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Home Front

A blog about the economy and the Sacramento-area real estate market.

November 19, 2008
McClatchy's woes, cont'd

  It was an especially bad October for The Bee's parent, The McClatchy Co. Total revenue fell 17.8 percent from a year ago; advertising was down 20.4 percent.

   Although McClatchy and other publishers have been hammered by a migration of business to the Internet the past two years, the impact of the weak economy can't be discounted either.

   "The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers," McClatchy CFO Pat Talamantes said in a press release.

  McClatchy's stock price  fell to $1.51, down 42 cents, on the New York Stock Exchange.

   More on this in Thursday's paper but in the meantime, here's the company's press release on the October numbers.

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