Thursday, October 15, 2009

McClatchy Newspapers Reports INCREASED Profit

McClatchy Companies, the third largest newspaper publisher in the country, reports its net revenue increased in the third quarter, compared to the third quarter of 2008. Net revenue was $23.6 million, compared to $4.2 million for the same quarter of 2008.

Gary Pruitt, McClatchy's chairman and CEO, says "The advertising declines we've experienced show some signs of slowing, but the ad environment remains weak overall. As a result, we expect print advertising revenues to continue to decline in the fourth quarter. So far in October, we're seeing advertising revenue trends similar to the third quarter."

That's hardly the time-to-kill-the-papers news we've come to expect from the media industry. It's good news, in fact.
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