Business Journal: McClatchy Revenue Slumping
Ad revenue and profits for the McClatchy Corporation continued to slump in the second quarter.
Friday, July 20, 2007
Ad revenue at the McClatchy Corporation dropped nearly 10% in the second quarter compared to 2006. Its California and Florida ad revenues suffered the most, dropping 15% in this state, 21% in Florida. Profits were down as well, from $44 million a year ago to $39 million in the 2nd quarter this year. McClatchy officials are predicting that ad revenue will trail 2006 through the balance of this year. The company has been paying down its $6 billion in debt taken on with the acquisition all of Knight Ridder’s newspapers in 2006. The whole daily newspaper industry is dealing with this slowdown.