Monday, October 27, 2008

McClatchy falls to 52-week low

McClatchy (MNI) shares fell to a new 52-week low in late-morning trading Monday. McClatchy closed at $2.22, down 7.8 percent from Friday's close. The above chart shows the drop in McClatchy shares over the past year.


Anonymous said...

Here's a quote for you from Jim Hightower:

The honchos at conglomerate headquarters blame rising newsprint costs and declining ad revenues as their reason for slashing the news budgets. But their dirty little secret is that conglomerate ownership itself is the culprit. Not only are managers forced to transfer more money from news operations into the pockets of wealthy investors, but millions of dollars are siphoned out of newsrooms every month to meet the outrageous debt payments that top executives ran up in the newspaper takeover frenzy of the last few years. In other words, paying for the creation of the conglomerates – not newsprint costs – is what’s killing newspapers.

Anonymous said...

Exactly. That's why community newspapers are doing just fine - they only have to pay for their own costs, not those of a corporation's other ventures.

Anonymous said...

The honchos don't know their newspapers from their toilet paper. If they knew the REAL nuts and bolts of the workings of their product instead of trying to squeeze the last gasping cent into their own pockets they would do an about face and change things. The newsprint costs is such an old joke (keep whipping that dead horse boys, it's a good lame excuse!). They keep cutting the web width and saving money. They shut down the most efficient presses (flexo) and try to use old antiquated machines.
Well I got mine (severance check), but I feel sorry for the McClatchy employees who are still stuck producing a half rate biased rag. Most of them only know newspapers and are scared as hell about losing their jobs.
Gary Pruitt has taken a once well respected news medium and turned it into the laughing stock of the print (and internet) media!
HEY NERO, are you still playing that fiddle?