The McClatchy Co. reported another severe drop in revenue Wednesday.
Sacramento-based McClatchy, which owns The Bee, said July revenue fell 16.4 percent from a year ago, with advertising sales falling 19.3 percent.
The company continues to struggle with the slump afflicting the entire newspaper industry as the economy weakens and business migrates to the Internet and other media.
Total McClatchy revenue in July was $167.8 million, down from $200.7 million a year ago. The numbers were an improvement from June, but only for seasonal reasons, said Pat Talamantes, chief financial officer.
"As we anticipated, July advertising activity turned out to be only slightly better than June," he said in a statement. "Online advertising continues to be a bright spot."
Online ad sales were up 12.8 percent in July from a year ago. Excluding help-wanted ads, which are in a nationwide slump, McClatchy's online ad business grew 58.5 percent in July. But print ad revenue, which still makes up the vast majority of McClatchy's business, was off 22.3 percent.
McClatchy's stock fell to $3.78, down 23 cents.
Call The Bee's Dale Kasler, (916) 321-1066.
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