Posts Tagged ‘Sacramento Business Journal’

McClatchy down as 3Q trends worse

Tuesday, October 19th, 2010

McClatchy’s excuse that things are less bad than they have been looked like it might have run its course in the third quarter, as advertising revenue fell 6.1 percent in July over the same month of last year, followed by a 5.8 percent decline in August and then a 7.3 percent decline in September.

The McClatchy Co. reported an overall drop of 6 percent in third-quarter earnings on Tuesday, according to the Associated Press. Media Jobs Daily said the 6 percent revenue fall represents a 50 percent drop in income, or profit.

“Excluding unusual items, like a tax recalculation that saved the company some money in 2009 and one and a quarter million in restructuring costs in 2010, income was nearly flat at $10.5 million,” Media Jobs Daily said.

Even CEO Gary Pruitt appears shaken, saying that for the fourth quarter “visibility on revenues is limited,” according to the AP.

The publisher reported a 8 percent drop in revenue for the second quarter and and 8.2 percent drop for the first three months of the year.

Online advertising revenue from July-September was up 1.6 percent year-to-year to $47.5 million for the quarter, while print was down by 8 percent, at $201.7 million. Circulation revenue, including subscription fees and newsstand sales, declined 4 percent to $66.4 million, the AP said.

McClatchy stock was down 27 cents on Tuesday at $3.15 a share, a 7.89 percent drop on the day. Its highest price in the last three months was $3.96 on October 13. On April 20, it was $6.95, it’s best price in a  year.

McClatchy has cut more than 4,150 newspaper jobs since June 2008, according to the Sacramento Business Journal.

McClatchy planning to become hub for local sites

Thursday, April 8th, 2010

McClatchy newspapers are bringing other local Web sites and blogs onto their home sites in “blog networks,” starting at the Sacramento Bee and coming soon to the Charlotte Observer and Miami Herald.

“The Bee has been working on the concept for about a year,” says the Sacramento Business Journal. “Editors and multimedia managers collected and reviewed sites, ranking them based on quality of content and frequency of posts.”

The Bee’s effort is called “Sacramento Connect” and so far features about a dozen blogs.

“We see that that’s the direction that the Web is going and we really want to be a part of that,” Sean McMahon, The Bee’s digital product development manager, told the Business Journal. “We have a trusted position in the area, and we thought it was time to embrace all these independent voices and bring them in and try to promote them.”

The thinking is traffic to all the sites would improve, the Business Journal says.

“At least two other McClatchy Co. newspapers” — The Observer and The Herald — are developing similar networks, the report says.

In Raleigh, The News & Observer has made similar attempts to become a local portal.  Its Triangle.com includes a section called “Share” for local blogs and forums meant to be produced locally through the site.