994   Dec. 26, 1993
                                                                 --------------- -------------- ---------------
<S>                                                              <C>             <C>            <C>
Cash flows from operating activities:
Net income                                                             $477,262       $465,399        $397,752
Adjustments to reconcile net income to
 operating cash flows:
Depreciation                                                            159,657        163,242         164,420
Amortization of intangibles                                              50,298         45,554          45,215
Deferred income taxes                                                    23,636        (40,623)         20,315
Other, net                                                               40,775         42,933          36,032
Changes in assets and liabilities, net of
 effect of acquisitions:
Increase in receivables                                                 (23,093)       (49,978)        (18,273)
Increase in inventories                                                 (46,998)          (140)         (1,709)
Decrease (increase) in film broadcast rights, net of liabilities          5,910         (1,008)             51
Increase (decrease) in accounts payable                                  33,561         29,368          (3,270)
Increase (decrease) in interest and taxes payable                       (14,053)        35,374          16,117
Change in other assets and liabilities, net                            (103,494)        24,176          13,610
                                                                 --------------- -------------- ---------------
Net cash provided by operating activities                               603,461        714,297         670,260
                                                                 --------------- -------------- ---------------
Cash flows from investing activities:
Purchase of property, plant and equipment                              (183,536)      (144,854)       (132,122)
Payments for acquisitions, net of cash acquired                      (1,834,862)       (28,258)         (5,291)
Increase in partnership and other investments                            (3,326)       (23,500)           (167)
Proceeds from sale of assets                                              2,324        130,387          20,531
Collection of long-term receivables                                       5,030          1,658           2,998
                                                                 --------------- -------------- ---------------
Net cash used for investing activities                               (2,014,370)       (64,567)       (114,051)
                                                                 --------------- -------------- ---------------
Cash flows from financing activities:
Proceeds from long-term debt                                          2,054,000                        525,000
Payments of long-term debt                                             (464,973)       (85,265)       (897,942)
Dividends paid                                                         (191,947)      (194,465)       (188,425)
Proceeds from issuance of common stock                                   16,200          4,219           9,899
Cost of common shares repurchased                                                     (399,336)
                                                                 --------------- -------------- ---------------
Net cash used for financing activities                                1,413,280       (674,847)       (551,468)
                                                                 --------------- -------------- ---------------
Effect of currency exchange rate change                                     362         (6,126)         (2,575)
Net increase (decrease) in cash and cash equivalents                      2,733        (31,243)          2,166
Cash and cash equivalents at beginning of year                           44,252         75,495          73,329
                                                                 --------------- -------------- ---------------
Cash and cash equivalents at end of year                                $46,985        $44,252         $75,495
                                                                 =============== ============== ===============
</TABLE>


<PAGE>
                                       -36-



<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
In thousands of dollars
Fiscal years ended
December 26, 1993,
December 25, 1994
and December 31, 1995
<CAPTION>
                                                                       Foreign                  Deferred
                             Common stock  Additional                 currency                compensation
                                $1 par      paid-in      Retained    translation   Treasury     related
                                value       capital      earnings    adjustment     stock       to ESOP       Total
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
<S>                          <C>          <C>          <C>           <C>         <C>          <C>          <C>
Balance: Dec. 27, 1992          $162,212      $40,506    $2,158,583     $(6,548)   $(733,196)    $(41,456)  $1,580,101
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Net income, 1993                                            397,752                                            397,752
Dividends declared, 1993:
 $1.30 per share                                           (190,604)                                          (190,604)
Stock options exercised                        (2,967)                                15,412                    12,445
Stock issued under
 incentive plan                                (1,463)                                 5,586                     4,123
Tax benefit derived from
 stock incentive plans                          3,767                                                            3,767
Stock issued in connection
 with acquisition                              31,095                                 68,411                    99,506
Compensation expense
 related to ESOP                                                                                    3,209        3,209
Tax benefit from ESOP                                           515                                                515
Foreign currency
 translation adjustment                                                  (2,894)                                (2,894)
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Balance: Dec. 26, 1993          $162,212      $70,938    $2,366,246     $(9,442)   $(643,787)    $(38,247)  $1,907,920
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Net income, 1994                                            465,399                                            465,399
Dividends declared, 1994:
 $1.34 per share                                           (192,696)                                          (192,696)
Treasury stock acquired                                                             (399,336)                 (399,336)
Stock options exercised                          (924)                                 8,014                     7,090
Stock issued under
 incentive plan                                  (692)                                 5,636                     4,944
Tax benefit derived from
 stock incentive plans                          2,996                                                            2,996
Stock issued in connection
 with acquisition                               4,286                                 21,274                    25,560
Compensation expense
 related to ESOP                                                                                    3,322        3,322
Tax benefit from ESOP                                           491                                                491
Foreign currency
 translation adjustment                                                  (3,452)                                (3,452)
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Balance: Dec. 25, 1994          $162,212      $76,604    $2,639,440    ($12,894) ($1,008,199)    ($34,925)  $1,822,238
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Net income, 1995                                            477,262                                            477,262
Dividends declared, 1995:
 $1.38 per share                                           (193,415)                                          (193,415)
Stock options exercised                        (2,042)                                21,931                    19,889
Stock issued under
 incentive plan                                (2,380)                                12,996                    10,616
Tax benefit derived from
 stock incentive plans                          4,629                                                            4,629
Compensation expense
 related to ESOP                                                                                    3,330        3,330
Tax benefit from ESOP                                           465                                                465
Foreign currency
 translation adj./other               (2)                                   636                                    634
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------
Balance: Dec. 31, 1995          $162,210      $76,811    $2,923,752    ($12,258)   ($973,272)    ($31,595)  $2,145,648
                             ------------ ------------ ------------- ----------- ------------ ------------ ------------

</TABLE>



<PAGE>
                                       -37-


Notes to consolidated financial statements

Note 1
Summary of significant accounting policies
Fiscal year: The Company's fiscal year ends on the last Sunday of the
calendar year. The Company's 1995 fiscal year ended on December 31,
1995, and encompassed a 53-week period. The Company's 1994 and 1993
fiscal years each encompassed a 52-week period.
 Consolidation: The consolidated financial statements include the
accounts of the Company and its subsidiaries after elimination of all
significant intercompany transactions and profits.
 Operating agencies: Six of the Company's subsidiaries are
participants in joint operating agencies. Each joint operating agency
performs the production, sales and distribution functions for the
subsidiary and another newspaper publishing company under a joint
operating agreement. The Company includes its appropriate portion of
the revenues and expenses generated by the operation of the agencies
on a line-by-line basis in its statement of income.
 Inventories: Inventories, which consist principally of newsprint,
printing ink, plate material and production film for the Company's
newspaper publishing operations, are valued at the lower of cost
(first-in, first-out) or market.
  Property and depreciation: Property, plant and equipment is
recorded at cost, and depreciation is provided generally on a
straight-line basis over the estimated useful lives of the assets. The
principal estimated useful lives are: buildings and improvements, 10
to 40 years; machinery, equipment and fixtures, cable and alarm
systems, four to 30 years; outdoor advertising display structures,
five to 30 years. Major renewals and improvements and interest
incurred during the construction period of major additions are
capitalized. Expenditures for maintenance, repairs and minor renewals
are charged to expense as incurred.
 Excess of acquisition cost over fair value of assets acquired: The
excess of acquisition cost over the fair value of assets acquired
represents the cost of intangible assets at the time the subsidiaries
were purchased. In accordance with Opinion 17 of the Accounting
Principles Board of the American Institute of Certified Public
Accountants, the excess acquisition cost of subsidiaries
arising from acquisitions accounted for as purchases
since October 31, 1970 ($3.81 billion at December 31, 1995) is being
amortized over periods ranging from 10 to 40 years on a straight-line
basis. Management continually reviews the appropriateness of the
carrying value of the excess acquisition cost of its subsidiaries and
the related amortization periods.
 Other assets: The Company's television stations are parties to
program broadcast contracts. These contracts are recorded at the gross
amount of the related liability when the programs are available for
telecasting. Program assets are classified as current (as a prepaid
expense) or noncurrent (as an other asset) in the consolidated balance
sheet, based upon the expected use of the programs in succeeding
years. The amount charged to expense appropriately matches the cost of
the programs with the revenues associated with them. The liability for
these contracts is classified as current or noncurrent in accordance
with the payment terms of the contracts. The payment period generally
coincides with the period of telecast for the programs, but may be
shorter.
 Retirement plans: Pension costs under the Company's retirement plans
are actuarially computed. It is the policy of the Company to fund
costs accrued under its qualified pension plans.
 Postretirement benefits other than pensions: The Company
recognizes the cost of postretirement medical and life insurance
benefits on an accrual basis over the working lives of employees
expected to receive such benefits.
 Income taxes: The Company accounts for certain income and expense
items differently for financial reporting purposes than for income tax
reporting purposes. Deferred income taxes are provided in recognition
of these temporary differences.
 Per share amounts: All income per share amounts are based on the
weighted average number of common shares outstanding during the year.
 Foreign currency translation: The income statement of Mediacom, the
Company's Canadian outdoor advertising operation, has been
translated to U.S. dollars using the average
currency exchange rates in effect during each year. Mediacom's balance
sheet has been translated using the currency exchange rate as of the
end of the accounting period. The impact of currency exchange rate
changes on the translation of Mediacom's balance sheet has been
charged directly to shareholders' equity.
 Minority interest: The Company owns a 51% interest in WKYC-TV in
Cleveland, Ohio, and NBC owns a 49% interest. The financial statements
of WKYC-TV are included in the Company's financial statements. The
minority interest in operating results is reflected as an element of
non-operating expense in the Consolidated Statement of Income and the
minority interest in the equity of WKYC-TV is reflected with other
long-term liabilities on the Consolidated Balance Sheet.
 Use of estimates: The preparation of financial statements in
conformity with generally accepted accounting principles requires the
use of estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses. Actual results could
differ from these estimates.


<PAGE>
                                       -38-


Note 2
Acquisitions and dispositions
1995: In December 1995, the Company completed the acquisition of
Multimedia, Inc. ("Multimedia"). Multimedia's principal business
operations include 10 local daily newspapers, five television
stations, two radio stations, a cable television division, television
entertainment programming and an alarm security company. The
acquisition was accounted for under the purchase method of accounting,
and consideration paid included $45.25 per common share, totaling $1.8
billion, and the assumption of Multimedia liabilities of approximately
$0.5 billion.
 The following table summarizes, on an unaudited, pro forma basis,
the estimated combined results of operations of the Company and its
subsidiaries as though the acquisition was made at the beginning of
the year previous to the year in which the transaction was
consummated. On this basis, the acquisition would have resulted in a
pro forma decrease in net income per share of $0.21 in 1995, and would
have had no impact on per share earnings in 1994 (principally because
of a significant non-operating gain recorded by Multimedia in that
year). However, this pro forma combined statement does not necessarily
reflect the results of operations as they would have been if the
combined companies had constituted a single entity during those years.

In millions, except per share amounts (pro forma and unaudited)

Fiscal Year                  1995        1994
- ------------------          ------      ------
Operating revenues          $4,615      $4,455
Income before taxes         $  782      $  814
Net income                  $  448      $  466
Net income per share         $3.20       $3.23

 1994: In May 1994, the Company purchased Nursing Spectrum, which
publishes a group of biweekly periodicals specializing in advertising
for nursing employment. In December 1994, the Company purchased
television station KTHV-TV in Little Rock, a CBS affiliate.
 These acquisitions were accounted for under the purchase method of
accounting, and consideration paid included cash and shares
of the Company's common stock. The acquisitions were not
material to the Company's financial position or results of operations.
 In November 1994, the Company sold its newspaper in Stockton,
Calif., and realized a gain which is reflected in non-operating income.
 1993: In January 1993, the Company completed the acquisition of The
Honolulu Advertiser and the sale of the Honolulu Star-Bulletin.
Consideration for this purchase was approximately $250 million and
included the issuance of 1,980,000 shares of the Company's common
stock from treasury valued at approximately $100 million and the
assumption of certain liabilities of the acquired business. Concurrent
with these transactions, the Honolulu joint operating agreement was
amended to provide the Company with a greater share of profits from
the operation. Proceeds from the sale of the Honolulu Star-Bulletin in
excess of carrying value were accounted for as a reduction in the
acquisition cost of The Honolulu Advertiser.
 The Company sold its radio stations in Kansas City and St. Louis,
Mo., in 1993 and also provided for the sale of its television station
in Boston, which was completed in early 1994. The Company recognized a
minor net gain on these transactions in 1993 which is reflected in
non-operating income.
   During 1994 and 1993, the Company also purchased certain other
publications which are included in the newspaper publishing segment.
 All acquisitions discussed above were accounted for by the purchase
method and, accordingly, operations for the
purchased companies are included in the financial statements from the
dates of acquisition. For the 1994 and 1993 acquisitions, pro forma
results of operations, assuming these acquisitions were made at the
beginning of the year previous to the year in which the transactions
were consummated, are not materially different from reported results
of operations.

Note 3
Statement of cash flows
For purposes of this statement, the Company considers its marketable
securities, which are readily convertible into cash (with original
maturity dates of less than 90 days) and consist of short-term
investments in government securities, commercial paper and money
market funds, as cash equivalents.
     Cash paid in 1995, 1994 and 1993 for income taxes and for
interest (net of amounts capitalized) was as follows:


In thousands of dollars
                     1995      1994      1993
                   --------  --------  --------
Income taxes       $316,698  $264,601  $249,858
Interest            $52,094   $45,740   $43,967


 In 1995, the Company assumed net liabilities of approximately $0.5
billion in connection with the Multimedia acquisition.
 In 1994, the Company issued 506,000 shares of its common stock from
treasury valued at approximately $26 million in connection with the
acquisition of KTHV-TV in Little Rock.
 In 1993, the Company issued 1,980,000 shares of its common stock
from treasury valued at approximately $100 million in connection with
the acquisition of The Honolulu Advertiser and assumed net liabilities
totaling approximately $150 million.
 In 1995, 1994 and 1993, the Company issued 297,201 shares, 134,243
shares and 146,371 shares, respectively, in settlement of
previously granted stock incentive rights. The
compensation liability for these rights of $17 million in 1995,
$8 million in 1994 and $7 million in 1993 was transferred to
shareholders' equity at the time the shares were issued.


<PAGE>
                                       -39-

Note 4
Long-term debt
The long-term debt of the Company is summarized below.

In thousands of dollars
                                      Dec. 25, 1995   Dec. 25, 1994
                                      --------------  --------------
Unsecured promissory notes               $2,197,358        $156,136
Notes due 2/1/96, interest at 9.55%          17,260          17,260
Notes due 3/12/96, interest at 9.5%          42,200          42,200
Notes due 12/26/97, interest at 10%          29,890
Notes due 3/1/98, interest at 5.25%         273,883         273,354
Notes due 5/1/00, interest at 5.85%         249,603         249,509
Series Notes                                 31,000
Secured obligations due through 2011,
 interest averaging 7.6% in 1994                             12,062
Unsecured obligations                        16,725          17,351
Other indebtedness                              712             424
                                      --------------  --------------
                                          2,858,631         768,296
Less amount included in
 current liabilities                        (90,751)         (1,026)
                                      --------------  --------------
Total long-term debt                     $2,767,880        $767,270
                                      ==============  ==============


 The unsecured promissory notes at December 31, 1995 were due from
January 2, 1996 to January 26, 1996 with rates varying from 5.65% to
5.95%. The increase in unsecured promissory notes is attributed to the
financing of the Multimedia acquisition (see Note 2).
 The unsecured promissory notes at December 25, 1994 were due from
December 27, 1994 to January 13, 1995 with rates varying from 5.89% to
6.0%.
 The maximum amount of such promissory notes outstanding at the end
of any period during 1995 was $2.2 billion and during 1994 was $305
million. The daily average outstanding balance was $228 million during
1995 and $165 million during 1994. The weighted average interest rate
was 5.9% for 1995 and 4.2% for 1994.
 The series notes were assumed in connection with the acquisition of
Multimedia as discussed in Note 2. These notes, which were due in
varying annual installments from June 1996 to June 2005 with interest
rates ranging from 10.36% to 10.92%, were prepaid by the Company in
January 1996 and, accordingly, are reflected as current liabilities in
the accompanying consolidated balance sheet.
 The unsecured obligations are due from 2008 to 2009 and bear
interest at varying rates. At December 31, 1995 and December 25, 1994,
the weighted average interest rates were 5.3% and 5.9%, respectively.
 At December 31, 1995, the Company had $3.0 billion of credit
available under a revolving credit agreement. The agreement provides
for a revolving credit period which permits borrowing from time to
time up to the maximum commitment. The revolving credit period extends
to November 12, 2000.
 The commitment fee rate may range from 0.07% to 0.175%, depending on
Standard & Poor's or Moody's credit rating of the Company's senior
unsecured long-term debt. The rate in effect at December 31, 1995 was
0.09%. At the option of the Company, the interest rate on borrowings
under the agreement may be at the prime rate, at rates ranging from
0.13% to 0.35% above the London Interbank Offered Rate or at rates
ranging from 0.255% to 0.50% above a certificate of deposit-based
rate. The prime rate was 8.5% at the end of 1995 and 1994. The
percentages that will apply will be dependent on Standard & Poor's or
Moody's credit rating of the Company's senior unsecured long-term
debt.
 The revolving credit agreement contains restrictive provisions that
relate primarily to the maintenance of net worth of $1.2 billion. At
December 31, 1995 and December 25, 1994, net worth was $2.1 billion
and $1.8 billion, respectively.
 At December 31, 1995, the unsecured promissory notes are supported
by the $3.0 billion revolving credit agreement and, therefore, are
classified as long-term debt.
 Approximate annual maturities of long-term debt, assuming that the
Company had used the $3.0 billion revolving credit agreement as of the
balance sheet date to refinance existing unsecured promissory notes on
a long-term basis, are as follows:


In thousands of dollars
1996             90,751
1997             29,916
1998            273,895
1999                  0
2000          2,446,961
Later years      17,108
             -----------
Total        $2,858,631
              ==========


Note 5
Retirement plans
The Company and its subsidiaries have various retirement and profit
sharing plans, including plans established under collective bargaining
agreements and separate plans for joint operating agencies, under
which substantially all full-time employees are covered. The Gannett
Retirement Plan is the Company's principal retirement plan and covers
most of the employees of the Company and its subsidiaries. Benefits
under the Gannett Retirement Plan are based on years of service and
final average pay. The Company's pension plan assets include insurance
contracts, marketable securities including common stocks, bonds and
U.S. government obligations and interest-bearing deposits.
 The Company's pension cost for 1995, 1994 and 1993 is presented in
the table on the following page:


<PAGE>
                                       -40-


In thousands of dollars
                                1995       1994       1993
                              --------- ---------- -----------
Service cost-benefits earned
 during the period             $32,003    $42,070     $33,627
Interest cost on projected
 benefit obligation             67,882     65,365      63,067
Actual return on plan assets  (204,239)    41,287     (98,622)
Net amortization and
 deferral of actuarial gains   117,967   (127,176)     19,473
                              --------- ---------- -----------
Net pension expense for
 Company-sponsored
 retirement plans               13,613     21,546      17,545
Union and other
 pension cost                    6,550      7,061       7,399
                              --------- ---------- -----------
Net pension cost               $20,163    $28,607     $24,944
                              ========= ========== ===========

 The majority of the Company's pension plans, including the Gannett
Retirement Plan, have plan assets that exceed accumulated benefit
obligations. There are certain plans, however, with accumulated
benefit obligations which exceed plan assets. The following tables
summarize the funded status of the Company's pension plans and the
related amounts that are recognized in the consolidated balance sheet:


In thousands of dollars
Dec. 31, 1995                    Plans for which    Plans for which
                                  assets exceed       accumulated
                                   accumulated          benefits
                                     benefits        exceed assets
                                ------------------ ------------------
Actuarial present value
of benefit obligations:
Vested benefit obligation                $726,834            $34,777
                                ================== ==================
Accumulated benefit obligation           $774,928            $36,438
                                ================== ==================
Projected benefit obligation            ($995,182)          ($61,011)
Plan assets at market value               961,492                -
                                ------------------ ------------------
Projected benefit obligation
greater than plan assets                  (33,690)           (61,011)
Unrecognized net loss                     150,630             14,291
Unrecognized prior service cost             9,989              1,433
Unrecognized net (asset)
 obligation at year-end                   (22,768)             1,024
                                ------------------ ------------------
Pension asset (liability)
 reflected in consolidated
 balance sheet                           $104,161           ($44,263)
                                ================== ==================



In thousands of dollars
Dec. 25, 1994                    Plans for which    Plans for which
                                  assets exceed       accumulated
                                   accumulated          benefits
                                     benefits        exceed assets
                                ------------------ ------------------
Actuarial present value
of benefit obligations:
Vested benefit obligation                $575,129            $25,672
                                ================== ==================
Accumulated benefit obligation           $611,023            $26,504
                                ================== ==================
Projected benefit obligation            ($753,403)          ($42,287)
Plan assets at market value               754,454                -
                                ------------------ ------------------
Projected benefit obligation
less than (in excess of) plan as            1,051            (42,287)
Unrecognized net (gain) or loss            86,612                (62)
Unrecognized prior service cost            12,829              1,323
Unrecognized net (asset)
 obligation at year-end                   (34,123)             1,585
                                ------------------ ------------------
Pension asset (liability)
 reflected in consolidated
 balance sheet                            $66,369           ($39,441)
                                ================== ==================



 The projected benefit obligation was determined using an assumed
discount rate of 7.125% and 8.5% at the end of 1995 and 1994,
respectively. The assumed rate of compensation increase was 5% at the
end of 1995 and 1994. The assumed long-term rate of return on plan
assets used in determining pension cost was 10%. Pension plan assets
include 700,700 shares of the Company's common stock valued at $43
million at the end of 1995 and 700,700 shares valued at $37 million at
the end of 1994. The Company made contributions to the Gannett
Retirement Plan of $45 million in 1995 and $46 million in 1994.

Note 6
Postretirement benefits other than pensions
The Company provides health care and life insurance benefits to
certain retired employees. Employees become eligible for benefits
after meeting certain age and service requirements.
 The cost of providing retiree health care and life insurance
benefits is actuarially determined and accrued over the service period
of the active employee group.
 The table on the following page sets forth the amounts included in
the Consolidated Balance Sheet at December 31, 1995 and December 25,
1994 for postretirement medical and life insurance liabilities:


<PAGE>

                                       -41-

In thousands of dollars
Accumulated postretirement
benefit obligation                       Dec. 31, 1995   Dec. 25, 1994
                                        --------------- ---------------
Retirees                                     ($162,654)      ($156,416)
Fully eligible active plan participants        (17,517)        (11,016)
Other active plan participants                 (70,066)        (52,872)
                                        --------------- ---------------
                                              (250,237)       (220,304)
Unrecognized net loss (gain)                     3,590         (14,336)
Unrecognized prior service credit              (59,053)        (72,223)
                                        --------------- ---------------
Accrued postretirement benefit cost          ($305,700)      ($306,863)
                                        =============== ===============



 Postretirement benefit cost for health care and life insurance for
the years ended December 31, 1995, December 25, 1994 and December 26,
1993 included the following components:


In thousands of dollars
                                              1995        1994        1993
                                             ---------  ----------  ----------
Service costs-benefits earned
 during the period                             $2,567      $4,125      $4,055
Interest cost on accumulated postretirement
 benefit obligation                            15,722      16,133      18,997
Net amortization and deferral                  (6,118)     (4,818)     (4,768)
                                             ---------  ----------  ----------
Net periodic postretirement benefit cost      $12,171     $15,440     $18,284
                                             =========  ==========  ==========


 At December 31, 1995, the accumulated postretirement benefit
obligation was determined using a discount rate of 7.125%
and a health care cost trend rate of 11.5% for pre-age 65
benefits, decreasing to 5.5% in the year 2007 and thereafter. For
post-age 65 benefits, the health care cost trend rate used was 9.5%,
declining to 5.5% in the year 2003 and thereafter.
 At December 25, 1994, the accumulated postretirement benefit
obligation was determined using a discount rate of 8.5% and a health
care cost trend rate of 12% for pre-age 65 benefits, decreasing to
5.5% in the year 2007 and thereafter. For post-age 65 benefits, the
health care cost trend rate used was 10%, declining to 5.5% in the
year 2003 and thereafter.
 The Company's policy is to fund the above-mentioned benefits as
claims and premiums are paid.
 The effect of a 1% increase in the health care cost trend rate used
would result in increases of approximately $17 million in the 1995
accumulated postretirement benefit obligation and $2 million in the
aggregate service and interest components of the 1995 expense.
 The Company's retiree medical insurance plan provides limits on the
Company's share of the cost of such benefits it will pay to future
retirees. The Company's share of these benefit costs also depends on
employee retirement age and length of service.


Note 7
Income taxes
The sources of income before income taxes consist of the following:


In thousands of dollars
                              1995       1994       1993
                            --------- ---------- ----------
Domestic                    $797,640   $765,576   $650,896
Foreign                        5,822     16,523     17,556
                            --------- ---------- ----------
Total                       $803,462   $782,099   $668,452
                            ========= ========== ==========


 The provision for income taxes on income consists of the following:

In thousands of dollars
1995                         Current    Deferred     Total
                            ---------- ---------- -----------
Federal                      $254,292    $19,809    $274,101
State                          45,845      3,711      49,556
Foreign                         2,427        116       2,543
                            ---------- ---------- -----------
Total                        $302,564    $23,636    $326,200
                            ========== ========== ===========

In thousands of dollars
1994                         Current    Deferred     Total
                            ---------- ---------- -----------
Federal                      $302,379   ($33,652)   $268,727
State                          47,578     (6,305)     41,273
Foreign                         7,366       (666)      6,700
                            ---------- ---------- -----------
Total                        $357,323   ($40,623)   $316,700
                            ========== ========== ===========

In thousands of dollars
1993                        Current     Deferred     Total
                            ---------- ---------- -----------
Federal                      $204,733    $19,333    $224,066
State                          38,750      1,232      39,982
Foreign                         6,902       (250)      6,652
                            ---------- ---------- -----------
Total                        $250,385    $20,315    $270,700
                            ========== ========== ===========

 The provision for income taxes exceeds the U.S. federal statutory
tax rate as a result of the following differences:


Fiscal year                     1995       1994       1993
                             ---------- ---------- ----------
U.S. statutory tax rate           35.0%      35.0%      35.0%
Increase (decrease) in
taxes resulting from:
State income taxes net of
 federal income tax benefit        3.9%       3.4%       3.9%
Goodwill amortization not
 deductible for tax purposes       1.7%       1.5%       1.6%
Other, net                          -         0.6%        -
                             ---------- ---------- ----------
Effective tax rate                40.6%      40.5%      40.5%
                             ========== ========== ==========




<PAGE>
                                       -42-


 Deferred income taxes reflect temporary differences in the
recognition of revenue and expense for tax reporting and financial
statement purposes.
 Deferred tax liabilities and assets were composed of the following
at the end of 1995 and 1994:

In thousands of dollars
                               Dec. 31, 1995  Dec. 25, 1994
                               -------------- --------------
Liabilities:
Accelerated depreciation            $404,560       $230,813
Accelerated amortization of
 deductible intangibles              100,735         91,991
Pension                               23,148         10,783
Other                                 32,351         21,397
                               -------------- --------------
Total deferred tax liabilities       560,794        354,984
                               -------------- --------------
Assets:
Accrued compensation costs           (36,725)       (23,262)
Postretirement medical and life     (119,449)      (118,965)
Other                                (76,704)       (48,066)
                               -------------- --------------
Total deferred tax assets           (232,878)      (190,293)
                               -------------- --------------
Net deferred tax liabilities        $327,916       $164,691
                               ============== ==============


Note 8
Capital stock, stock options, incentive plans
During 1988, the Company's Board of Directors authorized the
repurchase of up to 7.5 million shares of its outstanding
common stock. During the period 1988-1991, the Company purchased 4.5
million shares of its common stock under this program at a
cost of $158 million. In 1994, the Company purchased the
remaining 3 million shares, and the program was expanded by an
additional 5 million shares, which were also purchased. The total cost
of the share repurchase program in 1994 was $399 million.
 In December 1994, the Company issued 506,000 shares of its common
stock from treasury as consideration for the purchase of KTHV-TVin
Little Rock. In January 1993, the Company issued 1,980,000 shares of
its common stock from treasury as partial consideration for the
purchase of The Honolulu Advertiser.
 Certain of the shares acquired by the Company have been reissued in
settlement of employee stock awards or were sold to an Employee Stock
Ownership Plan which was established in 1990. The remaining shares are
held as treasury stock.
 The weighted average number of common shares outstanding used in the
computation of earnings per share was 140,156,000 in 1995, 144,276,000
in 1994 and 146,474,000 in 1993.
 The Company's 1978 Executive Long-term Incentive Plan (the 1978
Plan) provides for the granting of stock options, stock incentive
rights and option surrender rights to executive officers and other key
employees.
 Stock options are granted to purchase common stock of the Company at
not less than 100% of the fair market value on the day the option is
granted. The exercise period is eight years with the options becoming
exercisable at 25% per year after a one-year waiting period.
 Stock incentive rights entitle the employee to receive for each such
right, without payment, one share of common stock at the end of an
incentive period, conditioned upon the employee's continued employment
throughout the incentive period. The incentive period is normally four
years. During the incentive period, the employee receives cash
payments for each incentive right equivalent to the cash dividend the
Company would have paid had the employee owned the shares of common
stock issuable under the incentive rights.
 In July 1989, the Board of Directors approved an amendment to the
1978 Plan to provide that all outstanding awards will be vested if
there is a change in control of the Company. Under the amendment,
stock options become 100% exercisable immediately upon a change in
control. Option surrender rights related one-for-one to all
outstanding stock options have been awarded, which are effective only
in the event of a change in control and entitle the employee to
receive cash for option surrender rights equal to 100% of the
difference between the exercise price of the related stock option and
the change-in-control price (which is the highest price paid for a
share of stock as part of the change in control). The amendment also
provides for the payment in cash of the value of stock incentive
rights based on the change-in-control price.
 Awards made under the 1978 Plan were as follows:

                            1995       1994       1993
                         ----------  ---------  ---------
Stock options            1,032,540    726,450    761,910
Stock incentive rights     152,610    177,975    163,702


 Awards for 1993 are for the four-year employment period 1994-1997.
Awards for 1994 are for the four-year period 1995-1998. Awards for
1995 are for the four-year period 1996-1999.
 In January and December 1995, shares of common stock totaling
168,150 and 129,051, respectively, were issued in settlement of stock
incentive rights whose incentive periods ended in those months.
 With respect to awards under the 1978 Plan, the Company has recorded
as compensation expense $10 million for 1995, $13 million for 1994 and
$11 million for 1993. Under the 1978 Plan, the Company has accrued
liabilities aggregating $20 million at December 31, 1995 and $28
million at December 25, 1994.


<PAGE>
                                       -43-


 A summary of the Company's stock option activity appears below:


                              Number     Option price
Stock options               of shares     per share
- -------------------------  ------------ --------------
Balance outstanding
Dec. 27, 1992                2,774,351   30.88-51.38
Granted                        761,910   49.00-55.50
Exercised                     (421,458)  30.88-47.38
Expired or canceled            (73,411)  36.13-51.38
                           ------------ --------------
Balance outstanding
Dec. 26, 1993                3,041,392  $30.88-55.50
Granted                        726,450   49.75-54.75
Exercised                     (235,884)  30.88-51.38
Expired or canceled            (10,084)  36.13-55.50
                           ------------ --------------
Balance outstanding
Dec. 25, 1994                3,521,874  $32.00-55.50
Granted                      1,032,540   52.88-64.00
Exercised                     (519,945)  32.00-55.50
Expired or canceled            (68,427)  34.88-55.50
                           ------------ --------------
Balance outstanding
Dec. 31, 1995                3,966,042  $34.88-64.00
                           ============ ==============


     Options were exercisable for 1,829,229 shares at December 31,
1995 and 1,690,704 shares at December 25, 1994. Shares available for
future grants under the 1978 Plan totaled 1,177,212 at December 31,
1995.
     On July 1, 1990, the Company established a 401(k) Savings Plan.
Most employees of the Company (other than those covered by a
collective bargaining agreement) who are scheduled to work at least
1,000 hours during each year of employment are eligible to participate
in the Plan.
 Employees may elect to save up to 10% of compensation on a pre-tax
basis subject to certain limits. The Company matches, with Company
common stock, 25% of the first 4% of employee contributions. To fund
the Company's matching contribution, an Employee Stock Ownership Plan
(ESOP) was formed which acquired 1,250,000 shares of Gannett stock
from the Company for $50 million. The stock purchase was financed with
a loan from the Company and the shares are pledged as collateral for
the loan. The Company makes monthly contributions to the ESOP equal to
the ESOP's debt service requirements less dividends. All dividends
received by the ESOP are used to pay debt service. As the debt is
paid, shares are released as collateral and are available for
allocation to participants.
 The Company follows the shares allocated method in accounting for
its ESOP. The cost of shares allocated to match employee contributions
or to replace dividends that are used for debt service are accounted
for as compensation expense. The cost of unallocated shares is
reported as deferred compensation in the financial statements. The
Company may, at its option, repurchase shares from employees who leave
the Plan. The shares are purchased at fair market value and the
difference between the original cost of the shares and fair market
value is expensed at the time of purchase. All of the shares initially
purchased by the ESOP are considered outstanding for earnings per
share calculations. Dividends on allocated and unallocated shares are
recorded as reductions of retained earnings.
 Compensation expense for the 401(k) match and repurchased shares was
$2.8 million in 1995, $2.6 million in 1994 and $2.2 million in 1993.
The ESOP shares as of the end of 1995 and 1994 were as follows:


                                   1995        1994
                                ----------- -----------
Allocated shares                   459,919     376,680
Shares released for allocation       7,325       7,570
Unreleased shares                  782,756     865,750
Shares distributed to               (6,192)     (3,706)
  terminated participants       ----------- -----------
ESOP shares                      1,243,808   1,246,294
                                =========== ===========


  In May 1990, the Board of Directors declared a dividend
distribution of one Preferred Share Purchase Right ("Right'')
for each common share held, payable to shareholders of record on June
8, 1990. The Rights become exercisable when a person or group of
persons acquires or announces an intention to acquire ownership of 15%
or more of the Company's common shares. Holders of the Rights may
acquire an interest in a new series of junior participating preferred
stock, or they may acquire an additional interest in the Company's
common shares at 50% of the market value of the shares at the time the
Rights are exercised. The Rights are redeemable by the Company at any
time prior to the time they become exercisable, at a price of $.01 per
Right.

Note 9
Commitments, contingent liabilities and other matters
Litigation: The Company and a number of its subsidiaries are
defendants in judicial and administrative proceedings involving
matters incidental to their business. The Company's management does
not believe that any material liability will be imposed as a result of
these matters.
 Leases: Approximate future minimum annual rentals payable under
non-cancelable operating leases are as follows:


In thousands of dollars

1996             41,231
1997             36,077
1998             29,924
1999             27,634
2000             25,455
Later years      73,335
               ---------
Total          $233,656
               =========


<PAGE>
                                       -44-


 Total minimum annual rentals have not been reduced for future
minimum sublease rentals aggregating approximately
$3 million. Total rental costs were $104 million for 1995, $107
million for 1994 and $103 million for 1993.
  In December 1990, the Company adopted a Transitional Compensation
Plan ("Plan") which provides termination benefits to key
executives whose employment is terminated under certain
circumstances within two years following a change in control
of the Company. Benefits under the Plan include a severance payment of
up to three years' compensation and continued life and medical
insurance coverage.
 Other matters: Statement of Financial Accounting Standards No. 107,
"Disclosures About Fair Value of Financial Instruments," requires the
Company to disclose the estimated fair value of its financial
instruments.
 For financial instruments other than long-term debt, including cash
and cash equivalents, trade and other receivables, current maturities
of long-term debt and other long-term liabilities, the amounts
reported on the balance sheet approximate fair value.
 The Company estimates the fair value of its long-term debt, based on
borrowing rates available at December 31, 1995, to be $2.774 billion,
compared with the carrying amount of $2.768 billion.
 Statement of Financial Accounting Standards No. 121, "Impairment of
Long-lived Assets" (SFAS 121), will require the Company to review for
possible impairment, assets to be held for use and assets held for
disposal, whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable, and in such event, to
record an impairment loss. The Company will adopt SFAS 121 in 1996 and
is evaluating the recoverability of long-lived assets at its
properties. Adoption of SFAS 121 in 1996 is not expected to have a
material impact on the Company's financial condition or results of
operations.
 Statement of Financial Accounting Standards No. 123, "Accounting for
Stock-Based Compensation" (SFAS 123),establishes a fair
value-based method of accounting for employee stock-based
compensation plans, and encourages companies to adopt that
method. However, it also allows companies to continue to apply the
intrinsic value-based method currently prescribed under Accounting
Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees" (APB 25). The Company has chosen to continue to report
stock-based compensation in accordance with APB 25, and beginning in
year 1996 will provide pro forma disclosure of the effects of applying
the fair value method to all applicable awards granted.

Note 10
Business operations and segment information
The Company's primary business activities include newspaper publishing
(including 92 daily newspapers), which is the largest segment of its
operations; television and radio broadcasting (15 television stations
and 13 radio stations), the second-largest component; cable
television; outdoor advertising; alarm security business; and
television entertainment programming. Newsprint, which is the
principal product used in the newspaper publishing business, may be
subject to significant price changes from time to time. The Company's
operations are carried out primarily in the U.S. Its foreign
operations are mainly in Canada.
 For financial reporting purposes, the Company has established four
separate business segments: newspapers; broadcasting (television and
radio); cable television; and a segment for all other business
operations. In prior years, the Company's operations were reported in
three segments:newspapers; broadcasting; and outdoor advertising. Upon
the completion of the Multimedia acquisition, the Company established
a separate business segment for the acquired cable television
division. At the same time, the Company elected to group its outdoor
advertising along with the alarm security and television entertainment
programming businesses acquired from Multimedia in its fourth other
businesses reporting segment. Additionally, certain businesses
previously reported in the newspaper segment are now reflected in the
other businesses segment. Prior-year segment data has been restated to
reflect this reporting change.
 The newspaper segment consists of 92 daily newspapers in 38 states
and two U.S. territories, including USA TODAY, a national,
general-interest daily newspaper; and USA WEEKEND, a magazine
supplement for newspapers. The newspaper segment also includes
non-daily publications and a nationwide network of offset presses for
commercial printing.
 The broadcasting segment's principal activities include the
operation of television and radio stations. At the end of 1995,
the Company owned 15 television stations and 13 radio stations.
 The cable segment, which was acquired in connection with the
Multimedia purchase, is headquartered in Wichita, Kan., and serves
458,000 cable television subscribers in five states.
 The principal operations included in the other businesses  segment
are outdoor advertising, and the television entertainment programming
and alarm security businesses acquired in the Multimedia purchase. The
group also includes certain businesses previously reported within the
newspaper publishing segment. These include Telematch, Gannett Direct
Marketing Services and Gannett TeleMarketing, among others.


<PAGE>
                                       -45-

 Separate financial data for each of the Company's four business
segments is presented on page 50. Operating income represents total
revenue less operating expenses, depreciation and amortization of
intangibles. In determining operating income by industry segment,
general corporate expenses, interest expense and other income and
expense items of a non-operating nature are not considered. Corporate
assets include cash and marketable securities, certain investments,
long-term receivables and plant and equipment primarily used for
corporate purposes. Interest capitalized has been included as a
corporate capital expenditure for purposes of segment reporting.


R
eport of independent accountants

To the Board of Directors and
Shareholders of Gannett Co., Inc.

In our opinion, the accompanying consolidated balance sheets and the
related consolidated statements of income, of cash flows and of
changes in shareholders' equity present fairly, in all material
respects, the financial position of Gannett Co., Inc. and its
subsidiaries at December 31, 1995 and December 25, 1994, and the results
of their operations and their cash flows for each of the three years
in the period ended December 31, 1995, in conformity with generally accepted
accounting principles. These financial statements are the responsibility of
the Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of
these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.


Price Waterhouse LLP
Washington, D.C.
February 6, 1996

<PAGE>
                                       -46, 47-



<TABLE>
11-YEAR SUMMARY
In thousands of dollars except per share amounts
<CAPTION>
                                                  1995        1994         1993         1992         1991          1990
                                               ----------- ----------- ------------ ------------ ------------- ------------
<S>                                            <C>         <C>         <C>          <C>          <C>           <C>
Net operating revenues:
Newspaper advertising                          $2,219,250  $2,152,671   $2,005,037   $1,882,114    $1,852,591   $1,917,477
Newspaper circulation                             869,173     849,461      838,706      807,093       777,221      730,426
Broadcasting                                      466,187     406,608      397,204      370,613       357,383      396,693
Cable                                              15,061
All other                                         437,065     415,783      400,674      409,137       394,840      397,025
                                               ----------- ----------- ------------ ------------ ------------- ------------
 Total (Notes a and b, see page 48)             4,006,736   3,824,523    3,641,621    3,468,957     3,382,035    3,441,621
                                               ----------- ----------- ------------ ------------ ------------- ------------
Operating Expenses:
Costs and expenses                              2,944,898   2,802,949    2,717,634    2,653,803     2,623,335    2,568,744
Depreciation                                      159,657     163,242      164,420      157,242       158,389      153,211
Amortization of intangible assets                  50,298      45,554       45,215       40,629        41,364       40,825
                                               ----------- ----------- ------------ ------------ ------------- ------------
 Total                                          3,154,853   3,011,745    2,927,269    2,851,674     2,823,088    2,762,780
                                               ----------- ----------- ------------ ------------ ------------- ------------
Operating Income                                  851,883     812,778      714,352      617,283       558,947      678,841
Non-operating income (expense):
Interest expense                                  (52,175)    (45,624)     (51,250)     (50,817)      (71,057)     (71,567)
Other                                               3,754      14,945        5,350        7,814        14,859       10,689
                                               ----------- ----------- ------------ ------------ ------------- ------------
Income before income taxes                        803,462     782,099      668,452      574,280       502,749      617,963
Provision for income taxes                        326,200     316,700      270,700      228,600       201,100      241,000
                                               ----------- ----------- ------------ ------------ ------------- ------------
Income before cumulative effect of accounting
principle changes                                 477,262     465,399      397,752      345,680       301,649      376,963
Cumulative effect on prior years of accounting
 principle changes for:
Income taxes                                                                             34,000
Retiree health and life insurance benefits                                             (180,000)
                                               ----------- ----------- ------------ ------------ ------------- ------------
Net Income                                       $477,262    $465,399     $397,752     $199,680      $301,649     $376,963
                                               =========== =========== ============ ============ ============= ============
Operating cash flow (5)                        $1,061,838  $1,021,574     $923,987     $815,154      $758,700     $872,877
                                               ----------- ----------- ------------ ------------ ------------- ------------
Per share amounts (1)
Income before cumulative effect of accounting
 principle changes                                  $3.41       $3.23        $2.72        $2.40         $2.00        $2.36
Net income                                          $3.41       $3.23        $2.72        $1.39         $2.00        $2.36
Dividends declared                                   1.38        1.34         1.30         1.26          1.24         1.21
Shareholders' equity (3)                            15.26       13.04        12.98        10.94         10.71        12.98
Weighted average number of common and common
equivalent shares outstanding in thousands (2)    140,156     144,276      146,474      144,148       150,783      160,047
Financial position:
Current assets                                   $854,084    $650,837     $757,957     $631,447      $636,101     $668,690
Current Liabilities                               812,772     527,054      455,139      431,551       443,835      500,203
Working capital                                    41,312     123,783      302,818      199,896       192,266      168,487
Long-term debt excluding current maturities     2,767,880     767,270      850,686    1,080,756     1,335,394      848,633
Shareholders' equity                            2,145,648   1,822,238    1,907,920    1,580,101     1,539,487    2,063,077
Total assets                                    6,503,800   3,707,052    3,823,798    3,609,009     3,684,080    3,826,145
Selected financial percentages and ratios
Percentage increase (decrease):
Earnings after tax (4)                                2.5%       17.0%        15.1%        14.6%        -20.0%        -5.2%
Earnings per share (4)                                5.6%       18.8%        13.3%        20.0%        -15.3%        -4.5%
Dividends declared per share                          3.0%        3.1%         3.2%         1.6%          2.5%         9.0%
Book value per share                                 17.0%        0.5%        18.6%         2.1%        -17.5%         4.7%
Credit ratios
Long-term debt to shareholders' equity              129.0%       42.1%        44.6%        68.4%         86.7%        41.1%
Times interest expense earned                       16.4X       18.1X        14.0X        12.3X          8.1X         9.6X




                                                  1989        1988         1987         1986         1985
                                               ----------- ----------- ------------ ------------ -------------
Net operating revenues:
Newspaper advertising                          $2,018,076  $1,908,566   $1,787,077   $1,588,985    $1,213,577
Newspaper circulation                             718,087     685,663      645,356      575,806       464,976
Broadcasting                                      408,363     390,507      356,815      351,133       265,480
Cable
All other                                         373,663     329,749      290,199      285,573       265,388
                                               ----------- ----------- ------------ ------------ -------------
 Total (Notes a and b, see page 48)             3,518,189   3,314,485    3,079,447    2,801,497     2,209,421
                                               ----------- ----------- ------------ ------------ -------------
Operating Expenses:
Costs and expenses                              2,571,617   2,449,587    2,257,304    2,061,789     1,601,372
Depreciation                                      149,893     136,861      124,485      111,229        85,512
Amortization of intangible assets                  40,168      40,312       36,595       31,980        18,017
                                               ----------- ----------- ------------ ------------ -------------
 Total                                          2,761,678   2,626,760    2,418,384    2,204,998     1,704,901
                                               ----------- ----------- ------------ ------------ -------------
Operating Income                                  756,511     687,725      661,063      596,499       504,520
Non-operating income (expense):
Interest expense                                  (90,638)    (88,557)     (85,681)     (79,371)      (25,926)
Other                                             (18,364)      8,292       15,013       23,076         6,183
                                               ----------- ----------- ------------ ------------ -------------
Income before income taxes                        647,509     607,460      590,395      540,204       484,777
Provision for income taxes                        250,000     243,000      271,000      263,800       231,500
                                               ----------- ----------- ------------ ------------ -------------
Income before cumulative effect of accounting
principle changes                                 397,509     364,460      319,395      276,404       253,277
Cumulative effect on prior years of accounting
 principle changes for:
Income taxes
Retiree health and life insurance benefits
                                               ----------- ----------- ------------ ------------ -------------
Net Income                                       $397,509    $364,460     $319,395     $276,404      $253,277
                                               =========== =========== ============ ============ =============
Operating cash flow (5)                          $946,572    $864,898     $822,143     $739,708      $608,049
                                               ----------- ----------- ------------ ------------ -------------
Per share amounts (1)
Income before cumulative effect of accounting
 principle changes                                  $2.47       $2.26        $1.98        $1.71         $1.58
Net income                                          $2.47       $2.26        $1.98        $1.71         $1.58
Dividends declared                                   1.11        1.02         0.94         0.86         0.765
Shareholders' equity (3)                            12.40       11.09         9.94         8.88          7.93
Weighted average number of common and common
equivalent shares outstanding in thousands (2)    161,253     161,622      161,704      161,380       160,466
Financial position:
Current assets                                   $671,030    $665,031     $601,220     $570,589      $473,394
Current Liabilities                               477,822     500,835      474,775      432,327       303,142
Working capital                                   193,208     164,196      126,445      138,262       170,252
Long-term debt excluding current maturities       922,470   1,134,737    1,094,321    1,201,370       491,565
Shareholders' equity                            1,995,791   1,786,441    1,609,394    1,433,781     1,275,213
Total assets                                    3,782,848   3,792,820    3,510,259    3,365,903     2,313,218
Selected financial percentages and ratios
Percentage increase (decrease):
Earnings after tax (4)                                9.1%       14.1%        15.6%         9.1%         13.1%
Earnings per share (4)                                9.3%       14.1%        15.8%         8.2%         12.9%
Dividends declared per share                          8.8%        8.5%         9.3%        12.4%         15.0%
Book value per share                                 11.8%       11.6%        11.9%        11.7%         11.5%
Credit ratios
Long-term debt to shareholders' equity               46.2%       63.5%        68.0%        83.8%         38.6%
Times interest expense earned                        8.1X        7.9X         7.9X         7.8X         19.7X




(1) Per share amounts have been based upon average number of shares
     outstanding during each year, giving retroactive effect to adjustment in (2).
(2) Shares outstanding have been converted to a comparable basis by
     reflecting retroactively shares issued for a 2-for-1 stock split effective
     January 6, 1987.
(3) Based upon year-end shareholders' equity and shares outstanding.
(4) Before cumulative effect of accounting principle changes .
(5) Operating cash flow represents operating income plus depreciation and
     amortization of intangible assets.

</TABLE>




<PAGE>

                                       -48-

Notes to 11-year summary

 (a) The Company and its subsidiaries made the acquisitions listed at
right during the period. The results of operations of these acquired
businesses are included in the accompanying financial information from
the date of purchase. Note 2 of the consolidated financial statements
on page 38 contains further information concerning certain of these
acquisitions.
 (b) During the period, the Company sold substantially all of the
assets or capital stock of certain other subsidiaries and divisions of other
subsidiaries for which the revenues and
contributions to consolidated net income were not material. Note 2 of
the consolidated financial statements on page 38 contains further
information concerning certain of these dispositions.


Acquisitions   1985-1995
1985
March 15       Triangle Sign Company
March 29       Family Weekly magazine, now USA WEEKEND
July 1         The Des Moines Register and The Jackson Sun
Nov. 27        Peekskill Star Corporation
1986
Jan. 3         KTKS-FM now KHKS-FM, Dallas
Feb. 18        The Evening News Association
July 14        The Courier-Journal and Louisville Times Company
July 29        KCMO-AM and KBKC-FM, Kansas City
Sept. 16       KHIT-FM, Seattle
Dec. 1         Arkansas Gazette Company
1987
July 15        Gannett Direct Marketing Services, Inc.
1988
Feb. 1         WFMY-TV, Greensboro, N.C.
               WTLV-TV, Jacksonville, Fla.
July 1         New York Subways Advertising Co., Inc.
                and related companies
1989
Oct. 31        Rockford Magazine
Nov. 6         Outdoor advertising displays merged
                into New Jersey Outdoor
1990
March 28       Great Falls (Mont.) Tribune
May 17         Ye Olde Fishwrapper
June 18        The Shopper Advertising, Inc.
Sept. 7        Desert Community Newspapers
Dec. 27        North Santiam Newspapers
Dec. 28        Pensacola Engraving Co.
1991
Feb. 11        The Add Sheet
April 3        New Jersey Publishing Co.
Aug. 30        The Times Journal Co., including The Journal Newspapers,
                The Journal Printing Co. (now Springfield Offset)
                and Telematch
Oct. 3         Gulf Breeze Publishing Co.
1992
April 24       Graphic Publications, Inc.
1993
Jan. 30        The Honolulu Advertiser
April 24       Tulare Advance-Register
1994
May 2          Nursing Spectrum
June 9         Altoona Herald-Mitchellville Index and the
                Eastern ADvantage
Dec. 1         KTHV-TV, Little Rock
1995
Dec. 4         Multimedia, Inc.

                                       -49-


Form 10-K information

Business of the company
Gannett Co., Inc. is a diversified information company that operates
primarily in the U.S. Approximately 98% of its revenues are from
domestic operations. Its foreign operations are primarily in Canada,
but it also has business interests in certain European, Asian and
other foreign markets. Its corporate headquarters is in Arlington,
Va., near Washington, D.C. It was incorporated in New York in 1923 and
was reincorporated in Delaware in 1972.
 On December 4, 1995, the Company completed the acquisition of
Multimedia, Inc. ("Multimedia"). Multimedia's principal business
operations include 10 local daily newspapers, five television
stations, two radio stations, a cable television division,
television entertainment programming and an alarm security company.
 The consideration paid for Multimedia included $45.25 per common
share, totaling $1.8 billion, and the assumption of Multimedia
liabilities of approximately $0.5 billion. This acquisition was
accounted for under the purchase method of accounting and Multimedia's
results of operations are included in the Company's financial
statements from the date of acquisition. The acquisition of Multimedia
did not materially affect the Company's consolidated results of
operations for 1995. The Company financed the acquisition of
Multimedia with the issuance of unsecured promissory notes (commercial
paper).
 The Company's principal business segments are newspaper publishing,
broadcasting, cable and an other businesses segment, which includes
outdoor advertising, the alarm security business and the television
entertainment programming business.
 The Company's newspapers make up the largest newspaper group in the
U.S. in circulation. The Company operates 92 daily newspapers,
with a total average daily circulation of approximately
6.6 million for 1995, including USA TODAY. The Company
also publishes USA WEEKEND, a weekend newspaper magazine, and a number
of non-daily publications.
 On December 31, 1995, the broadcasting division included 15
television stations in markets with almost 14 million households and
13 radio stations in markets with a listening population of more than
36 million.
 The cable business serves 458,000 subscribers in five states.
 The outdoor advertising business is the largest in North America,
with operations in 11 states and Canada. It includes 12
outdoor advertising companies, transit and transit shelter
advertising operations, and a printing division.
 The alarm security business, Multimedia Security Service, provides
alarm services to 101,000 customers primarily in eight states. The
Company's entertainment programming business, Multimedia
Entertainment, produces syndicated talk shows for U.S. and foreign
television markets.
 The Company also owns the following: Gannett News Service, which
provides news services for its newspaper operations; Gannett National
Newspaper Sales, which markets the Company's nationwide newspaper
advertising resources; Gannett Offset, which coordinates the sale,
marketing and production of commercial offset printing done for
national and regional customers at many of Gannett's newspapers with
offset presses and at the Company's offset printing facilities in
Chandler, Ariz., Miramar, Fla., Nashville, Tenn., Atlanta, Ga., St.
Louis, Mo., Norwood, Mass., and Springfield, Va.; electronic
information services, including the USA TODAY Information Network;
Gannett Media Technologies International, which develops and markets
software and other products for the publishing industry; Gannett
Direct Marketing Services, a direct marketing company with operations
in Louisville, Ky.; Telematch, a telephone database service; Nursing
Spectrum, publisher of biweekly periodicals specializing in
advertising for nursing employment; Gannett Community Directories of
New Jersey, yellow-pages publishing; Gannett Digital Xpress, a
personalized audio, fax and text information service; and Gannett
TeleMarketing, a telephone sales and marketing business.

Business segment financial information
Selected financial information for the Company's business segments is
presented on the following page. For a description of the accounting
policies related to this information, see Note 10 to the Company's
Consolidated Financial Statements. Operating cash flow amounts
represent operating income plus depreciation and amortization of
intangible assets.


<PAGE>
                                       -50-

In thousands of dollars
Business segment financial information
                                   1995         1994         1993
                               ------------ ------------ ------------
Operating revenues:
Newspaper publishing            $3,229,121   $3,136,816   $2,968,713
Broadcasting                       466,187      406,608      397,204
Cable                               15,061            0            0
Other businesses                   296,367      281,099      275,704
                               ------------ ------------ ------------
                                $4,006,736   $3,824,523   $3,641,621
                               ------------ ------------ ------------
Operating income:
Newspaper publishing              $701,568     $734,717     $676,346
Broadcasting                       182,865      128,863       86,686
Cable                                4,065            0            0
Other businesses                    30,688       16,311       15,738
Corporate                          (67,303)     (67,113)     (64,418)
                               ------------ ------------ ------------
                                  $851,883     $812,778     $714,352
                               ------------ ------------ ------------

Depreciation and amortization:
Newspaper publishing              $147,711     $149,063     $145,742
Broadcasting                        30,107       29,089       31,449
Cable                                3,798            0            0
Other businesses                    18,718       20,245       20,398
Corporate                            9,621       10,399       12,046
                               ------------ ------------ ------------
                                  $209,955     $208,796     $209,635
                               ------------ ------------ ------------

Operating cash flow:
Newspaper publishing              $849,279     $883,780     $822,088
Broadcasting                       212,972      157,952      118,135
Cable                                7,863            0            0
Other businesses                    49,406       36,556       36,136
Corporate                          (57,682)     (56,714)     (52,372)
                               ------------ ------------ ------------
                                $1,061,838   $1,021,574     $923,987
                               ------------ ------------ ------------

Identifiable assets:
Newspaper publishing            $3,198,382   $2,561,225   $2,528,671
Broadcasting                     1,502,342      643,157      685,230
Cable                            1,080,565            0            0
Other businesses                   397,377      246,414      282,758
Corporate                          325,134      256,256      327,139
                               ------------ ------------ ------------
                                $6,503,800   $3,707,052   $3,823,798
                               ------------ ------------ ------------

Capital expenditures:
Newspaper publishing              $128,107     $108,633     $110,409
Broadcasting                        19,923       11,673        9,144
Cable                                2,029            0            0
Other businesses                    26,153        7,156        8,230
Corporate                            7,324       17,392        4,339
                               ------------ ------------ ------------
                                  $183,536     $144,854     $132,122
                               ------------ ------------ ------------



Newspaper publishing
On December 31, 1995, the Company operated 92 daily newspapers,
including USA TODAY, and a number of non-daily local publications, in
38 states, Guam and the U.S. Virgin Islands. The Newspaper Division is
headquartered in Arlington, Va., and on December 31, 1995, it had
approximately 32,400 full-time and part-time employees. Newspaper
operating revenues accounted for approximately 83% of the Company's
net operating revenues in 1993 and 1994 and 81% in 1995.
 USA TODAY was introduced in 1982 as the country's first national,
general-interest daily newspaper. It is available in all 50 states and
is available to readers on the day of publication in the top 100
metropolitan markets in the U.S.
 USA TODAY is produced at facilities in Arlington, Va., and is
transmitted via satellite to offset printing plants around the
country. It is printed at Gannett plants in 21 U.S. markets and under
contract at offset plants in 12 other U.S. markets. It is sold at
newsstands and vending machines generally at 50 cents a copy. Mail
subscriptions are available nationwide and abroad, and home and office
delivery is offered in many markets. Approximately 63% of its net paid
circulation results from single-copy sales at newsstands or vending
machines and the remainder is from home and office delivery, mail and
other sales.
 For 1995, USA TODAY's advertising revenues and volume rose 7% and
3%, respectively, and circulation revenues and volume rose 3% and 2%,
respectively. Because of dramatically higher newsprint costs, which
were up 40%, USA TODAY's operating income was lower than in 1994.
 USA TODAY International, published separately from USA TODAY, is
printed from satellite transmission under contract in London, Zurich,
Frankfurt and Hong Kong, and is distributed in Europe, the Middle
East, Africa and Asia. It is available in more than 90 foreign
countries.
 The Gannett News Service is headquartered in Arlington, Va., and has
bureaus in nine other states (see page 67 for more information).
Gannett News Service provides national and regional news coverage and
sports, features, photo and graphic services to Gannett newspapers.
 The newspaper publishing segment also includes USA WEEKEND, which is
distributed as a weekend newspaper supplement in 452 newspapers
throughout the country, with a total circulation of 19.2 million at
the end of 1995.
 At the end of 1995, 57 of the Company's daily newspapers, including
USA TODAY, were published in the morning and 35 were published in the
evening.
 As part of the Multimedia purchase in December 1995, the Company
acquired 10 daily newspapers with a combined daily circulation of
approximately 300,000. The larger newspapers in this group are in
Asheville, N.C., Greenville, S.C., and Montgomery, Ala.
 Individually, Gannett newspapers are the dominant news and
information source with strong brand recognition in their market.
Their durability lies in the quality of their management, their
flexibility, their focus on customer-directed programs like NEWS 2000,
ADvance and ADQ, and their capacity to invest in new technology.
Collectively, they form a network of powerful franchises across the
nation.
 Faced with increased newsprint prices, Gannett editors tightened
writing and presentation in 1995 and took a fresh look at all features
to see which best served readers. These efforts were made in keeping
with the principles of NEWS 2000, a program launched in 1991 to
improve news-content quality.
 In 1995, the Company continued to refine ADvance strategies that
focus on attracting more dollars from medium and small advertisers.
Revenue from this segment grew 6% in 1995. Introduced in June 1992,
ADvance is a program to develop marketing partnerships with
advertisers and enhance the skills of newspaper sales and marketing
staffs. The Company will continue to undertake significant efforts to
implement ADvance concepts in 1996 through training and results
assessment.
 The Company introduced ADQ, a divisionwide initiative to improve
advertising quality, advertiser satisfaction and newspaper
profitability. A quality measurement tool was developed that measures
effectiveness of newspaper service and quality.
 All of the Company's daily newspapers receive the Gannett News
Service. In addition, all subscribe to The Associated Press, and some
receive various supplemental news and syndicated features services.
 The senior executive of each newspaper is the publisher, and the
newspapers have advertising, business, circulation, news, market
development and production departments.
 Technological advances in recent years have had an impact on the way
newspapers are produced. Computer-based text editing systems capture
drafts of reporters' stories and are then used to edit and produce
type for transfer by a photographic process to printing plates. All of
the Company's daily newspapers are produced by this method.
"Pagination" enables editors to create a newspaper page by computer,
avoiding all or part of the manual "paste-up'' of the page before it
can be converted into a printing plate. The Company uses pagination
systems at 65 newspaper plants.
 During 1995, the Mobile Advertising Sales System (MASS), a sales
"tool-kit" on laptop personal computers that was developed by the
Company in 1993, was installed at 28 additional newspapers. There are
now 36 Gannett newspapers and approximately 500 account
representatives using MASS. Installation at other Company newspapers
will continue in 1996.
 AdLink, a computer software application developed by the Company in
1994 that allows real estate advertisers to track properties and to
facilitate the make-up of complex newspaper advertisements, has been
installed at 14 newspapers. Real estate advertisers have increased the
number of advertising pages given this new resource. During 1995, an
Internet linkage capability was developed and will be installed at
selected newspapers in 1996.
 Gannett newspapers explored and tested business opportunities that
the Internet and other electronic delivery might create. Web sites are
up at nine newspapers, including USA TODAY, with expanded information
from that published in their newspapers. Available via commercial
online services are USA WEEKEND, Gannett Suburban Newspapers and
FLORIDA TODAY. The Star-Gazette in Elmira, N.Y., is delivering online
service via special cable modems in its market. With the Pulitzer Co.,
our joint operating agreement partner in Tucson, Ariz., we are
operating STARNET, a full-service newspaper Internet site. The Company
also is a partner in the New Century Network with eight other major
media companies, exploring how newspaper electronic services can work
cooperatively to better serve customers.
 The Company's integrated text/photo archive system, DiGiCol, is now
installed at 14 Gannett newspapers, including those in Rochester, Des
Moines and Louisville. This system stores, retrieves and distributes
text, photos and full-page images of the newspaper in a digital form
that can be searched using an easy-to-use interface. Expansion of
DiGiCol to additional Gannett sites will continue in 1996.
 In early 1996, the Company joined a partnership with Knight-Ridder
and Landmark Communications called InfiNet. Headquartered in Norfolk,
Va., InfiNet provides various electronic publishing and information
services using the Internet and provides Internet access to individual
consumers and businesses. InfiNet's principal customer group is newspapers,
including those owned by the partners. The Company expects 20 to 30 of
its newspapers will contract with InfiNet for Web site services and
for Internet access capabilities, which will be sold in their local
communities.
 Sixty daily newspaper plants print by the offset process, and 19
plants print using various letterpress processes.
 In recent years, improved technology for all of the newspapers has
resulted in greater speed and accuracy and in a reduction in the
number of  production hours worked per page.
 The principal sources of newspaper revenues are circulation and
advertising.
 Circulation: The table on the following page summarizes the
circulation volume and revenues of the newspapers owned by the Company
at the end of 1995. USA TODAY circulation is included in this table.


<PAGE>
                                       -52-

 This table assumes that all newspapers owned by the Company at the
end of 1995 were owned during all years shown:

Circulation: newspapers owned on Dec. 31, 1995
        Circulation       Daily        Sunday
          revenues      net paid      net paid
        in thousands   circulation  circulation
       -------------- ------------- ------------
1995        $901,537     6,559,000    6,195,000
1994        $877,684     6,607,000    6,394,000
1993        $863,927     6,610,000    6,462,000
1992        $840,817     6,605,000    6,438,000
1991        $802,570     6,539,000    6,388,000


 Faced with dramatically higher newsprint prices, the Company began
taking steps in 1994 to reduce consumption, including the elimination
of less valuable and costly distant outstate circulation. In addition,
the strike in Detroit (discussed further on page 59) resulted in a
loss of circulation volume and revenues during the last half of 1995.
 Twenty-two of the Company's local newspapers reported gains in daily
circulation during 1995, and 19 increased Sunday  circulation.
 Home delivery prices for the Company's newspapers are established
individually for each newspaper and range from $1.25 to $3.60 per
week in the case of daily newspapers and from $.59 to $2.05
per copy for Sunday newspapers. The Company implemented a number of
circulation price increases in 1995 and more are planned for 1996.
 Additional information about the circulation of the Company's
newspapers may be found on pages 25-26 and 64-66 of this annual
report.
 Advertising: Advertising revenues are generated through the sale of
retail (local), classified, national and preprint advertising. A
detailed analysis of newspaper advertising revenues is presented below
and on page 24 of this report.
 Retail advertising is display advertising associated with local
merchants, such as department and grocery stores. Classified
advertising includes the ads listed together in sequence by the nature
of the ads, such as automobile sales, real estate sales and "help
wanted." National advertising is display advertising principally from
advertisers who are promoting products or brand names on a nationwide
basis. Retail and national advertising may appear in the newspaper
itself or in preprinted sections. Generally there are different rates
for each category of advertising, and the rates for each newspaper are
set independently, varying from city to city. The newspapers have
advertising departments that solicit retail, classified and national
advertising.
 Gannett National Newspaper Sales also solicits national advertisers
and certain national and regional retail advertisers. The
newspapers have made continuing efforts to serve their readers and
advertisers by introducing total market coverage programs and
by targeting specific market segments desired by many advertisers through
the use of specially zoned editions and other special publications.
 Total newspaper ad revenues on a pro forma basis rose 4%. This
increase was favorably affected by the additional week in the
Company's 1995 fiscal year, but it was adversely affected to a greater
degree by the strike in Detroit.
 Classified business was again strong in 1995, particularly in the
employment and automotive categories. There was also consistent growth
of medium and small retail advertisers throughout the year. The
department store category represented the biggest retail growth
category, followed by appliance/electronic and entertainment.
 For 1996, the Company expects further ad revenue growth at most of
its newspaper properties. Advertising associated with the Summer
Olympics in Atlanta and political contests will contribute to this
growth. The effects of the strike in Detroit are expected to diminish
in 1996 and further advertising rate increases are planned at many
newspapers. Changes in national economic factors such as interest
rates, employment levels and the rate of general economic growth will
have an impact on revenues at all of the Company's newspaper
operations.
 The following chart summarizes the advertising linage (in six-column
inches) and advertising revenues of the newspapers owned by the
Company at the end of 1995. Again, this chart assumes that all of the
newspapers owned at the end of 1995 were owned throughout the years
shown:

Advertising: newspapers owned on Dec. 31, 1995
        Advertising
          revenues      Inches of
        in thousands   advertising
       -------------- -------------
1995      $2,327,574   144,176,000
1994      $2,242,977   140,593,000
1993      $2,094,122   135,252,000
1992      $2,009,663   129,212,000
1991      $1,958,574   124,446,000


 Competition: The Company's newspapers compete with other media for
advertising principally on the basis of their advertising rates and
their performance in helping sell the advertisers' products or
services. They compete for circulation principally on the basis of
their content and their price. While most of the Company's newspapers
do not have daily newspaper competitors that are published in the same
city, in certain of the Company's larger markets, there is such direct
competition. Most of the Company's newspapers compete with other
newspapers published in nearby cities and towns and with free
distribution and paid advertising weeklies.
 At the end of 1995, The Cincinnati Enquirer, The Detroit News, the
El Paso (Texas) Times, The Honolulu Advertiser, The Tennessean at
Nashville and the Tucson (Ariz.) Citizen were published under joint
operating agreements with non-Gannett newspapers located in the same
cities. All of these agreements provide for joint business,
advertising, production and circulation operations and a contractual
division of profits. The editorial and


<PAGE>
                                       -53-

reporting staffs of the Company's newspapers, however, are separate and
autonomous from those of the non-Gannett newspapers.
 The rate of development of opportunities in and competition from
emerging electronic communications services, including those related
to the Internet and the World Wide Web, is increasing. Through
internal development programs, acquisitions and partnerships, the
Company's efforts to explore new opportunities in news, information
and communications businesses have been expanded. Recent business
developments include USA TODAY Online, which was launched in April
1995 as the electronic complement to the newspaper; the InfiNet
partnership, which provides Web site services and Internet access;
Telematch, a telephone database service; and Gannett Media
Technologies International, a division designed to market products
developed by Gannett's Advanced Systems Lab and which are currently in
use at Gannett newspapers.
 Nine of the Company's newspapers now maintain a commercial site on
the World Wide Web for the delivery of news, information and advertising.
Plans for 1996 call for 20 to 30 additional newspapers to establish
a Web site.
 Properties: Generally, the Company owns the plants that house all
aspects of the newspaper publication process. In the
case of USA TODAY, at December 31, 1995, 12 non-Gannett printers were
used to print the newspaper in the U.S. in markets where there are no
Company newspapers with appropriate facilities. Four non-Gannett
printers in foreign countries are used to print USA TODAY
International. USA WEEKEND and Nursing Spectrum are also printed under
contracts with commercial printing companies. Many of the Company's
newspapers also have outside news bureaus and sales offices, which
generally are leased. In a few cities, two or more of the Company's
newspapers share combined facilities; and in two locations, facilities
are shared with other newspaper properties under joint operating
agreements. The Company's newspaper properties have rail siding
facilities or access to main roads for newsprint delivery purposes and
are conveniently located for distribution purposes.
 During the past five years, new or substantial additions or
remodeling of existing newspaper facilities have been completed or are
at some stage of construction at nine of the Company's newspaper
operations. During 1995, facility expansion in Jackson, Miss., was
completed. As part of the Company's annual capital expenditure
program, its properties are improved or upgraded on a regular basis.
The Company's facilities are adequate for present operations.
 Raw materials: Newsprint is the basic raw material used to publish
newspapers. During 1995, the Company's newsprint
consumption was approximately 796,000 metric tons, including the
Company's portion of newsprint consumed at joint operating agencies,
consumption by USA WEEKEND,  USA TODAY tonnage consumed at non-Gannett
print sites, and newsprint consumed by Multimedia newspapers for
December 1995. Newsprint consumption was down 5% from 1994. The
Company purchases newsprint from 29 North American and offshore
suppliers under contracts which expire at various times through 2010.
 During 1995, all of the Company's newspapers used some recycled
newsprint. For the year, approximately 81% of the Company's newsprint
consumption contained recycled content.
 In 1995, newsprint supplies were adequate. The Company believes that
the available sources of newsprint, together with present inventories,
will continue to be adequate to supply the needs of its newspapers.
 The average cost per ton of newsprint consumed in 1995 rose more
than 40% from 1994's average cost. Suppliers have announced plans for
further newsprint price increases in 1996, however, it is not certain
at this time if market conditions will support these plans. In the
absence of further newsprint price changes, the Company's average cost
per ton will be approximately 20% greater than in 1995 because of the
carryover effect of 1995 price increases.
 Regulation: Gannett is committed to protecting the environment. Our
goal is to ensure that Gannett facilities are in compliance with
federal, state and local environmental laws and to incorporate
appropriate environmental practices and standards in our newspaper,
broadcast and outdoor advertising operations. The Company employs a
corporate environmental manager responsible for oversight not only of
regulatory compliance but also of preventive measures. The Company is
one of the industry leaders in the use of recycled newsprint. The
Company increased usage of newsprint containing recycled content from
42,000 metric tons in 1989 to more than 645,000 metric tons in 1995.
The Company's newspapers use inks, photographic chemicals, solvents
and fuels. The use and disposal of these substances may be regulated
by federal, state and local agencies. Through its Environmental
Compliance Plan, the Company believes it is taking effective measures
to maintain compliance with environmental laws. Any release into the
environment may create obligations to private and governmental
entities under a variety of statutes and rules regulating the
environment, including the issuance of permits.
 Several of the Company's newspaper subsidiaries have been included
among the potentially responsible parties in connection with the
alleged disposal of ink or other chemical wastes at disposal sites
which have been subsequently identified as inactive hazardous waste
sites by the U.S. Environmental Protection Agency or comparable state
agencies. The Company provides for costs associated with these matters
in accordance with generally accepted accounting principles. The
Company does not believe that these matters will have any significant
impact on its financial condition or results of operations.
 Additional information about the Company's newspapers may be found
on pages 64-67 of this report.


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                                       -54-

Broadcasting
On December 31, 1995, the Company's television division, headquartered
in Arlington, Va., included 15 television stations, in markets with a
total of almost 14 million households. The Company's radio division
includes 13 radio stations in seven markets with a listening
population of more than 36 million. As part of the Multimedia purchase
in December 1995, five television stations and two radio stations were
added to the Company's broadcasting group.
 At the end of 1995, the broadcasting division had approximately
2,900 full-time and part-time employees. Broadcasting revenues
accounted for approximately 12% of the Company's reported operating
revenues in 1995 and 11% in 1993 and 1994.
 The principal sources of the Company's broadcasting revenues are: 1)
local advertising focusing on the immediate geographic area of the
stations; 2) national advertising; 3) compensation paid by the
networks for carrying commercial network programs; and 4) payments by
advertisers to television stations for other services, such as the
production of advertising material. The advertising revenues derived
from a station's local news programs make up a significant part of its
total revenues.
 Advertising rates charged by a television station are based
primarily upon the station's ability to attract viewers,
demographics and the number of television households in the area
served by the station. Practically all national advertising is placed
through independent advertising representatives. Local advertising
time is sold by each station's own sales force.
 Generally, a network provides programs to its affiliated television
stations, sells commercial advertising announcements within the
network programs and compensates the local stations by paying an
amount based on the television station's network affiliation
agreement.
 Each radio station with a network affiliation generally is paid a
flat annual fee under its affiliation agreement. Local programming
quality and the geographic coverage of its signal are key factors in a
radio station's competitive position within the market. Since most
radio programming originates locally, network affiliation has little
effect on a radio station's competitive position.
 Programming: The costs of locally produced and purchased syndicated
programming are a significant portion of television operating
expenses. Syndicated programming costs are determined based upon
largely uncontrollable market factors, including demand from the
independent and affiliated stations within the market and in some
cases from cable operations. In recent years, the Company's television
stations have increased their locally produced news and entertainment
programming in an effort to provide programs that distinguish the
stations from the competition and to better control costs.
 Properties: The Company's broadcasting facilities are adequately
equipped with the necessary television and radio  broadcasting
equipment. The Company owns transmitter sites in 19 locations and
leases sites in 13 others.
 During the past five years, new broadcasting facilities have been
built in Denver, Los Angeles and Washington, D.C. Substantial
additions or improvements were completed in Austin and Dallas, Texas,
Greensboro, N.C., and Little Rock. Substan-tial remodeling is underway
in Atlanta and is being planned for Jacksonville. The Company's
broadcast facilities are adequate for present purposes.
 Competition: In each of its broadcasting markets, the Company's
stations compete for revenues with other network-affiliated and
independent television and radio broadcasters and with other
advertising media, such as cable television, newspapers,
magazines and outdoor advertising. The Company's broadcasting stations
compete principally on the basis of their market share, advertising
rates and audience composition.
 Network programming constitutes a substantial part of the programs
broadcast on the Company's television stations, and the Company's
competitive position is directly affected by viewer acceptance of
network programming. Local news has been most important to a station's
success and there is a growing emphasis on other forms of local
programming as well as continuing involvement in the local community.
 Other sources of present and potential competition for the Company's
broadcasting properties include pay cable, home video and audio
recorders and video disc players, direct broadcast satellite and low
power television. Some of these competing services have the potential
of providing improved signal reception or increased home entertainment
selection, and they are continuing development and expansion.
 Regulation: The Company's television and radio stations are operated
under the authority of the Federal Communications Commission (FCC)
under the Communications Act of 1934, as amended (Communications Act),
and the rules and policies of the FCC (FCC Regulations).
     Under amendments to the Communications Act effected by the
Telecommunications Act of 1996 (the 1996 Act), television and radio
broadcast licenses will be granted for a maximum period of eight
years. (The periods were formerly five years and seven years,
respectively.) Television and radio broadcast licenses are renewable
upon application to the FCC and in the past usually have been renewed
except in rare cases in which a conflicting application, a petition to
deny, a complaint or an adverse finding as to the licensee's
qualifications has resulted in loss of the license. No petitions to
deny or competing applications are pending with respect to any of the
Company's stations. The Company believes it is in substantial
compliance with all applicable provisions of the Communications Act
and FCC Regulations.


<PAGE>
                                       -55-

 FCC Regulations also prohibit concentrations of broadcasting control
and regulate network programming. FCC Regulations governing multiple
ownership prohibit the common ownership or control of most
communications media serving common market areas (for example,
television and radio; television and daily newspapers; radio and daily
newspapers; or television and cable television). Pursuant to the 1996
Act, permanent waivers can be sought for television and radio
ownership in the top 50 markets, however. Also, the 1996 Act limits
the television broadcast interests held by any person to assure
that stations under common control do not exceed an aggregate national
audience reach of 35 percent. (Prior to enactment of the 1996 Act,
the cap on audience reach was 25 percent and no single party could
own more than 12 stations.)
 The FCC's consent to the Company's December 1995 acquisition of
control of five television stations and two radio stations owned by
Multimedia, Inc. was conditioned on the Company's compliance (within
12 months) with FCC "one-to-a-market" rules affecting (1)
cross-ownership of TV and cable systems in the area of Oklahoma City,
Okla.; (2) cross-ownership of a daily newspaper and a TV station in
Cincinnati, Ohio; (3) common ownership of TV stations in Atlanta and
Macon, Ga.; and (4) cross-ownership of TV and radio stations in Macon,
Ga.
 The 1996 Act deregulated radio and television ownership rules so as
to permit larger ownership groups and, in the top 50 television
markets, more TV-radio combinations than were permitted under prior
FCC rules. Limits on the number of radio stations commonly owned on a
national basis were eliminated, and local radio ownership limits were
expanded, depending on the number of stations operating in the local
radio market. Also, competing applications will not be accepted at the
time of license renewal, and will not be entertained at all unless the
FCC first concludes that license renewal would not serve the public
interest. It will be necessary for the FCC to amend many existing
FCC Regulations to implement the 1996 Act, and this process has not yet
been completed.
 Other matters: Gannett Broadcasting, along with CBS Radio and
Westinghouse Electric subsidiaries Group W Radio and Xetron
Corporation, have formed a partnership, USA Digital Radio, to develop
in-band on-channel AM and FM digital audio broadcasting (DAB) systems.
During 1994, the partnership substantially completed prototypes of AM
and FM DAB. USA Digital Radio's systems, along with those of competing
developers, have been submitted for testing and evaluation by the
National Radio Systems Committee. Additionally, USA Digital Radio's
success is dependent on FCC approval of its techniques for
broadcasting DAB within the AM and FM radio bands.
 Additional information about the Company's television and radio
stations may be found on page 68 of this annual report.

Cable
On December 31, 1995, the Company's cable division, headquartered in
Wichita, Kan., operated cable television systems serving 458,000
subscribers in Kansas, Oklahoma, Illinois, Indiana and North Carolina.
The cable division was acquired on December 4, 1995 as part of the
Multimedia purchase. At the end of 1995, the cable division had
approximately 960 full-time and part-time employees.
 Cable television is the distribution of a wide variety of television
and special information programs to subscribers within a community
over a network of fiber-optic and coaxial cable.
 The principal sources of the Company's cable division revenues are:
1) monthly fees paid by subscribers for primary
services generally consisting of local and distant broadcast stations
and public, educational and governmental channels required by local
franchising authorities and a variety of satellite-delivered
entertainment and information channels; 2) monthly and per-event fees
paid by subscribers for premium television services which provide
special programs such as recently released movies, entertainment
programs or selected sports events. Subscribers can receive these
programs on a designated channel of the cable system which is
restricted with electronic security devices to isolate the pay
television signal so that only subscribers to the service can receive
it; 3) local advertising revenues; 4) a share of revenues from sales
of products on home shopping services offered by the Company to its
subscribers; and 5) in the case of its Wichita system, revenues from
the lease of certain fiber-optic capacity to a partnership engaged in
competitive access telephone services.
 The Company holds approximately 160 franchises from local governing
authorities which permit the Company to operate a cable television
system in the granting community. These franchises, which expire at
varying dates ranging from one to 20 years, are generally
non-exclusive and may be terminated for failure to comply with
specified conditions. In most cases, the Company is required to pay
fees generally ranging from 3% to 5% of a system's revenues, to the
local governing authority granting a franchise.  At the end of 1995,
approximately 115 systems, which account for more than 81% of the
Company's subscribers, have franchise agreements expiring in the year
2000 and beyond.
 The following table shows certain cable division information as of
the end of 1995, 1994 and 1993.

                           1995      1994      1993
                         --------- --------- ---------
Homes passed              738,000   710,000   694,000
Basic subscribers         458,000   432,000   417,000
Pay subscribers           336,000   339,000   323,000
Basic penetration            62.1%     60.8%     60.1%
Pay-to-basic ratio           73.4%     78.5%     77.5%
Average monthly  revenue
 per cable subscriber      $32.29    $32.56    $33.29



<PAGE>
                                       -56-


 The Company's strategy is to develop clusters of cable television
systems in suburban communities of major metropolitan markets and
other areas with favorable demographics. Management believes that the
clustering of cable systems produces
operating, marketing and servicing efficiencies. Management believes
that clustering will also enable the Company to achieve efficiencies
in the future deployment of new services such as video-on-demand,
interactive multimedia, competitive access and telephony.
 Properties: The Company's cable systems and facilities are
adequately equipped with the necessary cable equipment. Prior to
acquisition, the cable division began a major rebuild program to
install fiber-optic cable and upgrade the technical capabilities of
its cable systems. The rebuild program, which will extend for
approximately two more years, will enhance services through improved
picture quality and reliability, and will provide the ability to offer
additional services to subscribers.
 At December 31, 1995, 51% of the Company's cable subscribers had
advanced technical facilities (550MHz to 750MHz) capable of 80 and 110
channel capacity, respectively. During 1996 the Company expects to
increase this penetration to 79% and by the end of 1997 expects to
have approximately 95% of its subscribers on systems with a capacity
of 80 channels or more. The rebuild plans include the future
integration of digital compression and the installation of interactive
converter boxes in the homes of approximately 50% of the Company's
subscribers. The Company believes its technological upgrades will
prepare it for new competitors and potential revenue opportunities.
 Competition: The Company's cable division competes with other
companies and individuals in the submission of applications for
additional franchises, in the renewal of existing franchises and in
seeking to acquire operating cable systems and under-developed
franchises. Since most franchises are granted on a
non-exclusive basis, other applicants may obtain franchises in areas
where the Company presently operates systems or holds
franchises.
 The cable division competes with over-the-air television and radio
broadcasting, newspapers, movie theaters, live entertainment and
sporting events and home video products.
Subscription television competition also includes direct broadcast
satellite services, multichannel, multipoint distribution services and
private satellite master antenna television systems serving
condominiums, apartment complexes and other private residential
developments.  The Company's cable division competes for revenues
principally on the basis of quality of service, programming options
and pricing.
 Other matters: The Company entered into a partnership with Hyperion
Telecommunications, Inc., a subsidiary of Adelphia Cable, to construct
and operate competitive access telephone services in its Wichita
franchise area. The construction of the network is complete and the
partnership has begun operations.

 Regulation: The cable television industry is subject to extensive
federal, local, and in some cases, state regulation. The Cable
Communications Policy Act of 1984 (the 1984 Act) and its amendment
(the 1992 Act) govern cable television. The FCC has the principal
federal responsibility for regulating cable matters, including rates,
customer service, ownership, carriage of broadcast signals and other
programming, technical matters, leased access, franchises and consumer
equipment standards.
 FCC Regulations prohibit common ownership or control of a television
station and a cable system in the station's Grade B signal coverage
area. As noted above, the Company received a 12-month period to comply
with this limit as it affects the Company's television station and
cable systems in the Oklahoma City area.
 The 1992 Act requires mandatory carriage of certain local
over-the-air television stations ("must-carry" rules) and allows
television stations to prohibit the carriage of their programs by
cable systems absent consent ("retransmission consent"). Television
stations may elect either must-carry or retransmission consent on
local cable systems. The Company's cable systems have accommodated
those stations electing mandatory carriage, and have entered into
retransmission consent agreements with others.
 The 1992 Act rate regulations apply to basic service (which includes
broadcast signals) unless a cable system is subject to "effective
competition." Virtually all cable systems are subject to rate
regulation. To regulate rates for basic service, local officials must
follow detailed FCC guidelines and procedures. The 1992 Act also
regulates non-basic (cable programming)rates. FCC rules also limit
rates for consumer equipment. The rules permit cable companies
periodic rate increases for inflation and certain external costs.
 The 1984 Act requires a cable operator to obtain a franchise prior
to instituting service, and state and local officials become involved
in cable operator selection, system design and construction, safety,
rates, consumer services and community programming issues. Franchising
authorities may not award an exclusive franchise or unreasonably deny
a competitive franchise. Local authorities may operate their own cable
system, though, notwithstanding the existence of a cable franchise.
The 1984 Act permits local authorities to charge up to 5% of revenues
per year as a franchising fee, and to require certain public cable
channels.
 The 1992 Act provides an incumbent cable operator with protections
against denial of its franchise renewal, including the right
to a fair hearing and a right of appeal. Nevertheless,
franchise renewal is not assured. Upon renewal, new or more onerous
requirements, such as upgrading of facilities and services or higher
franchising fees, may occur.
 Cable systems are subject to federal copyright licensing in
connection with the carriage of television signals, and receive
blanket permission to retransmit copyrighted material in exchange for
royalty payments. The amount of the royalty payments varies.


<PAGE>
                                       -57-

 The 1996 Act will change cable television regulation in several
respects. It eliminates the ban on telephone companies offering video
services. In some cases, telephone video services will be exempt from
the local franchising requirement, from rate regulation, and from
customer service and other FCC Regulations. Subject to adoption of FCC
Regulations, the 1996 Act also will permit cable operators to provide
telephone services, without the requirement of a local franchise.
Network/cable cross-ownership now will be permitted, and the statutory
prohibition on broadcast/cable cross-ownership has been repealed, and
the FCC is expected to review its own broadcast/cable cross-ownership
rule.
 While the present rate structure for basic tiers has been retained,
the 1996 Act deregulates rates for non-basic services over 3 1/2 years
for major cable systems, and immediately for certain small cable
systems. Deregulation of rates also will occur immediately where a
telephone company enters the cable franchising area and offers
comparable video programming.
 Telephone companies and cable operators in the same market are
prohibited from entering into joint ventures to provide programming or
telecommunication services directly to subscribers.  Telephone
companies and cable operators each are prohibited from acquiring more
than a 10% financial interest, or any management interest, in the
other's operations in its service area.  For certain small and/or
rural service areas, telephone or cable companies may acquire an
interest in the other in its service area, however.


Other businesses

Outdoor advertising
At the end of 1995, the Company's outdoor advertising business,
headquartered in New York City, included 12 outdoor
advertising companies operating in 19 major markets in the U.S. and
most major markets in Canada, and a printing division. The outdoor
business had approximately 1,500 full-time and part-time employees at
the end of 1995.
 The Company derives its outdoor advertising revenues from leasing
space on its approximately 44,000 advertising displays, which fall
into four major groups:
 Poster panels (28% of outdoor revenues): Poster panels include
standardized posters, which are approximately 12 feet high and 25 feet
long, eight-sheet posters, which are 6 feet high and 12 feet long
(also known as junior posters) and smaller posters displayed in
shopping centers and airports. Posters are sold in packages based on
daily exposure opportunities, usually for four-week increments. They
feature lithographed or silk-screened advertising copy, posted on the
surface of the board.
 Bulletins (41% of outdoor revenues): Bulletins typically are 14 feet
high and 48 feet long. They are sold on a unit basis, typically for
four to 12 months. Most are rotated to a different location every 60
days. "Permanent'' bulletins, however, do not rotate. They tend to
have more viewers and are higher priced than rotating bulletins. The
surface of the board is usually hand painted, computer painted or
covered with lithographed paper.  The Company pioneered the use of
Superflex and Uniface, flexible vinyl faces for bulletins, which
provide a more attractive advertising surface. The flexible vinyl
faces also are compatible with new computer printing technology.
Additionally, the Company offers backlights, which are
rear-illuminated units on major arterial highways with the advertising
message air-brushed, computer-painted or silk-screened on translucent
plastic. These are available in both the U.S. and Canada.
 Transit shelter displays (20% of outdoor revenues): These primarily
include internally illuminated 4-foot-by-5-foot posters displayed on
public transit shelters in several major cities in the U.S. and
Canada.
 Other displays (11% of outdoor revenues): This category includes
poster advertising throughout the New York City subway system and on
buses in Detroit, Grand Rapids and Rochester, N.Y. Printing division
revenues also are categorized here.
 Monthly advertising rates for each of these outdoor advertising
media are based on such factors as the size of the advertising
display, visibility, cost of leasing, construction and maintenance and
the number of people who have the opportunity to see the advertising
message. The latter is measured by the Traffic Audit Bureau (U.S.) or
the Canadian Outdoor Measurement Bureau.


<PAGE>
                                       -58-

 Revenues: Outdoor advertising results were strong in 1995 as revenue
rose 5%, while costs were held to an increase of just 1%. Operating
profit rose significantly. Overall revenue gains were achieved in the
face of a decline in revenues from the tobacco industry in the U.S.
 In recent years, as in 1995, outdoor revenues and operating income
have been adversely affected by reduced ad expenditures by the tobacco
industry, which is among the principal sources of national revenues.
The Company believes that further, but smaller, reductions in ad
spending by this industry in 1996 are possible. Since revenues from
the tobacco industry have become a far less significant part of the
outdoor business, the Company expects that further reductions in ad
spending by this industry are not likely to have a material impact.
 To replace lost tobacco business, the Company has obtained
additional advertising from packaged-goods
advertisers, as well as the more traditional sources of automotive,
supermarkets, media, financial, fashion, entertainment and
issue-oriented advertising.
 The Company also formed and operates Outdoor Network, USA, which
includes 50 independent outdoor companies operating in 90 of the
top 100 markets. Gannett Outdoor develops advertising nationally
on behalf of the group, providing a central source to clients for
market information and research, and providing
single-invoice billing. The network's benefits are
simplicity in planning and buying the medium, proof of performance
audits, creative assistance and strengthened client service. The
objective is to bring these benefits to bear in developing new and
lasting sources of national business for network members.
 Properties: In the conduct of its outdoor business, the Company
constructs advertising display structures on land or buildings owned
by the Company or leased from others. These leases are for varying
terms and generally have renewal options. At the end of 1995, the
Company leased approximately 20,000 sign locations. The Company owns
approximately 600 parcels of varying sizes on which it maintains sign
structures.
 Advertising displays placed in public transit areas are subject to
the terms of separate contracts with various municipal authorities.
These contracts are for varying periods and require
payments to the municipalities which are generally based on a
percentage of the Company's revenue from the displays. The Company's
outdoor facilities and displays are adequate for present operations.
 Competition: The Company encounters direct competition in all of its
principal outdoor advertising market areas. In most of its markets,
the Company is among the larger competitors in terms of the number of
advertising displays. The Company's outdoor operations also compete
for revenues with newspapers, magazines, television, radio and other
advertising media.
 Regulation: Federal agencies from time to time propose restrictions
upon the tobacco industry and other businesses
that use outdoor advertising, which affect the outdoor industry.
A prohibition of advertising for tobacco products in Canada, which was
phased in over the years 1988-1990, was overturned near the end of
1995 by the Canadian courts. Effective January 1, 1993, New York City
regulations prohibit the advertising of tobacco products on the city's
subway system.
 In many localities in which the Company operates, outdoor
advertising is the object of restrictive, and in some cases
prohibitive, zoning regulations. Management expects federal, state and
local regulations to continue to be a significant factor in the
operation of the Company's outdoor advertising business. It is not
possible to predict the extent to which such regulations could affect
future earnings.
 Additional information about the Company's outdoor division can be
found on page 67 of this report.

Alarm security business
The Company's alarm security business, Multimedia Security Service,
provides alarm monitoring services for residential and commercial
customers. Multimedia Security Service is headquartered in Wichita,
Kan. Monitoring equipment located on the customer's premises transmits
a signal by telephone and radio to a central monitoring station at the
Company's headquarters whenever the customer's alarm is triggered. At
the end of 1995, Multimedia Security Service employed approximately
450 full-time and part-time employees.
 At the end of 1995, the Company serviced approximately 101,000
customers in a number of states, but with a concentration of accounts
in eight states, where it maintains full-service offices: Kansas,
Oklahoma, California, Texas, Florida, Arizona, Missouri and Illinois.
The year-end customer base includes approximately 18,000 accounts
purchased on December 28, 1995 from PremiTech, a subsidiary of
Electronic Data Systems (EDS).
 The Company's efforts to expand its customer base include the
acquisition of accounts from dealers or other security service
businesses, and to a lesser degree through internal sales efforts.
Generally, monitoring contracts are for three years. To maximize
growth potential and retention of customers, the Company strives to be
a leader in the industry in alarm response time and reliability.
 Properties: The Company owns its security service headquarters and
central monitoring station facility in Wichita, Kan.,
construction of which was completed in 1994. The Company leases office
space for its service and sales offices. The Company's properties are
adequate for present operations and its central monitoring facility
and equipment are technologically advanced and can accommodate a
significant increase in the customer base.


<PAGE>
                                       -59-


 Competition: The Company competes with other alarm security
businesses in its markets on the basis of the quality and reliability
of its service, and on pricing. The Company also competes with other
alarm security businesses for the acquisition of existing security
accounts.

Television entertainment programming
The Company's television entertainment programming business,
Multimedia Entertainment, produces programming for distribution in the
U.S. and foreign television markets, and participates in joint
ventures for program production in certain foreign countries. Its
primary business is the production of talk shows for syndication. At
the end of 1995, five talk shows were in production: "Donahue," "Sally
Jessy Raphael," "Jerry Springer," "Crook & Chase" and "Rush Limbaugh:
The Television Show." The Company also produces "NewsTalk Television,"
a 24-hour cable channel in the news-talk format.
 The Company contracts with television stations for exclusive rights
to air these programs in their respective markets. The length of these
contracts generally range from one to three years. Fees from sales to
stations and from the sale of advertising within the programs are the
principal sources of revenue for this business. Multimedia
Entertainment is headquartered in New York City and at the end of
1995, employed approximately 244 full-time and part-time employees.
 Properties: Multimedia Entertainment owns its production equipment,
and leases studio and administrative facilities in New York
City and Los Angeles. The Company believes its equipment and
facilities are adequate for present purposes.
 Competition: There has been a significant increase in competition in
the talk show business. The growth in the number of shows in the
marketplace has increased competition for revenues, advertising
spending, station clearances, guests and production talent. The
Company expects the competitive pressures in the entertainment
programming business to continue, which is likely to adversely affect
prospects for revenue and earnings growth.

Corporate facilities
The Company leases office space for its headquarters in Arlington,
Va., and also owns data processing facilities in
nearby Maryland. The capital expenditure program for 1993, 1994 and
1995 included amounts for leasehold improvements, land, building,
furniture, equipment and fixtures for headquarters operations.
Headquarters facilities are adequate for present operations.
In March 1994, the Company signed an agreement to purchase
30 acres of land in Fairfax County, Va., for possible use as a future
site for corporate headquarters and perhaps other operations. This
transaction has not yet been completed.

Employee relations
On December 31, 1995, the Company and its subsidiaries had 39,100
full-time and part-time employees. On the basis of hours
worked, the Company employed the equivalent of 35,300
full-time employees. Six of the Company's newspapers are published
together with non-Company newspapers pursuant to joint operating
agreements, and the employment numbers above include the Company's
pro-rata share of employees at those operations.
 Approximately 20% of those employed by the Company and its
subsidiaries are represented by labor unions. They are
represented by 162 local bargaining units affiliated with 18
international unions under collective bargaining agreements.
These agreements conform generally with the pattern of labor
agreements in the newspaper, broadcasting and outdoor
advertising industries. The Company does not engage in industrywide or
companywide bargaining. The Company strives to maintain good
relationships with its employees.
 On July 13, 1995, approximately 2,500 workers from six unions began
a strike against the Company's largest local newspaper, The
Detroit News, the Detroit Newspaper Agency and the
Detroit Free Press, its agency partner. The strike was precipitated by
unrealistic and excessive demands by the unions for wage increases and
position levels. The strike continues.
 Throughout the strike and despite union efforts at stopping
delivery, intimidation and frequent violence, the newspapers have
published every day. Managers from The News, the Free Press and the
agency, working with employees from other Gannett and Knight-Ridder
newspapers, have maintained successful operations. More than 400
employees have returned to work and approximately 1,400 replacement
workers have been employed to fill all other necessary positions.
 The Company provides competitive group life and medical insurance
programs for full-time employees at each location. The Company pays a
substantial portion of these costs and employees contribute the
balance. Virtually all of the Company's units provide retirement or
profit-sharing plans which cover eligible full-time employees.
 In 1990, the Company established a 401(k) Savings Plan which is
available to most of its employees.


<PAGE>
                                               -60-



Acquisitions and dispositions 1991-1995
The growth of the Company has resulted from acquisitions of
businesses, as well as from internal expansion. Its significant
acquisitions since the beginning of 1991 are shown below. The Company
has disposed of several businesses during this period, which also are
presented.






<TABLE>
Acquisitions    1991-1995
<CAPTION>
Year acquired   Name                                Location                        Publication times or business
- --------------- ----------------------------------- ------------------------------- ------------------------------------
<S>             <C>                                 <C>                             <C>
1991            The Add Sheet                       Columbia, Mo.                   Weekly advertising shopper
                New Jersey Publishing Co.           Paramus, N.J.                   Yellow-page directories
                The Times Journal Co.               Springfield, Va.                Daily newspapers, commercial
                                                                                    printing and telephone data service
                Gulf Breeze Publishing              Gulf Breeze, Fla.               Weekly

1992            Graphic Publications, Inc.          Richmond, Ind.                  Weekly

1993            Honolulu Advertiser                 Honolulu, Hawaii                Daily
                Tulare Advance-Register             Tulare, Calif.                  Daily

1994            Nursing Spectrum                    Various                         Biweekly periodicals
                Altoona Herald-Mitchellville Index  Altoona, Iowa                   Weekly; Weekly advertising shopper
                 and the Eastern ADvantage
                KTHV-TV                             Little Rock, Ark.               Television station

1995            Multimedia, Inc.                    Greenville, S.C.                Ten daily newspapers, various non-dailies
                                                                                    five television stations, two radio stations,
                                                                                    cable television franchises in five states,
                                                                                    alarm security business, television
                                                                                    entertainment programming
</TABLE>



<TABLE>
Dispositions    1991-1995
<CAPTION>
Year sold       Name                                Location                        Publication times or business
- --------------- ----------------------------------- ------------------------------- ------------------------------------
<S>             <C>                                 <C>                             <C>
1991            Arkansas Gazette Company            Little Rock, Ark.               Daily and Sunday
                Journal Newspapers                  Springfield, Va.                Daily

1992            Phoenix Outdoor                     Phoenix, Ariz.                  Outdoor advertising

1993            Honolulu Star-Bulletin              Honolulu, Hawaii                Daily
                KCMO/KCMO-FM                        Kansas City, Mo.                Radio stations
                KUSA/KSD-FM                         St. Louis, Mo.                  Radio stations
                WLVI-TV                             Boston, Mass.                   Television station

1994            The Stockton Record                 Stockton, Calif.                Daily and Sunday

1995            The Add Sheet                       Columbia, Mo.                   Weekly advertising shopper

</TABLE>



<PAGE>
                                       -61-


<TABLE>
QUARTERLY STATEMENTS OF INCOME
In thousands of dollars
<CAPTION>
Fiscal year ended December 31, 1995           1st Quarter     2nd Quarter     3rd Quarter    4th Quarter       Total
                                            --------------- --------------- --------------- -------------- --------------
<S>                                         <C>             <C>             <C>             <C>            <C>
Net operating revenues:
Newspaper advertising                             $516,742        $567,134        $508,821       $626,553     $2,219,250
Newspaper circulation                              211,964         214,045         209,445        233,719        869,173
Broadcasting                                        96,983         120,880         104,787        143,537        466,187
Cable                                              -               -               -               15,061         15,061
All other                                           88,131         111,862         109,208        127,864        437,065
                                            --------------- --------------- --------------- -------------- --------------
Total                                              913,820       1,013,921         932,261      1,146,734      4,006,736
                                            --------------- --------------- --------------- -------------- --------------
Operating expenses:
Cost of sales and operating
 expenses, exclusive of depreciation               534,222         542,372         546,196        629,750      2,252,540
Selling, general and administrative
 expenses, exclusive of depreciation               171,777         174,806         166,953        178,822        692,358
Depreciation                                        39,259          38,983          38,336         43,079        159,657
Amortization of intangible assets                   11,395          11,361          11,362         16,180         50,298
                                            --------------- --------------- --------------- -------------- --------------
Total                                              756,653         767,522         762,847        867,831      3,154,853
                                            --------------- --------------- --------------- -------------- --------------
Operating Income                                   157,167         246,399         169,414        278,903        851,883
Non-operating income (expense):
Interest expense                                   (11,732)        (10,878)         (9,113)       (20,452)       (52,175)
Other                                                 (529)         (1,198)          1,100          4,381          3,754
                                            --------------- --------------- --------------- -------------- --------------
Total                                              (12,261)        (12,076)         (8,013)       (16,071)       (48,421)
                                            --------------- --------------- --------------- -------------- --------------
Income before income taxes                         144,906         234,323         161,401        262,832        803,462
Provision for income taxes                          58,700          94,900          65,300        107,300        326,200
                                            --------------- --------------- --------------- -------------- --------------
Net income                                         $86,206        $139,423         $96,101       $155,532       $477,262
                                            =============== =============== =============== ============== ==============
Net income per share (1)                             $0.62           $1.00           $0.69          $1.11          $3.41
                                            =============== =============== =============== ============== ==============


(1) As a result of rounding, the total of the four quarters' earnings per share does not equal the earnings per share
    for the year.
</TABLE>



<TABLE>
QUARTERLY STATEMENTS OF INCOME
In thousands of dollars
<CAPTION>
Fiscal year ended December 25, 1994           1st Quarter     2nd Quarter     3rd Quarter    4th Quarter       Total
                                            --------------- --------------- --------------- -------------- --------------
<S>                                         <C>             <C>             <C>             <C>            <C>
Net operating revenues:
Newspaper advertising                             $492,244        $540,150        $521,938       $598,339     $2,152,671
Newspaper circulation                              212,140         212,945         210,724        213,652        849,461
Broadcasting                                        84,007         107,493          95,189        119,919        406,608
Cable                                              -               -               -              -                    0
All other                                           88,234         106,293         104,576        116,680        415,783
                                            --------------- --------------- --------------- -------------- --------------
Total                                              876,625         966,881         932,427      1,048,590      3,824,523
                                            --------------- --------------- --------------- -------------- --------------
Operating expenses:
Cost of sales and operating
 expenses, exclusive of depreciation               516,424         516,083         524,016        550,287      2,106,810
Selling, general and administrative
 expenses, exclusive of depreciation               165,945         168,458         167,447        194,289        696,139
Depreciation                                        40,490          40,511          42,203         40,038        163,242
Amortization of intangible assets                   11,310          11,145          11,506         11,593         45,554
                                            --------------- --------------- --------------- -------------- --------------
Total                                              734,169         736,197         745,172        796,207      3,011,745
                                            --------------- --------------- --------------- -------------- --------------
Operating Income                                   142,456         230,684         187,255        252,383        812,778
Non-operating income (expense):
Interest expense                                   (11,168)        (10,729)        (10,307)       (13,420)       (45,624)
Other                                                1,023           1,418            (217)        12,721         14,945
                                            --------------- --------------- --------------- -------------- --------------
Total                                              (10,145)         (9,311)        (10,524)          (699)       (30,679)
                                            --------------- --------------- --------------- -------------- --------------
Income before income taxes                         132,311         221,373         176,731        251,684        782,099
Provision for income taxes                          53,600          89,600          71,200        102,300        316,700
                                            --------------- --------------- --------------- -------------- --------------
Net income                                         $78,711        $131,773        $105,531       $149,384       $465,399
                                            =============== =============== =============== ============== ==============
Net income per share (1)                             $0.54           $0.90           $0.74          $1.07          $3.23
                                            =============== =============== =============== ============== ==============

(1) As a result of rounding, the total of the four quarters' earnings per share does not equal the earnings per share
    for the year.

</TABLE>


<PAGE>
                                       -62-


<TABLE>
SCHEDULES TO FORM 10-K INFORMATION
In thousands of dollars
Property, plant & equipment
<CAPTION>
                                   Balance at
                                   beginning        Additions              Retirements      Other         Balance at end
Classification                     of period         at cost                 or sales      Changes          of period
- -------------------------------- -------------- ------------------------- -------------- ---------------- --------------
<S>                              <C>            <C>                       <C>            <C>              <C>
Dec. 26, 1993
Land                                  $101,313            $31,647                $1,284           $0           $131,676
Buildings & improvements               661,337             34,823                 6,778         (279)           689,103
Advertising display structures         262,145              5,454                 3,696       (1,758)           262,145
Machinery, equipment & fixtures      1,618,776            118,924                65,651        1,188          1,673,237
Construction in progress and
 deposits on contracts                  49,771             (9,193)                  485       (1,644)            38,449
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $2,693,342           $181,655  (A)(E)       $77,894      ($2,493) (D)    $2,794,610
                                 ============== ========================= ============== ================ ==============

Dec. 25, 1994
Land                                  $131,676               $878                  $687      ($1,701)          $130,166
Buildings & improvements               689,103              9,216                 7,356         (374)           690,589
Advertising display structures         262,145              3,031                 3,067       (2,577)           259,532
Machinery, equipment & fixtures      1,673,237            100,145               105,368        1,178          1,669,192
Construction in progress and
 deposits on contracts                  38,449             37,998                11,457          (13)            64,977
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $2,794,610           $151,268  (B)(E)      $127,935      ($3,487) (D)    $2,814,456
                                 ============== ========================= ============== ================ ==============

Dec. 31, 1995
Land                                  $130,166            $11,328                $2,943          $50           $138,601
Buildings & improvements               690,589             56,301                 7,501          121            739,510
Cable and security systems and
 advertising display structures        259,532            407,832                 2,979        1,086            665,471
Machinery, equipment & fixtures      1,669,192            272,112                46,828          417          1,894,893
Construction in progress and
 deposits on contracts                  64,977             56,211                     0            3            121,191
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $2,814,456           $803,784  (C)(E)       $60,251       $1,677  (D)    $3,559,666
                                 ============== ========================= ============== ================ ==============



Notes
(A) Includes assets at acquisition net of adjustments for prior years' acquisitions          $49,533
(B) Includes assets at acquisition net of adjustments for prior years' acquisitions           $6,414
(C) Includes assets at acquisition net of adjustments for prior years' acquisitions         $620,248
(D) Net effect of current foreign currency translation adjustment.
(E) Includes capitalized interest of $268 in 1993, $563 in 1994 and $2,529 in 1995.
(F) Generally the rates of depreciation range from 2.5% to 10% for buildings and improvements,
    3.3% to 20% for cable and security systems and advertising display structures
    and 4% to 30% for machinery, equipment and fixtures.
</TABLE>


<PAGE>
                                       -63-



<TABLE>
SCHEDULES TO FORM 10-K INFORMATION


In thousands of dollars
Accumulated depreciation and
amortization of property,
plant and equipment
<CAPTION>

                                   Balance at   Additions charged
                                   beginning         to costs              Retirements      Other         Balance at end
Classification                     of period       and expenses              or sales      Changes          of period
- -------------------------------- -------------- ------------------------- -------------- ---------------- --------------
<S>                              <C>            <C>                       <C>            <C>              <C>
Dec. 26, 1993
Buildings & improvements              $227,520            $26,617                $3,310          $24           $250,851
Advertising display structures         130,473             13,039                 3,067         (920)           139,525
Machinery, equipment & fixtures        860,058            124,764                58,474         (383)           925,965
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $1,218,051           $164,420   (F)         $64,851      ($1,279) (D)    $1,316,341
                                 ============== ========================= ============== ================ ==============

Dec. 25, 1994
Buildings & improvements              $250,851            $26,643                $5,431        ($534)          $271,529
Advertising display structures         139,525             13,150                 2,273       (1,422)           148,980
Machinery, equipment & fixtures        925,965            123,449                83,748          137            965,803
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $1,316,341           $163,242   (F)         $91,452      ($1,819) (D)    $1,386,312
                                 ============== ========================= ============== ================ ==============

Dec. 31, 1995
Buildings & improvements              $271,529            $25,818                $2,422         $308           $295,233
Cable and security systems and
 advertising display structures        148,980             14,488                 2,046          524            161,946
Machinery, equipment & fixtures        965,803            119,351                53,420           66          1,031,800
                                 -------------- ------------------------- -------------- ---------------- --------------
                                    $1,386,312           $159,657   (F)         $57,888         $898  (D)    $1,488,979
                                 ============== ========================= ============== ================ ==============

(D)(F) See page 62

</TABLE>




<TABLE>
Valuation and qualifying accounts
Allowance for doubtful receivables
<CAPTION>
                                Balance at    Additions charged    Additions
                                 beginning         to costs       recorded upon     Deductions    Balance at end
                                 of period       and expenses     acquisitions    from reserves     of period
                               -------------- ------------------ --------------- ---------------- --------------
<S>                            <C>            <C>                <C>             <C>              <C>
Year ended Dec. 26, 1993             $12,241            $20,505            $473          $19,304        $13,915
Year ended Dec. 25, 1994             $13,915            $20,139             $33          $18,241        $15,846
Year ended Dec. 31, 1995             $15,846            $19,101          $6,394          $19,159        $22,182

</TABLE>



<TABLE>
Supplementary income statement information
<CAPTION>
Fiscal year ended                               Dec. 31, 1995     Dec. 25, 1994   Dec. 26, 1993
                                              ------------------ --------------- ----------------
<S>                                           <C>                <C>             <C>
Maintenance and repairs                                 $50,880         $55,131          $45,004
Taxes other than payroll and income tax:
 Property                                               $19,151         $20,522          $20,855
 Other                                                   11,167          10,747            9,157
                                              ------------------ --------------- ----------------
                                                        $30,318         $31,269          $30,012
                                              ------------------ --------------- ----------------
</TABLE>


<PAGE>
                                       -64, 65, 66-


<TABLE>
MARKETS WE SERVE
<CAPTION>
Daily newspapers
    State                                                            Circulation Circulation  Circulation         Joined
  Territory            City                     Newspaper              Morning    Afternoon     Sunday    Founded Gannett   *
- -------------- --------------------- ------------------------------- ----------- ------------ ----------- ------- -------------
<S>            <C>                   <C>                             <C>         <C>          <C>         <C>     <C>
Alabama        Montgomery            The Montgomery Advertiser           61,408                   74,938  1829    1995     (83)
Arizona        Tucson                Tucson Citizen                                   47,194              1870    1976     (46)
Arkansas       Mountain Home         The Baxter Bulletin                  9,777                           1901    1995     (84)
California     Marin County          Marin Independent Journal                        42,160      43,600  1861    1980     (66)
               Palm Springs          The Desert Sun                      48,144                   50,402  1927    1986     (77)
               Salinas               The Californian                     21,759                           1871    1977     (52)
               San Bernardino        The San Bernardino County Sun       81,934                   95,178  1894    1969     (23)
               Tulare                Tulare Advance-Register                           8,666              1882    1993     (82)
               Visalia               Visalia Times-Delta                 22,313                           1859    1977     (53)
Colorado       Fort Collins          Fort Collins Coloradoan             27,845                   34,636  1873    1977     (54)
Connecticut    Norwich               Norwich Bulletin                    32,248                   37,935  1791    1981     (69)
Delaware       Wilmington            The News Journal                   126,004                  150,245  1871    1978     (60)
Florida        Brevard County        FLORIDA TODAY                       84,372                  112,438  1966    1966     (21)
               Fort Myers            News-Press                          95,172                  104,962  1884    1971     (37)
               Pensacola             Pensacola News Journal              62,036                   83,486  1889    1969     (24)
Georgia        Gainesville           The Times                                        23,063      27,330  1947    1981     (68)
               Moultrie              The Observer                         7,483                           1894    1995     (85)
Guam           Agana                 Pacific Daily News                  25,231                   22,981  1944    1971     (36)
Hawaii         Honolulu              Honolulu Advertiser                107,083                  194,997  1856    1993     (81)
Idaho          Boise                 The Idaho Statesman                 66,730                   88,542  1864    1971     (29)
Illinois       Danville              Commercial-News                                  20,215      22,685  1866    1934      (7)
               Rockford              Rockford Register Star              75,635                   88,144  1855    1967     (22)
Indiana        Lafayette             Journal and Courier                 37,681                   45,067  1829    1971     (30)
               Marion                Chronicle-Tribune                   20,547                   24,047  1867    1971     (33)
               Richmond              Palladium-Item                                   19,427      24,314  1831    1976     (45)
Iowa           Des Moines            The Des Moines Register            178,330                  302,770  1849    1985     (73)
               Iowa City             Iowa City Press-Citizen                          16,062              1860    1977     (56)
Kentucky       Louisville            The Courier-Journal                238,515                  326,578  1868    1986     (79)
Louisiana      Monroe                The News-Star                       39,009                   45,603  1890    1977     (59)
               Shreveport            The Times                           79,900                   99,795  1871    1977     (58)
Michigan       Battle Creek          Battle Creek Enquirer                            27,821      36,716  1900    1971     (31)
               Detroit               The Detroit News                                312,093              1873    1986     (76)
                                     The Detroit News and Free Press                           1,015,146
               Lansing               Lansing State Journal               71,777                   94,708  1855    1971     (28)
               Port Huron            Times Herald                                     31,411      41,192  1900    1970     (25)
Minnesota      St. Cloud             St. Cloud Times                                  28,872      37,750  1861    1977     (51)
Mississippi    Hattiesburg           Hattiesburg American                             26,161      29,735  1897    1982     (71)
               Jackson               The Clarion-Ledger                 110,355                  128,552  1837    1982     (70)
Missouri       Springfield           Springfield News-Leader             64,217                  103,064  1893    1977     (50)
Montana        Great Falls           Great Falls Tribune                 34,145                   40,599  1885    1990     (80)
Nevada         Reno                  Reno Gazette-Journal                68,279                   85,598  1870    1977     (47)
New Jersey     Bridgewater           The Courier-News                    50,100                   52,718  1884    1927      (5)
               Cherry Hill           Courier-Post                        89,412                   98,742  1875    1959     (11)
               Vineland              The Daily Journal                                18,149              1864    1986     (78)
New York       Binghamton            Press & Sun-Bulletin                68,355                   88,482  1904    1943      (9)
               Elmira                Star-Gazette                        34,361                   47,984  1828    1906      (1)
               Ithaca                The Ithaca Journal                               19,607              1815    1912      (2)
               Niagara Falls         Niagara Gazette                     26,419                   27,756  1854    1954     (10)
               Poughkeepsie          Poughkeepsie Journal                42,757                   59,439  1785    1977     (49)
               Rochester             Democrat and Chronicle             142,894                  252,219  1833    1928      (6)
                                     Times-Union                                      53,602              1918    1918      (3)
               Saratoga Springs      The Saratogian                      12,613                   14,436  1855    1934      (8)
               Utica                 Observer-Dispatch                   50,478                   65,197  1817    1922      (4)
               Gannett Suburban Newspapers:
                Mamaroneck           The Daily Times                                   5,259       5,439  1879    1964     (18)
                Mount Vernon         The Daily Argus                      6,514                    8,285  1892    1964     (17)
                New Rochelle         The Standard-Star                   10,332                   11,234  1908    1964     (15)
                Ossining             The Citizen-Register                              5,923       7,226  1847    1964     (19)
                Peekskill            The Star                                          6,289       8,598  1922    1985     (75)
                Port Chester         The Daily Item                                    8,742       9,698  1885    1964     (16)
                Tarrytown            The Daily News                                    3,304       4,036  1897    1964     (20)
                West Nyack-Rockland  Rockland Journal-News               41,001                   51,237  1850    1964     (13)
                White Plains         The Reporter Dispatch                            46,392      57,642  1829    1964     (12)
                Yonkers              The Herald Statesman                22,386                   29,411  1852    1964     (14)
North Carolina Asheville             Asheville Citizen-Times             65,804                   76,472  1870    1995     (86)
Ohio           Chillicothe           Chillicothe Gazette                              16,971              1800    1977     (57)
               Cincinnati            The Cincinnati Enquirer            204,924                  353,132  1841    1979     (62)
               Fremont               The News-Messenger                               13,926              1856    1975     (41)
               Gallipolis            Gallipolis Daily Tribune                          5,735      11,323  1893    1995     (87)
               Marietta              The Marietta Times                               13,080              1864    1974     (40)
               Pomeroy               The Daily Sentinel                                5,002              1941    1995     (88)
               Port Clinton          News Herald                                       6,016              1864    1975     (42)
Oklahoma       Muskogee              Muskogee Daily Phoenix
                                      and Times-Democrat                 19,273                   20,568  1888    1977     (55)
Oregon         Salem                 Statesman Journal                   61,931                   70,725  1851    1974     (39)
Pennsylvania   Chambersburg          Public Opinion                                   21,832              1869    1971     (27)
               Lansdale              The Reporter                                     19,456              1870    1980     (67)
               North Hills           North Hills News Record                          21,246      20,342  1962    1976     (44)
               Tarentum              Valley News Dispatch                             34,361      33,777  1891    1976     (43)
South Carolina Greenville            The Greenville News                 99,637                  141,344  1874    1995     (89)
South Dakota   Sioux Falls           Argus Leader                        51,346                   73,363  1881    1977     (48)
Tennessee      Clarksville           The Leaf-Chronicle                  21,180                   23,859  1808    1995     (90)
               Jackson               The Jackson Sun                     40,210                   45,039  1848    1985     (74)
               Nashville             The Tennessean                     148,856                  283,887  1812    1979     (63)
Texas          El Paso               El Paso Times                       67,087                   99,828  1879    1972     (38)
Vermont        Burlington            The Burlington Free Press           53,528                   67,901  1827    1971     (26)
Virgin Islands St. Thomas            The Virgin Islands Daily News       16,157                           1930    1978     (61)
Virginia       Arlington             USA TODAY                        2,072,973                           1982    1982     (72)
               Staunton              The Daily News-Leader               18,764                   22,983  1904    1995     (91)
Washington     Bellingham            The Bellingham Herald                            26,804      34,326  1890    1971     (34)
               Olympia               The Olympian                        37,261                   46,791  1889    1971     (32)
West Virginia  Huntington            The Herald-Dispatch                 39,311                   47,208  1909    1971     (35)
               Point Pleasant        Point Pleasant Register                           5,528              1862    1995     (92)
Wisconsin      Green Bay             Green Bay Press-Gazette                          59,089      87,704  1915    1980     (64)
               Wausau                Wausau Daily Herald                              25,337      32,082  1903    1980     (65)


* Number in parentheses notes chronological order in which existing newspapers joined Gannett.

<PAGE>
                                       -67, 68 -


</TABLE>


<TABLE>
MARKETS WE SERVE
<CAPTION>
               Operation                                             Location and other information
- ---------------------------------------- -------------------------------------------------------------------------------------------
<S>                                      <C>
Non-daily publications                   Weekly, semi-weekly or monthly publications in Alabama,Arizona, Arkansas,
                                         California, Delaware, District of Columbia, Florida, Georgia,Guam, Illinois, Indiana,
                                         Iowa, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri,Nevada,
                                         New Jersey, New York, North Carolina,Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina
                                         Tennessee, Texas, Vermont,  Virginia, Washington, West Virginia, Wisconsin

USA TODAY                                Headquarters: Arlington, Va.
Print sites                              Arlington, Texas; Atlanta; Batavia, N.Y.; Brevard County, Fla.;
                                         Chandler, Ariz.; Chicago; Columbia, S.C.; Fort Collins, Colo.;
                                         Fort Myers, Fla.; Gainesville, Ga.; Greensboro, N.C.; Hattiesburg,
                                         Miss.; Kankakee, Ill.; Lawrence, Kan.; Mansfield, Ohio; Marin
                                         County, Calif.; Miramar, Fla.; Nashville, Tenn.;Newark, Ohio; Norwood, Mass.;
                                         Olympia, Wash.; Pasadena, Texas; Port Huron, Mich.; Richmond, Ind.;
                                         Rockaway, N.J.; St. Cloud, Minn.; St. Louis; Salt Lake City; San Bernardino, Calif.;
                                         Springfield, Va.; Tarentum, Pa.; White Plains, N.Y.; Wilmington, Del.
International print sites                Frankfurt, Germany; Hong Kong; London, England; Lucerne, Switzerland
Regional offices                         Atlanta; Boston; Buffalo, N.Y.; Charlotte, N.C.; Chicago; Cincinnati;
                                         Cleveland; Columbus, Ohio; Dallas; Denver; Detroit; Houston; Indianapolis;
                                         Kansas City, Mo.; Los Angeles; Milwaukee; Minneapolis-St. Paul; Miramar, Fla.;
                                         Mountainside, N.J.; Nashville, Tenn.; New Orleans; Orlando, Fla.; Philadelphia;
                                         Phoenix, Ariz.; Pittsburgh; Port Washington, N.Y.; St. Louis; San Francisco; Seattle;
                                         Springfield, Va.
International offices                    Hong Kong; London, England; Singapore
Advertising offices                      Arlington, Va.; Atlanta;  Chicago; Dallas; Detroit; Hong Kong;
                                         London, England; Los Angeles; New York, N.Y.; San Francisco

USA TODAY Baseball Weekly                Circulation 240,000
Editorial and advertising offices        Arlington, Va.

USA TODAY Information Network            Arlington, Va.

USA WEEKEND                              Circulation 19.2 million in 452 newspapers
Advertising offices                      Chicago; Detroit; Los Angeles; New York, N.Y.
Editorial and production offices         Arlington, Va.

Gannett Direct Marketing Services, Inc.  Louisville, Ky.

Gannett Media Technologies International Cincinnati, Ohio

Gannett National Newspaper Sales         Headquarters:  New York, N.Y.
Regional offices                         Chicago; Detroit; Los Angeles

Gannett New Media                        Arlington, Va.
Functions                                New business opportunity review and product development

Gannett Digital Xpress                   Arlington, Va.
Functions                                Editorial, broadcast and recording services; Fax on Demand; personalized audio,
                                          fax text information
Products                                 Gannett Digital Xpress; PI - Personalized Information

Gannett News Service                     Headquarters:  Arlington, Va.
Bureaus                                  Albany, N.Y.; Baton Rouge, La.; Columbus, Ohio; Harrisburg, Pa.;
                                         Indianapolis, Ind.; Olympia, Wash.; Sacramento, Calif.; Springfield, Ill.;
                                         Tallahassee, Fla.

Gannett Offset                           Headquarters:  Springfield, Va.
Offset sites                             Atlanta; Chandler, Ariz.; Miramar, Fla.; Nashville, Tenn.;
                                         Norwood, Mass.; Olivette, Mo.; Springfield, Va.

Gannett Outdoor Group                    Headquarters:  New York, N.Y.
Outdoor and Transit operations           Berkeley, Calif.; Chicago; Denver; Detroit; Fairfield, N.J.;
                                         Flint, Mich.; Grand Rapids, Mich.; Houston; New Haven, Conn.;
                                         Kansas City, Mo.; Lakewood, N.J.; Los Angeles; New York, N.Y.;
                                         Philadelphia; Rochester, N.Y.; St. Louis; Sacramento, Calif.;
                                         San Diego; San Francisco

Outdoor Network, USA                     Headquarters:  New York, N.Y.
Sales offices                            Chicago; Detroit; Los Angeles; New York, N.Y.; San Francisco

Mediacom, Inc.                           Headquarters:  Toronto, Ontario
Mediacom operations                      Mississauga, Montreal, Quebec City, Toronto, Winnipeg
                                         and other Canadian markets

Gannett Satellite Information Network    Arlington, Va.

Gannett TeleMarketing, Inc.              Headquarters:  Springfield, Va.
Operations                               Cincinnati; Nashville, Tenn.; Silver Spring, Md.

GANNETTWORK                              Headquarters:  New York, N.Y.
Sales offices                            Chicago; New York, N.Y.

Multimedia Cablevision Co.               Headquarters:  Wichita, Kan.
Regional offices                         Edmond, Okla.; Oak Lawn, Ill.; Rocky Mount, N.C.;
                                         Wichita, Kan.

Multimedia Entertainment Co.             Headquarters:  New York, N.Y.
Products                                 Syndicated TV programming and NewsTalk Television

Multimedia Security Service              Headquarters:  Wichita, Kan.
Offices                                  Anaheim, Calif.; Chicago; Concord, Calif.; Dallas;
                                         Houston; Miami; Oklahoma City, Okla.; Phoenix, Ariz.;
                                         St. Louis; Tulsa, Okla.; Wichita, Kan.

Telematch                                Springfield, Va.

</TABLE>




<TABLE>
MARKETS WE SERVE
<CAPTION>
                                                                          **
                                       Television                       Weekly              Joined
     State               City            Station     Channel/Network   Audience   Founded  Gannett   *
- ---------------- --------------------- ------------ ----------------- ----------- -------- -------------
<S>              <C>                   <C>          <C>               <C>         <C>      <C>
Arizona          Phoenix               KPNX-TV      Channel 12/NBC     1,021,000  1953     1979      (3)
Arkansas         Little Rock           KTHV-TV      Channel 11/CBS       425,000  1955     1994     (10)
Colorado         Denver                KUSA-TV      Channel 9/NBC      1,311,000  1952     1979      (2)
District of
 Columbia        Washington            WUSA-TV      Channel 9/CBS      1,961,000  1949     1986      (6)
Florida          Jacksonville          WTLV-TV      Channel 12/NBC       425,000  1957     1988      (8)
Georgia          Atlanta               WXIA-TV      Channel 11/NBC     1,595,000  1948     1979      (1)
                 Macon                 WMAZ-TV      Channel 13/CBS       208,000  1953     1995     (11)
Minnesota        Minneapolis-St. Paul  KARE-TV      Channel 11/NBC     1,293,000  1953     1983      (5)
Missouri         St. Louis             KSDK-TV      Channel 5/NBC      1,095,000  1947     1995     (12)
North Carolina   Greensboro            WFMY-TV      Channel 2/CBS        569,000  1949     1988      (9)
Ohio             Cincinnati            WLWT-TV      Channel 5/NBC        752,000  1948     1995     (13)
                 Cleveland             WKYC-TV      Channel 3/NBC      1,402,000  1948     1995     (14)
Oklahoma         Oklahoma City         KOCO-TV      Channel 5/ABC        552,000  1956     1979      (4)
Tennessee        Knoxville             WBIR-TV      Channel 10/NBC       466,000  1956     1995     (15)
Texas            Austin                KVUE-TV      Channel 24/ABC       371,000  1971     1986      (7)


                                                                          **
                                          Radio                         Weekly              Joined
     State               City            Station         Channel       Audience   Founded  Gannett   *
- ---------------- --------------------- ------------ ----------------- ----------- -------- -------------
California       Los Angeles           KIIS         1150 Khz              42,900  1927     1979      (3)
                                       KIIS-FM      102.7 Mhz          1,618,600  1961     1979      (1)
                 San Diego             KSDO         1130 Khz             212,600  1947     1979      (5)
                                       KKBH-FM      102.9 Mhz            152,400  1963     1979      (4)
Florida          Tampa-St. Petersburg  WDAE         1250 Khz               3,000  1922     1984      (8)
                                       WUSA-FM      100.7 Mhz            234,300  1951     1980      (7)
Georgia          Macon                 WMAZ         940 Khz               44,100  1922     1995     (12)
                                       WAYS-FM      99.1 Mhz              82,200  1947     1995     (13)
Illinois         Chicago               WGCI         1390 Khz             265,000  1923     1979      (6)
                                       WGCI-FM      107.5 Mhz            894,700  1959     1979      (2)
Texas            Dallas                KHKS-FM      106.1 Mhz            665,000  1950     1986     (11)
                 Houston               KKBQ         790 Khz           (See Note 1)1944     1984     (10)
                                       KKBQ-FM      92.9 Mhz             464,700  1962     1984      (9)


*   Number in parentheses notes chronological order in which existing stations joined Gannett.
**  Weekly audience for television stations is number of TV households reached, according
    to the November 1995 Nielsen book.
    Weekly audience for radio stations is number of different listeners age 12 and up
    reached, according to the Fall 1995 Arbitron book.
(1) KKBQ-AM reported in combination with KKBQ-FM.


</TABLE>




<PAGE>
                                       -Back Inside Cover-

This annual report was written and produced by employees of
Gannett.

Senior Vice President/Public Affairs and Government Relations Mimi
Feller

Vice President/Investor Relations Susan Watson

Vice President/ Corporate Accounting Services  George Gavagan

Director/Consolidation Accounting Julie Valpey

Manager/Publications  Ashley Weissenburger

Art Director  Michael Abernethy

Corporate Writers  Laura Dalton, Mary Hardie

Printing  Monroe Litho, Rochester, N.Y.

Printed on Recycled Paper. The cover and pages 1-20 of this annual report are
printed on Gleneagle Osprey (GEO), an acid-free paper with a minimum of 50%
recycled fiber, including 10% deinked post-consumer waste. Its virgin
pulp content is produced without chlorine bleaching. No optical
brightening agents (fluorescent dyes) have been used.
Pages 21-68 are printed on Rockland Opaque, which is an acid-free
paper with a minimum of 20% post-consumer waste.

Photo Credits
Dave Leonard, Gannett (pp.3,9,10, 11,16-19); L.E. Baskow, Rockford
Register Star (p.6); Steve Rockstein, The Virgin Islands Daily News
(p.7);
Malcolm Denemark, FLORIDA TODAY (p.8); Anne Ryan, USA TODAY (p.12);
Per Matthews, Mediacom (p.14); Davis Barber (p.14); Paul Goldberg,
Gannett (p.15); Paul Whyte, USA TODAY (pp.18-20); Fred Rollison, The
Greenville News (p.20).


GANNETT ON THE NET

News and information about Gannett is available on the Internet's
World Wide Web at http://www.gannett.com or gcishare@info.gannett.com
via electronic mail. The following Gannett properties also offer
online services or informational sites on the Web:

USA TODAY  http://www.usatoday.com

FLORIDA TODAY, Brevard County http://www.flatoday.com/space

The Detroit News  http://www.detnews.com

Journal and Courier, Lafayette, Ind. http://www.mdn.com/jconline

The Tennessean, Nashville http://www.tennessean.com/schools

North Hills (Pa.) News Record http://www.nauticom.net/users/nhnr

Reno Gazette-Journal http://www.nevadanet.com

Democrat and Chronicle/Times-Union, Rochester, N.Y.
http://www.rochesterdandc.com

Gannett Suburban Newspapers,  Westchester County, N.Y.
http://www.nynews.com/nynews

Gannett Outdoor Group http://www.gannettoutdoor.com

Gannett Media Technologies International http://www.gmti.com

KIIS/KIIS-FM, Los Angeles http://www.gointeract.com/radio/kiis

KSDO-AM, San Diego,  Roger Hedgecock Show
http://www.rogerhedgecock.com

WUSA-FM, Tampa-St. Petersburg, Fla. http://www.321.com/101/index.html

KOCO-TV, Oklahoma City http://www.ionet.net/koco

KUSA-TV, Denver http://www.aaco.com/9news

WLWT-TV, Cincinnati http://www.wlwt.com

WXIA-TV, Atlanta http://www.atlanta.olympic.org (click on "Welcome")

WUSA-TV, Washington, D.C. http://www.wusatv.com

USA WEEKEND is available via America Online; Gannett Suburban
Newspapers and FLORIDA TODAY are on CompuServe.



Gannett Shareholder Services

Gannett Stock
Gannett Co., Inc. shares are traded on the New York Stock Exchange
with the symbol GCI.

The Company's transfer agent and registrar is Norwest Bank Minnesota,
N.A. General inquiries and requests for enrollment materials for the
programs described below should be directed to Norwest's Stock
Transfer Department, P.O. Box 64854, South St. Paul, MN 55164-0854 or by
telephone at 1-800-778-3299.

Gannett is pleased to offer the following shareholder services:

Dividend Reinvestment Plan
The Dividend Reinvestment Plan (DRP) provides Gannett shareholders
the opportunity to purchase additional shares of the Company's common stock
free of brokerage fees or service charges through automatic reinvestment
of dividends and optional cash payments. Cash payments may range from a
minimum of $10 to a maximum of $5,000 per month.

Automatic Cash Investment Service for the DRP
This service provides a convenient, no-cost method of having money
automatically withdrawn from your checking or savings account each
month and invested in Gannett stock through your DRP account.

Direct Deposit Service
Gannett shareholders may have their quarterly dividends electronically
credited to their checking or savings accounts on the payment date at
no additional cost.

Form 10-K
Information provided by Gannett in its Form 10-K annual report to the
Securities and Exchange Commission has been incorporated in this report.
Copies of the complete Form 10-K annual report may be obtained by writing
the Secretary, Gannett Co., Inc., 1100 Wilson Blvd., Arlington, VA  22234.


Annual Meeting
The annual meeting of shareholders will be held at 10 a.m. Tuesday, May 7, 1996
at Gannett headquarters.

For More Information
News and information about Gannett is available on the Internet's World
Wide Web (see list at left) or by calling our toll-free information line
at 1-800-356-1713. Quarterly earnings information will be available around
the middle of April, July and October 1996.

Shareholders who wish to contact the Company directly about their Gannett
stock should call Shareholder Services at Gannett headquarters, 703-284-6960.

Gannett Headquarters
1100 Wilson Boulevard
Arlington, VA  22234
703-284-6000




                         SUBSIDIARY LIST

                                              STATE OF
UNIT                                          INCORPORATION
- ----                                          -----------------

ADVANCED MEDIA SOLUTIONS                      DELAWARE


THE ADVERTISER COMPANY                        ALABAMA


ARKANSAS TELEVISION COMPANY                   ARKANSAS


BAXTER COUNTY NEWSPAPERS, INC.                ARKANSAS


BETWEEN FRIENDS, INC.                         SOUTH CAROLINA


CALIFORNIA NEWSPAPERS, INC.                   CALIFORNIA


CAPE PUBLICATIONS, INC.                       FLORIDA


CHILDREN'S EDITION, INC.                      KENTUCKY


CITIZEN PUBLISHING COMPANY                    ARIZONA


COMBINED COMMUNICATIONS CORPORATION           ARIZONA


COMBINED COMMUNICATIONS CORPORATION
  OF OKLAHOMA, INC.                           OKLAHOMA


CONSPIRACY PRODUCTIONS, INC.                  SOUTH CAROLINA


COURIER BROADWAY CORP.                        KENTUCKY


COURIER-JOURNAL AND LOUISVILLE TIMES
  COMPANY                                     KENTUCKY


DAILY NEWS PUBLISHING CO., INC.               VIRGIN ISLANDS


DAZZLE, INC.                                  SOUTH CAROLINA


DES MOINES REGISTER AND TRIBUNE CO.           IOWA


THE DESERT SUN PUBLISHING COMPANY             CALIFORNIA


THE DETROIT NEWS, INC.                        MICHIGAN


DETROIT NEWSPAPER AGENCY                      MICHIGAN


DIGICOL, INC.                                 DELAWARE


EL PASO TIMES, INC.                           DELAWARE


ELEVEN-FIFTY CORP.                            DELAWARE


FEDERATED PUBLICATIONS, INC.                  DELAWARE


FORT COLLINS NEWSPAPERS INC.                  COLORADO


GANNETT ACQUISITION SUBSIDIARY, INC.          DELAWARE


GANNETT COLORADO BROADCASTING, INC.           DELAWARE


GANNETT DIRECT MARKETING SERVICES, INC.       KENTUCKY


GANNETT FLORIDA BROADCASTING, INC.            DELAWARE


GANNETT HAWAII, INC.                          HAWAII



GANNETT INTERNATIONAL COMMUNICATIONS, INC.    DELAWARE


GANNETT LHA, INC.                             DELAWARE


GANNETT LHA INTERNATIONAL, INC.               DELAWARE



GANNETT MASSACHUSETTS SUPPLY CORP.            MASSACHUSETTS


GANNETT MINNESOTA BROADCASTING, INC.          DELAWARE


GANNETT NATIONAL NEWSPAPER SALES, INC.        DELAWARE


GANNETT ON-LINE INVESTOR, INC.                DELAWARE


GANNETT ON-LINE PARTNER, LLC                  DELAWARE


GANNETT OUTDOOR CO. OF TEXAS                  TEXAS


GANNETT PACIFIC CORPORATION                   HAWAII


GANNETT RIVER STATES PUBLISHING CORPORATION   ARKANSAS


GANNETT SATELLITE INFORMATION NETWORK, INC.   DELAWARE


GANNETT SUPPLY CORPORATION                    DELAWARE


GANNETT T/G SUBSIDIARY, INC.                  CALIFORNIA


GANNETT TELEMARKETING, INC.                   DELAWARE


GANNETT TEXAS BROADCASTING, INC.              TEXAS


GANNETT TRANSIT, INC.                         DELAWARE


GUAM PUBLICATIONS, INCORPORATED               HAWAII


HAWAII NEWSPAPER AGENCY LIMITED PARTNERSHIP   DELAWARE


KPNX BROADCASTING COMPANY                     ARIZONA



KVUE-TV, INC.                                 MICHIGAN


LEAF CHRONICLE COMPANY, INC.                  TENNESSEE


MACON RADIO CORPORATION                       DELAWARE


MCCLURE NEWSPAPERS, INC.                      DELAWARE


MEDIACOM INC.                                 CANADA


MNC DIRECT, INC.                              SOUTH CAROLINA


MOW PRODUCTIONS, INC.                         SOUTH CAROLINA


MPPI, INC.                                    SOUTH CAROLINA


MULTIMEDIA, INC.                              SOUTH CAROLINA


MULTIMEDIA CABLEVISION, INC.                  SOUTH CAROLINA


MULTIMEDIA CABLEVISION OF BATAVIA, INC.       ILLINOIS


MULTIMEDIA CABLEVISION OF CHICAGO RIDGE, INC. ILLINOIS


MULTIMEDIA CABLEVISION OF EVERGREEN
  PARK, INC.                                  ILLINOIS


MULTIMEDIA CABLEVISION OF HOMETOWN, INC.      ILLINOIS


MULTIMEDIA CABLEVISION OF ILLINOIS, INC.      ILLINOIS


MULTIMEDIA CABLEVISION OF MIDWEST CITY, INC.  OKLAHOMA


MULTIMEDIA OF CINCINNATI, INC.                OHIO


MULTIMEDIA DEVELOPMENT, INC.                  SOUTH CAROLINA


MULTIMEDIA ENTERPRISE, INC.                   SOUTH CAROLINA


MULTIMEDIA ENTERTAINMENT, INC.                SOUTH CAROLINA


MULTIMEDIA ENTERTAINMENT PRODUCTIONS, INC.    SOUTH CAROLINA


MULTIMEDIA FILMS, INC.                        SOUTH CAROLINA


MULTIMEDIA HOME VIDEO, INC.                   DELAWARE


MULTIMEDIA KSDK, INC.                         SOUTH CAROLINA


MULTIMEDIA MOTION PICTURES, INC.              SOUTH CAROLINA


MULTIMEDIA PRODUCTIONS, INC.                  OHIO


MULTIMEDIA PROGRAMS, INC.                     OHIO


MULTIMEDIA PUBLISHING OF NORTH CAROLINA,
  INC.                                        SOUTH CAROLINA


MULTIMEDIA PUBLISHING OF SOUTH CAROLINA,
  INC.                                        SOUTH CAROLINA


MULTIMEDIA RADIO, INC.                        SOUTH CAROLINA


MULTIMEDIA SECURITY SERVICE, INC.             SOUTH CAROLINA


MULTIMEDIA SERVICE, INC.                      DELAWARE


MULTIMEDIA SPECIALS, INC.                     SOUTH CAROLINA




MULTIMEDIA TALK TELEVISION, INC.              SOUTH CAROLINA


MULTIMEDIA TELECOMMUNICATIONS, INC.           SOUTH CAROLINA


MULTIMEDIA WBIR, INC.                         SOUTH CAROLINA


MULTIMEDIA WMAZ, INC.                         SOUTH CAROLINA


MUSIC CITY NEWS PUBLISHING CO., INC.          TENNESSEE


NEW YORK SUBWAYS ADVERTISING CO., INC.        ARIZONA


NEWS-PRESS PUBLISHING COMPANY                 FLORIDA


THE OHIO VALLEY PUBLISHING COMPANY            OHIO


OKLAHOMA PRESS PUBLISHING COMPANY             OKLAHOMA


PACIFIC MEDIA, INC.                           DELAWARE


PACIFIC AND SOUTHERN COMPANY, INC.            DELAWARE


PENSACOLA NEWS-JOURNAL INC.                   FLORIDA


POINT PLEASANT REGISTER COMPANY               WEST VIRGINIA


PRESS-CITIZEN COMPANY INC.                    IOWA


RED CARPET CABLE, INC.                        OKLAHOMA


RENO NEWSPAPERS, INC.                         NEVADA


ST. CLOUD NEWSPAPERS INC.                     MINNESOTA



SALEM COUNTY SAMPLER, INC.                    NEW JERSEY


SALINAS NEWSPAPERS INC.                       CALIFORNIA


SHELTER MEDIA COMMUNICATIONS, INC.            CALIFORNIA


SHINY ROCK MINING CORPORATION                 OREGON


SIOUX FALLS NEWSPAPERS INC.                   SOUTH DAKOTA


SOUTHLAND PUBLISHING COMPANY                  DELAWARE


SPEIDEL NEWSPAPERS INC.                       DELAWARE


THE STATESMAN-JOURNAL COMPANY                 OREGON


SUMNER TIMES, INC.                            TENNESSEE


THE SUN COMPANY OF SAN BERNARDINO,
  CALIFORNIA                                  CALIFORNIA


TAR RIVER COMMUNICATIONS, INC.                NORTH CAROLINA


TELEPRODUCTIONS CORPORATION                   SOUTH CAROLINA


TELEVISION 12 OF JACKSONVILLE, INC.           FLORIDA


THE TIMES HERALD COMPANY                      MICHIGAN


TNI PARTNERS                                  ARIZONA


USA DIGITAL RADIO PARTNERS, L.P.              NEW YORK


USA TODAY INTERNATIONAL CORPORATION           DELAWARE


USA WEEKEND, INC.                             DELAWARE


VISALIA NEWSPAPERS INC.                       CALIFORNIA


VISIONS, INC.                                 SOUTH CAROLINA


WFMY TELEVISION CORP.                         NORTH CAROLINA


WKYC HOLDINGS, INC.                           DELAWARE


WKYC-TV, INC.                                 DELAWARE




                                                        Exhibit 23


                CONSENT OF INDEPENDENT ACCOUNTANTS


We hereby consent to the incorporation by reference in the
Prospectuses constituting part of the Registration Statements on
Form S-3 (Nos. 33-63673, 33-58686 and 33-53159) and in the
Registration Statements on Form S-8 (Nos. 2-63038, 2-84088,
33-15319, 33-16790, 33-28413, 33-35305 and 33-50813) of Gannett
Co., Inc. of our report dated February 6, 1996 appearing on page 45
of the Annual Report to Shareholders which is incorporated in this
Annual Report on Form 10-K.  We also consent to the incorporation
by reference of our report on the Financial Statement Schedules,
which appears on page 8 of this Form 10-K.


/s/Price Waterhouse LLP
- --------------------------------
PRICE WATERHOUSE LLP


Washington, D.C.
March 29, 1996









<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information
extracted from the consolidated balance sheets and
statements of income for Gannett Co., Inc. and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             DEC-26-1994
<PERIOD-END>                               DEC-31-1995
<CASH>                                      46,962,000
<SECURITIES>                                    23,000
<RECEIVABLES>                              610,078,000
<ALLOWANCES>                                22,182,000
<INVENTORY>                                111,653,000
<CURRENT-ASSETS>                           854,084,000
<PP&E>                                   3,559,666,000
<DEPRECIATION>                           1,488,979,000
<TOTAL-ASSETS>                           6,503,800,000
<CURRENT-LIABILITIES>                      812,772,000
<BONDS>                                              0
<COMMON>                                   162,210,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                               1,983,438,000
<TOTAL-LIABILITY-AND-EQUITY>             6,503,800,000
<SALES>                                  4,006,736,000
<TOTAL-REVENUES>                         4,006,736,000
<CGS>                                    2,252,540,000
<TOTAL-COSTS>                            3,154,853,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                          52,175,000
<INCOME-PRETAX>                            803,462,000
<INCOME-TAX>                               326,200,000
<INCOME-CONTINUING>                        477,262,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               477,262,000
<EPS-PRIMARY>                                     3.41
<EPS-DILUTED>                                        0
        


</TABLE>






                                                       Exhibit 4-3



                       AMENDMENT NUMBER TWO

                                to

                          $1,500,000,000
                   REVOLVING CREDIT AGREEMENT

                   dated as of December 1, 1993
                             between
                        GANNETT CO., INC.
                               and
             BANK OF AMERICA NT&SA, CHEMICAL BANK,
                 MORGAN GUARANTY TRUST COMPANY,
NATIONSBANK N.A. (CAROLINAS), THE FIRST NATIONAL BANK OF CHICAGO,
CITIBANK, N.A., THE FUJI BANK, LIMITED, TORONTO DOMINION (TEXAS),
                             INC.,
        WACHOVIA BANK OF GEORGIA, N.A., BANK OF HAWAII,
              FIRST INTERSTATE BANK OF CALIFORNIA,
    THE BANK OF NOVA SCOTIA, THE CHASE MANHATTAN BANK, N.A.,
             DEUTSCHE BANK AG, MARINE MIDLAND BANK,
                PNC BANK, NATIONAL ASSOCIATION,
         ROYAL BANK OF CANADA, THE SANWA BANK, LIMITED,
         CRESTAR BANK, THE NORTHERN TRUST COMPANY, and
              THE FIRST NATIONAL BANK OF MARYLAND,


                           as amended


<PAGE>
                        GANNETT CO., INC.

                       Amendment Number Two
                                to
                          $1,500,000,000
                    Revolving Credit Agreement


     This Amendment Number Two is made as of November 13, 1995
between Gannett Co., Inc., a Delaware corporation ("Gannett") and
the Banks signatory hereto (each called a "Bank" and collectively
the "Banks").

     Gannett entered into a $1,000,000,000 Revolving Credit
Agreement with the Banks dated December 1, 1993 (the
"Agreement").  On August 1, 1994, pursuant to Amendment
Number One to the Agreement, the Agreement was amended to
increase the aggregate commitment to $1,500,000,000, extend the
Expiration Date and modify the Facility Fee.

     Gannett and the Banks wish to further amend the Agreement to
increase the aggregate commitment to $3,000,000,000, extend the
Expiration Date, modify the Facility Fee, adjust the Applicable
Margin in effect with respect to the Money Market Rate and the
Eurodollar Rate, and amend Schedule 1 to the Agreement as
provided herein.

     The parties hereby agree as follows:

     1. The terms "this Agreement," "hereunder," "herein" and
similar references in the Agreement shall be deemed to refer to
the Agreement as amended hereby.

     2. Section 1 of the Agreement shall be amended as follows:

         (i) The definition of "Applicable Margin" shall be
amended to read in its entirety as follows:

             "Applicable Margin" for an Advance shall be the
             appropriate rate per annum set forth below
             opposite the interest rate applicable to such
             Advance.


Interest      Credit       Credit       Credit        Credit
Rate          Status 1     Status 2     Status 3      Status 4
- ----------    --------     --------     --------      --------
Alternate
Rate             0%            0%           0%           0%

Eurodollar    13 Basis      17 Basis     27.5 Basis   35 Basis
Rate          Points        Points       Points       Points

Money Market  25.5 Basis    29.5 Basis   40 Basis     50 Basis
Rate          Points        Points       Points       Points

Competitive
Bid Rate         0%            0%           0%           0%


         (ii) The definitions of "Credit Rating Adjustment A" and
"Credit Rating Adjustment B" shall be deleted in their entirety, and in
their place shall be inserted the following definitions:

         "Credit Status 1" shall exist upon the occurrence of
         the higher of a rating by Standard & Poor's
         Corporation of Gannett's senior unsecured long-term
         debt of at least AA- or a rating by Moody's Investors
         Service, Inc. of Gannett's senior unsecured long-term
         debt of at least Aa3.  Credit Status 1 shall exist
         upon the satisfaction of one or the other of the
         foregoing minimum rating thresholds and no other
         Credit Status shall be deemed to coexist,
         notwithstanding that the lower of the two ratings may
         fall within the range of ratings specified in Credit
         Status 2, Credit Status 3 or Credit Status 4.

         "Credit Status 2" shall exist upon the occurrence of
         the higher of a rating by Standard & Poor's
         Corporation of Gannett's senior unsecured long-term
         debt of at least A- or a rating by Moody's Investors
         Service, Inc. of Gannett's senior unsecured long-term
         debt of at least A3.  Credit Status 2 shall exist
         upon the satisfaction of one or the other of the
         foregoing minimum rating thresholds and no other
         Credit Status shall be deemed to coexist,
         notwithstanding that the lower of the two ratings may
         fall within the range of ratings specified in Credit
         Status 3 or Credit Status 4.

         "Credit Status 3" shall exist upon the occurrence of
         the higher of a rating by Standard & Poor's
         Corporation of Gannett's senior unsecured long-term
         debt of at least BBB or a rating by Moody's Investors
         Service, Inc. of Gannett's senior unsecured long-term
         debt of at least Baa2.  Credit Status 3 shall exist
         upon the satisfaction of one or the other of the
         foregoing minimum rating thresholds and no other
         Credit Status shall be deemed to coexist,
         notwithstanding that the lower of the two ratings may
         fall within the range of ratings specified in Credit
         Status 4.

         "Credit Status 4" shall exist only upon the
         occurrence of a rating by Standard & Poor's
         Corporation of Gannett's senior unsecured long-term
         debt of BBB- or below and a rating by Moody's
         Investors Service, Inc. of Gannett's senior unsecured
         long-term debt of Baa3 or below.  Credit Status 1,
         Credit Status 2 or Credit Status 3 shall be deemed to
         exist in accordance with the definitions thereof if
         either the rating of Gannett's senior unsecured long-term debt
         by Standard & Poor's Corporation exceeds BBB- or the rating by
         Moody's Investors Service, Inc. exceeds Baa3.


         (iii) The definition of "Expiration Date" shall be amended in
its entirety to read as follows:

         "Expiration Date" shall mean November 13, 2000.

      3. Section 2(a) shall be amended to read in its entirety as
follows:

         2(a).  Facility Fee.  Gannett will pay to each Bank pro
rata, as consideration for the Bank's Commitment hereunder, a
facility fee (the "Facility Fee") calculated at the rate of:  (i)
seven (7) Basis Points per annum if Credit Status 1 shall be in
effect; or (ii) nine (9) Basis Points per annum if Credit Status
2 shall be in effect; or (iii) twelve and one half (12.5) Basis
Points per annum if Credit Status 3 shall be in effect; or (iv)
seventeen and one half (17.5) Basis Points per annum if Credit
Status 4 shall be in effect.  The Facility Fee shall be computed
pursuant to Section 3(g) from (and including) November 13, 1995,
payable quarterly on each February 1, May 1, August 1 and
November 1 after the date of Amendment Number Two, commencing
with the first payment due on February 1, 1996, and ending on
(but excluding for purposes of calculating the Facility Fee) the
Expiration Date, for the preceding period for which such Facility
Fee has not been paid.

      4. Schedule 1 shall be amended to read in its entirety as
set forth in Schedule 1 hereto, and all references in the
Agreement (including the cover page) to the aggregate Commitment
Amount shall be increased to $3,000,000,000.


      5. The terms of this Agreement shall be in addition to and
shall in no way impair the full force and effect of the Agreement
(except as specifically amended herein).  The Facility Fee

accrued under the Agreement for the period prior to the date
hereof shall be  paid on the date hereof.

      6. This Amendment may be executed by the parties in as many
counterparts as may be deemed necessary and convenient, and by
the different parties on separate counterparts, each of which,
when so executed, shall be deemed an original, but all such
counterparts shall constitute but one and the same instrument.

      7. THIS AMENDMENT NUMBER TWO SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      IN WITNESS WHEREOF, the parties have executed this
Amendment Number Two as of the date first written above.

                           GANNETT CO., INC.


                           By:   /s/ Gracia C. Martore
                              Name:  Gracia C. Martore
                              Title: Vice President/Treasury
                                       Services

                           BANK OF AMERICA NT&SA

                           By:   /s/ Amy Trapp
                              Name:  Amy Trapp
                              Title: Vice President

                           CHEMICAL BANK

                           By:   /s/ John J. Huber
                              Name:  John J.  Huber
                              Title: Managing Director


                           MORGAN GUARANTY TRUST COMPANY

                           By:   /s/ Eugenia Wilds
                              Name:  Eugenia Wilds
                              Title: Vice President


                           NATIONSBANK N.A. (CAROLINAS)

                           By:   /s/ Penn Wells
                              Name:  Penn Wells
                              Title: Senior Vice President


                           THE FIRST NATIONAL BANK OF CHICAGO

                           By:   /s/ Ted Wozniak/Authorized Agent
                              Name:  Ted Wozniak
                              Title: Managing Director


                           CITIBANK, N.A.

                           By:   /s/ Eric Huttner
                              Name:  Eric Huttner
                              Title: Vice President
                                     As Attorney-in-Fact


                           THE FUJI BANK, LIMITED

                           By:   /s/ Gina M. Kearns
                              Name:  Gina M. Kearns
                              Title: Vice President & Manager




                           TORONTO DOMINION (TEXAS), INC.

                           By:  /s/ C. A. Clause
                              Name: Carole A. Clause
                              Title:Vice President


                           WACHOVIA BANK OF GEORGIA, N.A.

                           By:   /s/ Mark S. Rogos
                              Name:  Mark S. Rogos
                              Title: Senior Vice President


                           BANK OF HAWAII

                           By:   /s/ Elizabeth O. MacLean
                              Name:  Elizabeth O. MacLean
                              Title: Vice President


                           FIRST INTERSTATE BANK OF CALIFORNIA

                           By:   /s/ Daniel H. Hom
                                 /s/ Judy A. Maahs
                              Name:  Daniel H. Hom
                                     Judy A. Maahs
                              Title: Vice President
                                     Asst. Vice President


                           THE BANK OF NOVA SCOTIA

                           By:   /s/ Vincent J. Fitzgerald, Jr.
                              Name:  Vincent J. Fitzgerald, Jr.
                              Title: Authorized Signatory




                           THE CHASE MANHATTAN BANK, N.A.

                           By:   /s/ Diana Lauria
                              Name:  Diana Lauria
                              Title: Vice-President


                           DEUTSCHE BANK AG, NEW YORK AND/OR
                              CAYMAN ISLANDS BRANCH

                           By:   /s/ Elizabeth Tallmadge
                              Name:  Elizabeth Hope Tallmadge
                              Title: Vice President

                           By:   /s/ Bina R. Dabbah
                              Name:  Bina R. Dabbah
                              Title: Vice President


                           MARINE MIDLAND BANK

                           By:   /s/ Guy R. Nudd
                              Name:  Guy R. Nudd
                              Title: Vice President


                           PNC BANK, NATIONAL ASSOCIATION

                           By:   /s/ Scott C. Meves
                              Name:  Scott C. Meves
                              Title: Vice President


                           ROYAL BANK OF CANADA

                           By:   /s/ Barbara Meijer
                              Name:  Barbara Meijer
                              Title: Manager

                           THE SANWA BANK, LIMITED

                           By:   /s/ P. J. Pawlak
                              Name:  P. J. Pawlak
                              Title:  Vice President & Senior Manager


                           CRESTAR BANK

                           By:   /s/ Daniel J. O'Neill, Jr.
                              Name:  Daniel J. O'Neill, Jr.
                              Title: Vice President


                           THE NORTHERN TRUST COMPANY

                           By:   /s/ David L. Love
                              Name:  David L. Love
                              Title: Commercial Banking Officer


                           THE FIRST NATIONAL BANK OF MARYLAND

                           By:   /s/ Mary Ann Facente
                              Name:  Mary Ann Facente
                              Title: Vice President



<PAGE>
                                                       SCHEDULE 1


                      COMMITMENTS OF THE BANKS



NAME, ADDRESS AND TELECOPY
NUMBER OF BANK                                        COMMITMENT AMOUNT
- --------------------------                            ------------------
                            CO-ARRANGERS
                            ------------
Bank of America NT&SA                                   $250,000,000
1850 Gateway Blvd.
Concord, CA  94520
Telecopy:  510-675-7531 or 7532

   With a copy to:

   Bank of America NT&SA
   335 Madison Avenue
   New York, NY  10017
   Telecopy:  212-270-2056

Chemical Bank                                           $250,000,000
270 Park AvenueNew York, NY 10017
Telecopy:    212-270-2056

Morgan Guaranty Trust Company                           $250,000,000
60 Wall Street, 22nd FloorNew York, NY  10260-0060
Telecopy:    212-648-5018

NationsBank N.A. (Carolinas)                            $250,000,000
Communications Finance Division
901 Main Street, 64th Floor
Dallas, TX 75202-3748

The First National Bank of Chicago                      $250,000,000
One First National Plaza
Mail Suite 0374
Chicago, Il  60670-0083
Telecopy:  312-732-3885



                             CO-AGENTS
                             ---------
Citibank, N.A.                                          $150,000,000
399 Park AvenueNew York, NY  10043
Telecopy:   212-793-6873

The Fuji Bank, Limited                                  $150,000,000
Two World Trade Center, 79th Floor
New York, NY  10048
Telecopy:  212-912-9407

Toronto Dominion (Texas), Inc.                          $150,000,000
909 Fannin, Suite 1700
Houston, TX  77010
Telecopy:   713-951-9921

     With a copy to:

     The Toronto-Dominion Bank
     31 West 52nd Street
     New York, NY  10019-6101
     Telecopy:  212-262-1926

Wachovia Bank of Georgia, N.A.                          $150,000,000
191 Peachtree Street, N.E.
Atlanta, GA  30303
Telecopy:    404-332-6898


                           LEAD MANAGERS
                           -------------
Bank of Hawaii                                          $125,000,000
130 Merchant Street, 20th Floor
Honolulu, HI  96813
Telecopy:    602-752-8007

     With a copy to:

     Bank of Hawaii
     1839 S. Alma School Board
     Suite 150
     Mesa, Arizona  85210
     Telecopy:  602-752-8007


First Interstate Bank of California                     $125,000,000
885 Third AvenueNew York, NY  10022-4802
Telecopy:    212-593-5238

The Bank of Nova Scotia                                 $100,000,000
New York Agency1 Liberty Plaza, 26th Floor
New York, NY  10006
Telecopy:  212-225-5090 or 5091

The Chase Manhattan Bank, N.A.                          $100,000,000
One Chase SquareCorp. Industries Dept.
Tower 9
Rochester, NY  14643
Telecopy:    716-258-4258

Deutsche Bank AG                                        $100,000,000
New York Branch and/or
Cayman Islands Branch
31 West 52nd Street
New York, N.Y. 10019
Telecopy:   212-474-7936

Marine Midland Bank                                     $100,000,000
One Marine Midland Plaza
Rochester, New York  14639
Telecopy:   716-238-7140

PNC Bank, National Association                          $100,000,000
Communications Banking Division
MS 12-09-01
Land Title Building
100 South Broad Street
Philadelphia, PA 19110
Attn: Scott C. Meves
Telecopy: 215-585-6680

Royal Bank of Canada                                    $100,000,000
c/o Grand Cayman (North America #1) Branch
Financial Square
New York, N.Y. 10005-3531
Telecopy:   212-428-2372

The Sanwa Bank, Limited                                 $100,000,000
Atlanta AgencyGeorgia-Pacific Center
Suite 4750
133 Peachtree Street, N.E.
Atlanta, GA  30303
Telecopy:    404-589-1629


                              LENDERS
                              -------
Crestar Bank                                            $ 75,000,000
1445 New York Avenue, N.W.
Corporate Division - Third Floor
Washington, DC  20005
Telecopy:  202-879-6137


The Northern Trust Company                              $ 75,000,000
50 South  LaSalle  Street - B11
Chicago, IL  60675
Telecopy:    312-444-3508


The First National Bank of Maryland                     $ 50,000,000
1800 K Street, N.W., Suite 1010
Washington, DC  20006
Telecopy:  202-775-4838



                           TOTAL                      $3,000,000,000