Posted on 05/11/2008 4:20:42 AM PDT by abb
The McClatchy Co. figures the value of its not-quite-half stake in Blethen family-controlled Seattle Times Co. has tumbled to barely one-tenth of its worth just two years ago.
In a Securities and Exchange Commission filing, McClatchy estimated its 49.5% stake in the publisher of The Seattle Times has a value of $12.06 million. That's a drop of more than one-third from the carrying value it assigned its Times Co. interest last December -- and represents a 88% drop from its estimated value of $102.2 million at the end of 2006.
McClatchy acquired the stake in the Times Co. in its acquisition of Knight Ridder.
The Seattle Times, which is the controlling partner in the joint operating agreement with Hearst Corp.'s Seattle Post-Intelligencer, has been hit hard by weakened ad revenue, and in April announced it was laying off as many as 131 employees and freezing hiring for 60 unfilled jobs.
The Times Co. has also put up for sale its newspapers in Maine, including the Portland Press Herald/Main Sunday Telegram.
ping
ping
Heartwarming. ;-D
Great! Maybe the cheese and wine crowd will have to go to work.
When the smartest liberals in America, the elite mediots have these results in two years, only the insane would invest in a company controlled by elite liberals.
McClatchy’s ‘Seattle Times’ Stake, Once $102 Million, Now $12 Million (Dinosaur Media DeathWatch™)
Editor & Publisher ^ | May 10, 2008 | Mark Fitzgerald
Posted on Sunday, May 11, 2008 4:20:42 AM by abb
The McClatchy Co. figures the value of its not-quite-half stake in Blethen family-controlled Seattle Times Co. has tumbled to barely one-tenth of its worth just two years ago.
In a Securities and Exchange Commission filing, McClatchy estimated its 49.5% stake in the publisher of The Seattle Times has a value of $12.06 million. That’s a drop of more than one-third from the carrying value it assigned its Times Co. interest last December — and represents a 88% drop from its estimated value of $102.2 million at the end of 2006.
The inept elite liberal mediots keep using their Enron and Dixie Chick Business plans to destroy their vile fishwraps.
They could save a lot of ink and money if they just turned all that newsprint directly into toilet paper as there is no market for fish wrap on the west coast any longer...
“They could save a lot of ink and money if they just turned all that newsprint directly into toilet paper as there is no market for fish wrap on the west coast any longer...”
Really sad to see all the salmon boats tied up or on trailers away from the beach last week.
Say WA? Evergreen State ping
FReepmail sionnsar if you want on or off this ping list.
Ping sionnsar if you see a Washington state related thread.
Thanks!
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