Business Journal: McClatchy Revenue Slumping

Share |
(Sacramento, CA)
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.