McClatchy sees 10 percent ad revenue decline

McClatchy opened the 3rd quarter earnings season for newspaper companies today reporting weak financial results typical of the industry so far this year.
The company recorded a loss of $1.1 million on revenues of $251.2 million. Advertising revenues were off 10.2 percent compared to the same quarter in 2014.
Print revenues fell more than that — though the company no longer breaks them out separately. (Independent forecaster Kantar Media has reported print revenues at local papers like McClatchy’s down 14.9 percent year-to-year in the first half).
Digital ad revenues were up modestly for the quarter as was national advertising.  But the company achieved its roughly break-even result mainly through aggressive cost reductions with operating expenses 7.2 percent less than in the third quarter a year ago.
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