Tuesday, September 16, 2008

More layoffs at McClatchy

McClatchy Watch informs us of this report that McClatchy is reducing its quarterly dividend. Hard to fathom why they would give any dividend at all the way the company is bleeding cash.

McClatchy is also slashing another 10% from its workforce.

We can surely expect that the Heralds will be affected. I guess they offended the Orishas.

Additionally ad revenues were down 17.8% in August compared to August of last year. A lot of people scoffed when it was suggested that newspapers need to sell more ads for less money (e.g. reduce the ad/editorial ratio to about 50/50). With declining circulations I don't see another way for the traditional fishwraps to survive. Show me an advertiser that wants to pay more to reach less people.

McClatchy shares closed up, at $3.40, after trading at a 52-week low of $2.57 during the day.

2 comments:

Anonymous said...

Miami Herald cut 10% or 119 people today. Nearly all cuts hit in editorial.

There was a story in the Herald on it...buried deep.

Ray said...

Despite all the stats, I see a ton of high paying jobs posted on employment sites -

http://www.linkedin.com (professional networking)
http://www.realmatch.com (matches you to the perfect job)

The HP folks will find more work