Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 30, 2008, Gannett Co., Inc. drew an aggregate of $1.2 billion under its unsecured revolving credit facilities, the Competitive Advance and Revolving Credit Agreement among Gannett Co., Inc., the Several Lenders from Time to Time Parties Thereto, Bank of America, N.A., as Administrative Agent and JPMorgan Chase Bank, as Syndication Agent, dated as of February 27, 2004, as amended, the Amended and Restated Competitive Advance and Revolving Credit Agreement among Gannett Co., Inc., the Several Lenders from Time to Time Parties Thereto, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and Barclays Bank PLC, as Documentation Agent, dated as of March 11, 2002, as amended, and the Competitive Advance and Revolving Credit Agreement among Gannett Co., Inc., the Several Lenders from Time to Time Parties Thereto, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and Barclays Bank PLC, as Documentation Agent, dated as of December 13, 2004, as amended, bringing the total amount of such borrowings to approximately $1.9 billion. All of these borrowings have been or will be used to repay commercial paper at scheduled maturity. The $1.2 billion drawn on September 30, 2008 currently bears interest at a rate equal to 0.18% over the prime rate and will reset with changes in the prime rate unless converted to a LIBOR-based term rate. The remaining amounts outstanding under these unsecured revolving credit facilities currently bear interest at an average rate of 3.43% based on a spread over the 6-month LIBOR rate.

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