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Newspaper publisher McClatchy Co. rode a wave of traumatic cost cutting and a one-time tax adjustment to a higher third-quarter profit, overcoming yet another jarring decline in revenue.
The McClatchy Company said Friday that the New York Stock Exchange has determined the company's share price has returned to levels necessary to remain on the exchange.
McClatchy Co.'s second-quarter profit more than doubled as a cost-costing spree that wiped out one-third of the newspaper publisher's staff offset the loss of more advertisers and subscribers.
Newspaper publisher McClatchy Co. is scheduled to report its second-quarter results before the stock market opens Tuesday. The following is a summary of key developments and analyst opinion related to the period.
The McClatchy Co.'s offer to exchange debt for a fraction of its value met a 9 percent acceptance rate, the newspaper publisher said Friday.
Standard & Poor's Ratings Services on Friday slashed its corporate credit rating on newspaper publisher McClatchy Co. four notches deeper into junk territory after the company offered to buy back $1.15 billion in debt at a fraction of face value.
McClatchy Co. is offering to buy back $1.15 billion in debt at a steep discount, a proposal that presumes the newspaper publisher's unsecured lenders will accept a fraction of the amount they are owed rather than risk getting even less if the company were to seek bankruptcy protection.
McClatchy Co. may look feeble now, but its chief executive believes the newspaper publisher will emerge from the recession in better shape than most investors believe.
The McClatchy Co.'s losses widened in the first quarter amid an advertising meltdown that is increasing pressure on the publisher to meet commitments to lenders.
Newspapers in Lexington and Charlotte, N.C., announced layoffs and wage reductions Monday as part of broader cuts imposed by newspaper publisher McClatchy Co., while the top editor at the Lexington Herald-Leader will leave for a university job.
The Columbus Ledger-Enquirer in Georgia says it is eliminating 20 positions.
About 175 employees at The Miami Herald will lose their jobs, and most of the remaining full-time staff will see their salaries reduced as the newspaper tries to cut costs amid plunging advertising revenue.
Newspaper publisher McClatchy Co. reported a $21.7 million loss for the fourth quarter on Thursday, reflecting the declining value of its newspapers, and said it plans deep cost cuts this year.
Former Pirates managing general partner Kevin McClatchy has sold his remaining shares in the team, ending a 13-year relationship that began with the newspaper heir ensuring that the club remained in Pittsburgh.
The McClatchy Co. said Tuesday it recorded a third-quarter profit that beat Wall Street expectations, but the newspaper publisher saw advertising revenue erode more quickly in September.
The McClatchy newspaper company announced its second major round of job cuts in three months Tuesday and blamed a sour advertising environment in trimming its payroll by 10 percent.
McClatchy Co., the second-largest U.S. newspaper publisher, is freezing pay across the company for a year starting Sept. 1 in the latest effort to hold down costs.
Newspaper publisher McClatchy Co.'s second-quarter earnings tumbled 44 percent as ad revenue continued to shrink in its key markets.
McClatchy Co., the No. 3 newspaper company in the country, said Monday it is slashing 1,400 jobs in the latest effort to cut costs amid rapidly dwindling advertising revenues. The cuts represent about 10 percent of the company's work force.
Newspaper publisher McClatchy Co. swung to a loss in the first quarter as advertising revenues plunged 15 percent on economic weakness and more drainage of ad business to the Internet. Its shares fell 4 percent.
Hoping to offset its losses in the U.S. newspaper market, McClatchy Co. will sharpen its focus on the rapidly growing Hispanic community by sharing articles and other content with a major publisher of Spanish-language publications.
McClatchy Co. swung to a fourth-quarter profit from a loss a year ago, but the newspaper publisher continued to be buffeted by a severe housing slump in California and Florida.
McClatchy Co., one of the nation's biggest newspaper companies, reported sharply lower profit and revenue for its third quarter Tuesday and said it would take an accounting charge to reflect the poor conditions in the newspaper business and its falling share price.
The future of the St. Paul Pioneer Press has been a question mark for years, but never more so than now. It was sold, then put up for sale again, on the same day. By the owner of the rival Star Tribune.
Sean Hannity helps Jerome Corsi promote his black-helicopter 'New World Order' conspiracy theoriesexcerpt: "" Sean Hannity hosted not one but two whole segments last night devoted promoting the new book by Jerome Corsi -- godfather of the Swift-Boating of John Kerry -- titled America For Sale, which is basically an extended black-helicopter-style conspiracy tome straight ou …
Is the "left-wing" media burying stories? By Jack Furnari. Posted by Doug Lyons on July 27, 2009 12:06 PMI searched the local newspapers this morning looking for any mention of the complaint filed by U.S.
Sotomayor backers urge reporters to probe New Haven firefighter | McClatchyWASHINGTON — Supporters of Supreme Court nominee Sonia Sotomayor are quietly targeting the Connecticut firefighter who's at the center of Sotomayor's most controversial ruling.
Senators who opposed tobacco bill received top dollar from industryWASHINGTON — Among the 17 senators who voted against allowing the Food and Drug Administration to regulate tobacco are some of the top recipients of campaign contributions from the tobacco industry, which has donated millions of dollars to lawmakers in the past several campaig …
For ex-offenders, older workers, uneducated, jobs even harder to find WASHINGTON -- Julie Sizemore can only imagine what employers think when her resume crosses their desks.
Is Obama following Bush's lead on records decisions?WASHINGTON — The Obama administration, which vowed to usher in a "new era of openness in our country," either has delayed action on requests for access to government records or refused to disclose them in three early, high-profile tests of the pledge.
New NIE warns that 'victory' is not certain in Iraq.»A new National Intelligence Estimate (NIE) reportedly "warns that unresolved ethnic and sectarian tensions in Iraq could unleash a new wave of violence, potentially reversing the major security and political gains achieved over the last year." McClatchy notes that the NIE's …
Fallout On Main Street Part 1 People all across the country are suffering the fallout from Wall Street's financial H-Bomb.
Palin as President and McClatchy, WaPo and Romney Warn About McCain's Out of Control TemperIn a disturbing expose Sunday, the McClatchy papers joined the growing list of press, pundits and politicians raising a red flag about John McCain's out-of-control temper.
Report on "No Ties Between Saddam and Al Queda Network of Terrorist Groups" totally inaccurate, it turns out. No MSM checked the facts. This one is definitely worth the read.
McClatchy Scribe Hit 'Hype' On Iran's Nukes a Month AgoExactly one month ago, on Nov. 4, the McClatchy moved a lengthy Landay probe titled, "Experts: No firm evidence of Iranian nuclear weapons."
Fitch: Newspaper Industry Doing Worse Than We Expected In '07Fitch Ratings released their analysis of the newspaper industry today. As we expected, the outlook is bleak. From the article: "Fitch Ratings says newspapers are doing even worse than it expected at the beginning of the year."
Conservatives Usher in Era of Unprecedented Obstructionism (Check Out the Graph)Conservatives usher in era of unprecedented obstructionism. This year, "Senate Republicans are threatening filibusters to block more legislation than ever before." The pattern of obstructionism is demolishing previous records:
Most Forecasters Lower Their Full Year Ad Spend Prognoses And Traditional Media's Angst At The Growing Digital Spend Gets WorseAccording to Goldman Sachs analyst, Peter Appert, newspaper publishers are in a world of revenue trouble. Though numbers look favorable throughout the world, regionally, Europe and the US are on a steady revenue decline.
McClatchy's D.C. Bureau Claims It's Barred From Defense Secretary PlaneStaffers at McClatchy's Washington, D.C., Bureau -- one of the few major news outlets skeptical of intelligence reports during the run-up to the war in Iraq -- claims it is now being punished for that coverage.
Panic hinders US newspaper efforts to revamp: executivesWall Street's short-term worries about U.S. newspapers are hampering the industry's efforts to adapt to changing reader habits, two top publishing officials said on Thursday.
Jack Shafer: False ProfitsWhen bad financial news for newspapers is good news for journalism. Although this halving of newspaper value, which was unforeseen by such an industry sage as John Morton, is tragic news for McClatchy and Times Co. stockholders, it's potentially good news for journalism.
The Lonely Newspaper ReaderWhat does the sale by the McClatchy Company of The Minneapolis Star Tribune at a reduced price to a private equity group say about the future of newspapers? In the house where I grew up, everybody ate breakfast at the same time.
Minneapolis Star Tribune To Sell For $530 Million - A $670 Million Discount On Its Price Tag in 1998I remember when this was going down back in 1998 while I lived in the Cities. Was much discussion at that point about one of the last multi-newspaper markets losing a paper.
Newspapers: please remove head from ass (yours) The newspapers don't truly invest or manage their Internet operations outside of this vacuum. When a budget cut arises because a major property just missed their Q4 revenue, their online operations are asked to go on a diet right along with their print brethren.
Special Report: Is Hometown Ownership Really the Next Big Thing?There may be nothing new under the sun, but the sudden widespread clamor to return troubled newspapers to local ownership -- after decades of relentless industry consolidation -- at least represents a dramatic change in course.
newsobserver.com | Digital media unit movingDigital media unit moving Consolidation in McClatchy's plans Jack Hagel, Staff Writer McClatchy Interactive, the digital media division of the country's second-biggest newspaper chain, plans to consolidate most of its West Coast operations in its Raleigh headquarters, a deci …
Justice Department clears McClatchy's purchase of Knight RidderDOJ is likely to okay McClatch's purchase of Knight-Ridder upon the condition that it sells St. Paul Pioneer Press. Expected course of the event and related issues explained.
Knight Ridder's cutting edge reporting to continue under new ownershipKnight Ridder's Washington bureau has distinguished itself with cutting-edge reporting on everything from Saddam's weapons of mass destruction to coal mine safety. Sadly, many of its best efforts have been ignored by the national newspapers and the networks.
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