Profits at Gannett, the country’s largest newspaper publisher and owner of The Courier-Journal, dropped by 36 percent in the second quarter, leaving the company’s stock value at a 23-year low. The dive is attributable in part to dwindling revenue at USA Today, Gannett’s flagship newspaper, which reported a 27 percent decline in ad sales in June. Companywide, ad sales fell 16 percent. Already this year, Gannett stock has lost more than half its value. 

In its earnings report, Gannett CEO Craig Dubow cited the weak American economy as part of the reason for the low numbers. He also said he expects the trend to continue through July. 

This comes amid Gannett’s efforts to trim overhead, most notably by freezing employee pension benefits.