McClatchy Turnaround Continues; Online Revenues Grow
The management of the McClatchy Company continues to do whatever it takes to navigate through the recession. The third-largest U.S. newspaper company reported net operating income of $23.6 million in Q-3, up dramatically from $4.2 million for the same period a year earlier. This, despite a 23.1 percent drop in revenues ($347.4 million) for the quarter from Q-3 ’08. The industry-wide downturn in advertising revenue accounted for that drop, of course, but circulation revenue ticked upward by 6.7 percent. The most impressive aspect of McClatchy’s turnaround is its online operations, where advertising increased 3.1 percent in Q-3 and now acconts for 17.6 percent of the company’s total advertising revenue, up from 12.2 percent a year earlier. “Our transition to a…
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