Monday, July 20, 2009

More bad news for the Miami Herald?

UPDATE: AP corrects the story below. CORRECTS analyst estimate for quarter loss to 8 cents per share, instead of $6.45 per share.

From the Associated Press:
SACRAMENTO, Calif. — Newspaper publisher McClatchy Co. is scheduled to report its second-quarter results before the stock market opens Tuesday. The following is a summary of key developments and analyst opinion related to the period.

OVERVIEW: Hardly anything has gone right during the past few years for the owner of The Miami Herald and 29 other daily newspapers. The hard-luck theme is unlikely to change in the Sacramento-based company's second-quarter earnings report.
BY THE NUMBERS: Analysts surveyed by Thomson Reuters expect McClatchy to lose $6.45 per share on revenue of $369 million. The company earned 24 cents per share on revenue of $490 million at the same time last year.
How does this affect the Herald and its subscribers?

More from the AP report:
WHAT'S AHEAD: Unless the advertising market rebounds soon, McClatchy may have to lower its expenses even more to pay its bills and remain in good graces with its bankers. That could mean even more layoffs at a company that already jettisoned about one-third of its work force in the past year.
More layoffs? Not good news at all.

The Herald is running on fumes now. Hundreds of experienced journalists have been laid off in the past year. The people who are left, are putting out a paper that's a shadow of what it once was. Even the paper's size is shrinking.

I'm not sure the Herald can take another hit and remain viable.

More info here.

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