Wednesday, December 10, 2008

Is the Miami Herald for sale? Let's ask the boss

McClatchy Company Chairman and CEO Gary Pruitt has commented (sort of) on reports that the company is selling the Herald.

At the UBS Global Media and Communications conference in New York Tuesday Pruitt said:
"...he wouldn’t have a comment. On his way out, BusinessWeek’s Jon Fine asked, “Not even a wink on Miami Herald?” Pruitt responded, “Not even a twinkle.”

Pruitt also said that McClatchy's total ad revenues through October are down 17.4 percent and a large portion of that is not coming back. Looking ahead, Pruitt didn’t sugarcoat it, "Our current results are lousy and the economy is worsening. 2009 will start ugly, but we expect it to improve." And with over $2 billion in debt—Pruitt insisted that it is steadily being reduced.
Not a very rosy picture. Does this mean more staff cuts at the Herald early next year? Rumors persist. Stay tuned.

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