Wednesday, March 4, 2009

McClatchy says its 49.5% stake in the Seattle Times is worthless

Chuck Taylor went through McClatchy's latest SEC filing and discovered McClatchy has valued its stake in The Seattle Times as zero. Click here for the details.

Hat tip: comments


Anonymous said...

As Mcclatchy's assests continue to deprecitate as in:
- The Seattle Times
- Market Cap.
- Real Estate Holdings (The buildings they operate in)
- Savings (Operating Capital)
- Pension fund shortfalls

The net margin base on the millions in loans they have must be adjusted. Mcclatchy will have to come up with additional funds, restructure their loans again, or file chapter 7.
This downward spiral cannot continue much longer unless a fundamental shift in the entire financial fabric changes by next weeks Sunday edition. This I don't see happening. Even if I survive this round, I am preparing for the end of an era in the newspaper business. I have copied my best articles, contacts, etc. and am prepared as best I can be to move on.

Anonymous said...

Gearino shares some insight into Mr. Weaver and McClatchy.

nick said...

In 1986 The McClatchy Company purchased The Tacoma News Tribune why Tacoma News Tribune kill The Seattle Times

Anonymous said...

49.5 Percent? I think they are being too kind. Soon it will be 100%.

Anonymous said...

Anon 3:22:

Additional funds: Hardly
Restructure Loans: What, again!

Anonymous said...

They need to kill the TNT, it has a rep for poor quality anyways. Move the TNT to Seattle Times and move the Olympian back to where it belongs in Olympia.

I believe The Olympian is still printing USA Today???? so why are they not printing the Olympian?? or why not print the USA Today in TNT and shut the Olympian down? ah yeah, USA Today is gannett and they do not print in shit holes like TNT.

none of it makes since really, unless you look at who is not being cut, that being the useless pork (directors/upper management) whom is making these poor choices which are destroying peoples lives and the product they are suposed to represent. Have you seen the Olympian since the printing moved to TNT? pure crap!

Seattle needs a paper, TNT can not do it, so the best move is bring TNT up north.


Anonymous said...

Meanwhile, at the P-I the doomed employees have a desperate begging bowl out

Anonymous said...

McClatchy basically handed over control of The Olympian to the TNT to do as they saw fit. No matter what the daily zero tried to do to save their paper, their efforts were in vain, we all knew it was going to happen regardless.

From what I know, The Olympian was a profitable newspaper(though profits were declining like everyone else), my belief is that the crooks at McClatchy corporate figured they could save even more money by cutting a bunch of jobs in Olympia. Funny, the Olympian still sells more ads on a day-to-day basis than the TNT. I figure that will decline, as the advertisers figure out that the quality of the printing in tacoma is nothing like what it was when it was printed here.

The TNT would love to print the USA Today, but unfortunately for them, their Metro press is a pile of junk(of course, laying their mainenance crew off probably contributed to it...). It just can't achieve the quality that the Urbanite in the Olympia shop could. For those who don't know, out of all of the USAT print sites, Olympia is routinely in the top 5 out of 34 for quality, often hitting #1.

Anonymous said...


P-I staff asking for donations

A movement is stirring to keep the Seattle Post Intelligencer going.
According to a P-I employee website, journalists plan to keep an online version of their paper going for at least a couple of months if the paper stops publishing, which could happen mid-March.

The goal is to get subscribers and philanthropists to fund the online version.

"In the short run, the hope really lies with grant makers, foundations, and individuals who have a large sum of money at their disposal and want to invest it in their community to support journalism that goes two, three, or four layers deep," said Reporter Daniel Lathrop.