McClatchy Revenue Down 18% On Continued Ad Softness (Dinosaur Media DeathWatch™)

Editor & Publisher ^ | November 19, 2008 | Staff

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October provided no relief for The McClatchy Co., with the nation's third-largest newspaper company reporting Wednesday that consolidated revenues dropped 17.8% in the month compared to a year ago on advertising that slipped 20.4%.

The month was an essential re-run of steep ad revenue fall-off the chain has been reporting month after month this year.

Classified ad revenue, for instance, dropped 35.8% on continuing precipitous drops in the most important categories. Employment was down 48.6% for the month, real estate down 41.5%, and automotive down 30.5%.

Retail ad revenue fell 11%, and national was off 13.9%.

There was one bright spot, CFO Pat Talamantes, said: Online ad revenue increased 12.4%, and was up in all categories except help-wanted.

"In fact, when employment advertising, which has declined both in print and online as a result of the nationwide slowdown in hiring, is excluded our online advertising revenue was up 57.6% in October 2008 compared to October 2007," he said in a statement.

As before, McClatchy's Florida and California papers produced the worst numbers, though no region ended October with ad revenue gains.

Ad revenue in California fell 23.1% from the year-ago month, while Florida was down 21.1%.

"October advertising activity turned out to be similar to recent months," Talamantes said. "The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers in the local markets we serve."

For the first 10 months of the year, total revenue is down 15.5%, and ad revenue is off 17.4%, McClatchy said. Online is up 10.9% for the year.

[abb]

Wednesday afternoon good news.

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ping

[Bon mots]

Burn baby, burn!

McClatchey is the most liberal of all.

[abb]

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[HuntsvilleTxVeteran]

If my patent goes through, it might help the print media.

It is to make all print media out of tissue paper and the
ink will be half deodorant and alcohol.:)

[abb]

http://www.adweek.com/aw/content_display/news/media/e3ib7a1cbce7faa46dfe7bf712ce7a4557b
Does New Media Hurt or Help TV?
Insiders meet to discuss the future of the medium

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Cable, Online, Mobile in Next 6 Months
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[Sergeant_Ronbo]

What comes around goes around!

[WilliamReading]

I have news for you. The whole American economy is on death-watch.

George Hoover Bush.

[engrpat]

As I wrote to one of their reporters (yeah right)who had done a story about the tough time McClatchy was having, I will be the one in the parking lot doing the happy dance when the last employee turns out the lights and locks the door. They publish our local paper and it is so far left but when asked their people will upset and tell you they aren’t.

[screaminsunshine]

The execution is sceduled for 1-10-09 barring a stay.

[PittsburghAfterDark]

These guys are so disingenuous.

I’ve seen newspaper online pricing guides due to agencies sharing data with other outlets. There’s no way that they even make up 10% of total revenue of any American newspaper (Nationals excluded like NYT, USA Today, WSJ) based on the rates and inventory I’ve seen.

So if one of these papers is billing $10 million a month in display/classifieds advertising (This is just for math purposes.) online revenue likely isn’t even $1,000,000 in gross. So for them to say it’s UP 11-12% when the rest of the paper is down 20%?

Yeah, its like saying the Titanic may be sinking but there’s no shortage of cold water in the forward compartments, so that’s a good thing!

[abb]

http://online.wsj.com/article/SB122705787917439625.html

A New Odd Couple: Google, P&G Swap Workers to Spur Innovation
By ELLEN BYRON

At Procter & Gamble Co., the corporate culture is so rigid, employees jokingly call themselves “Proctoids.” In contrast, Google Inc. staffers are urged to wander the halls on company-provided scooters and brainstorm on public whiteboards.

Now, this odd couple thinks they have something to gain from one another — so they’ve started swapping employees. So far, about two-dozen staffers from the two companies have spent weeks dipping into each other’s staff training programs and sitting in on meetings where business plans get hammered out. The initiative has drawn little notice. Previously, neither company had granted this kind of access to outsiders.

This ad was runner-up in the Tide Talking Stain spoof contest, and is being televised this fall. (Nov. 18)

Closer ties are crucial to both sides. P&G, the biggest advertising spender in the world, is waking up to the reality that the next generation of laundry-detergent, toilet-paper and skin-cream buyers now spends more time online than watching TV. Google craves a bigger slice of P&G’s $8.7 billion annual ad pie as its own revenue growth slows.

The struggle by these two heavyweights to formulate successful strategies highlights how tough it is for myriad other companies, from newspapers to auto makers, to profit from Americans’ rush online.

snip

[relictele]

“Hello editorial department? Give me 500 more words on why gay marriage is such a good thing and throw in an anti-gun diatribe while you’re at it!”

[abb]

http://www.chicagotribune.com/business/columnists/chi-wed_phil_rosenthal_19nov19,0,235050.column Sun-Times pinching pennies, slicing board http://www.observer.com/2008/media/crapulent-news-network The Corpulent News Network http://www.cjr.org/feature/overload_1.php?page=all Overload! Journalism’s battle for relevance in an 
age of too much information

[abb]

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[Dubh_Ghlase]

I have 2 (conservative) family members who work for McClatchy. They are constantly berated for their views. One is studying and applying for jobs elsewhere. The other is temp, and will probably be one of the first to go. I feel bad for them, but McClatchy can burn up on reentry as far as I’m concerned...

[Moconservative]

I read an article on McClatchy which called their stock utterly worthless and that the creditors have a bigger claim to the company than the stockholders do. Dare I say bankruptcy is in their future?

Obama is probably working on that MSM bailout as we speak!

Right after the union bailout for the auto companies.

[Enterprise]

Speaking of gay friendly - Hey FORD - How did THAT work out for you?

[Enterprise]

Housing is in the dumps, vehicle sales are in the dumps, retail sales are in the dumps. Other than that, the Democrats are doing such a great job.

[Mike Fieschko]

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003892766
Buyout-Depleted ‘Star-Ledger’ Reassigns Two Journos — To Mailroom

Looking at the list of newsroom employees who are not taking buyouts at that site, I notice that neither Dan Graziano nor Ed Price nor Frank Della Femina are there, meaning they're gone. That's basically all the reporters covering the Yanks. To the Star-Ledger: See-ya!