McClatchy Q3 Earnings: Ad Revenue Down, Circulation Revenue Up
The McClatchy Co. (MNI), the third largest newspaper publisher in the U.S., reported its third quarter earnings this morning.
The company reported a net income of $23.6 million for the quarter, up $4.2 million during the same period last year. Adjusted earnings also grew from 2008, reaching $11 million compared to $10.4 million last year.
However, revenue dropped 23.1 percent during the quarter compared to last year. Advertising revenues were $266.1 million, down 28.1 percent from 2008, but circulation revenues increased 6.7
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