Wednesday, February 11, 2009

Analyst says McClatchy stock is "worthless," predicts McClatchy will be kicked off New York Stock Exchange

Morningstar analyst Tom Corbett isn't feeling any love for McClatchy's future. Fitz and Jen summarize:
In a note to investors on McClatchy’s Q4 performance, Morningstar reaffirmed its “fair value estimate” that MNI is worthless. Morningstar analyst Tom Corbett also predicted the stock would be delisted from the NYSE, and ended the note with this downbeat observation on the publisher of The Sacramento Bee and The Miami Herald:

“While the company has made public plans for another initiative to further shrink its cost structure, it is our view that substantial incremental cost reductions will inevitably compromise the quality and content of its publications, placing its iconic mastheads at risk of a further acceleration in the erosion of readers and advertisers.”

It's a grim prediction, but who can argue with it.
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12 comments:

Anonymous said...

But, but, you don't understand.

We're the Goebells press, and we have an important job, and people listen to and rely on us!

There. All fixed. Fire up the printing presses. Keep the lies coming boys.

And how are those trinkets selling?

Anonymous said...

This is all a given that was known to countless numbers of people as many as three years ago.

What I don't understand is why on earth, after the complete desertion of responsible journalism do these people continue to solicit sympathy and pretend to be innocent victims. Had they not decided to become a surrogate of the Socialist International and the Muslim Brotherhood, not to mention the DNC, they could have extended their demise by a couple of years.
Yet, they continue to portray a legitimate news agency doing all they can to alienate their readers at every turn.
Has any of these clown ever even said, "This isn't working. We need to become honest!"

Anonymous said...

The crux of the problem is that Boy Blunder Gary Pruitt thinks he can continue to cut costs, as well as the quantity and quality of news, without accelerating the rates of decline in circulation and advertising.
Earth to Gary: To be a success you have to generate revenue, not simply cut costs.
Perhaps the title of this year's annual report on McClatchy should be A Prescription for Euthanasia instead of last year's Blueprint for Success.

McClatchy Watch said...

"A Prescription for Euthanasia" - heh

Anonymous said...

When the time has come that the
BOD - MNI
can’t/won’t fire a
SOB - CEO ---- MNI - RIP.

Anonymous said...

Analyst says McClatchy stock is "worthless"-

Man on the street says McClatchy newspapers are "worthless"-

What's the question again?

Dave D. said...

"..You'll hear vultures wings beat,
...at 21st and "Q" street
..When Gary's desk and chair are sold for debt."

..I know, it ain't up to the quality of " The white cliffs of Dover ", but McClatchy & Pruitt won't admit it's "Dover" until the Sheriff padlocks the door, though it's bend dover for a long time.

Anonymous said...

I just wonder if the MNI brass sit around in meeting after meeting discussing plans, if they bring in experts and discuss plans, if they go on a retreat to discuss plans, if they hold a BOD meeting to discuss plans, and if meet to plan the discussion of plans?

I think they have a ‘clear-cut’ PLAN, and they are just to chicken shit to reveal it all at once. The dribble and drab PLAN, here a cut, there a cut, and hope the same people adding this up, are the same people that figured out Pru’s compensation PLAN all these years.

Anonymous said...

I think it is time someone gave us the pink sheets information again. I didn't pay enough attentiion last time, sorry.

Anonymous said...

Look boss, de plan, de plan-

Head in the sand Plan, or Pruitt’s Ostrich Farm Plan.

Anonymous said...

The new little catch phrase in the ‘Let’s figure how to make internet news pay’ speak is, “eyeballs to ads” as in, you have to force eyeballs to the product. This is in contrast to the warning that a zillion little postage stamp ads will be off-putting to your eyeballs.

Anonymous said...

Think about it, reductions, cut backs, layoffs, selling of companies,stop pensions, stop company match 401 K's...where are we really headed,,,down the road to backruptcy, face it, how in the world do you expect to get out of a debt that Mcclatchy should have never gotten into in the first place. The Purchase of Knight Ridder..big mistake that is costing valuable employees their jobs, yet the big wigs are still in place making 60 g or more a year...very sad...