The WSJ reports today:
McClatchy Co. [, which owns the Raleigh News & Observer,] reported a loss for the first quarter, weighed down by steep advertising declines, and said it plans to buy back bonds as the company swims in debt.There's more here. (reg. required)
McClatchy's first-quarter ad revenue skidded 15%, one of the steepest declines in the newspaper industry. Stiff cost-cutting wasn't enough to offset the ad decline, and overall revenue dropped nearly 14% to $488.3 million. ...
According to AOL Financial McClatchy's stock (symbol MNI) at 10:50 AM ET today, 4/23/08 was trading at 8.17, a new 52-week low and down more than 75% from its 52-week high of 34.22.
Recent posts concerning McClatchy's financial condition and job cuts at the N&O include:
McClatchy credit rating falls but CEO does nicely (Apr. 3, 2008)
At Raleigh N&O job cuts loom (Apr. 17, 2008)
McClatchy's still five stars for some. (Apr. 20, 2008)