The shares for McClatchy are going down, down …
Last quote this Friday: $16.35.
So, it seems that the compny that bought the Knight Ridder group is not having an easy ride.
The Miami Herald has problems but its parent company is not doing very well either.
The Sacramento-based company — publisher of The Sacramento Bee, The Miami Herald and 29 other daily newspapers — announced last month disappointing preliminary third-quarter earnings of $23.5 million, compared to $51.8 million for the same three-month period in 2006.
The company’s advertising revenue declined 10 percent, while circulation revenue fell 4 percent.
McClatchy officials also announced the company would take an accounting charge because of the dismal condition of the newspaper industry and its hard-hit stock, which has fallen 62 percent from its one-year high.