Business News

McClatchy Reports November 2008 Revenues

Monday 29. December 2008 - The McClatchy Company (NYSE: MNI) today reported that consolidated revenues in November 2008 decreased 19.4% and advertising revenues were down 22.4% compared to revenues in November 2007.

The Company noted that the declines in print advertising were partially offset by a 7.5% gain in online advertising revenues in November 2008 compared to November 2007. For the first eleven months of the year, total revenues declined 15.9% and advertising revenues declined 17.8%. Online advertising grew 10.6% in the first eleven months of 2008.
Pat Talamantes, McClatchy’s chief financial officer, said, “November advertising revenues were lower than October, but in line with recent ad trends. The economic downturn continues to hurt consumer confidence and as a result negatively impacts advertisers in the local markets we serve. As we noted in a presentation last week at an investor conference, we are working hard to reduce the decline in revenues and increase the savings from our cost initiatives during the fourth quarter and 2009.”

Advertising revenue performance at the company’s newspapers is summarized in McClatchy’s statistical report that follows.