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)
3 comments:
Off topic, but....
The Duke case in the news again, and is, “Not Going Away”
A rape case discussed on network news brings forth three references to the Duke case.
And, this news article:
Amended lacrosse suit harsher on Duke trustee
Herald-Sun ^ | April 23, 2008 | Ray Gronberg
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Earth to Duke, "This case is so far from over, the day of reckoning is coming."
"For you the blind who once could see, the bell tolls for thee".
Back on topic:
"Moody's Downgrades McClatchy Debt
CHICAGO Moody's Investors Service downgraded The McClatchy Co.'s corporate debt, saying it doesn't believe the nation's third-largest newspaper company's aggressive cost-cutting and loan repayments will be enough to overcome a punishing advertising environment.
The rating is slightly above junk bond territory."
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