Thursday, July 28, 2011

Star's parent company McClatchy reports 32 percent drop in revenue

Posted by on Thu, Jul 28, 2011 at 4:25 PM

click to enlarge Gary B. Pruitt. The "B" stands for "Bloodletting."
  • Gary B. Pruitt. The "B" stands for "Bloodletting."

Surely I don't have to tell you that all print media -- alt-weeklies included -- have been having a hell of a time finding new ways to bring in revenue as a dollar's worth of print advertising moves to a nickel's worth on the Web. So it pains me to report that the Star's parent company, McClatchy, has announced a 32 percent drop in second-quarter revenue as advertising sales declined.

The company's CEO, Gary Pruitt, has said he'll keep cutting costs to offset another anticipated revenue decline for the third quarter, ending this September. That's about as ominous as corporate-speak gets.

What does this mean for the Star? Who the hell knows. One would like to think they expected this and it won't require yet another round of layoffs. Maybe Steve Penn's recent dismissal saves a job or two. Guess we'll have to wait and see.



Follow The Pitch on Facebook and on Twitter @pitchplog and Peter Rugg on Twitter @petermrugg

Tags: , , ,

Comments (8)

Showing 1-8 of 8

Add a comment

 
Subscribe to this thread:
Showing 1-8 of 8

Add a comment

Most Popular Stories

Slideshows

All contents ©2014 Kansas City Pitch LLC
All rights reserved. No part of this service may be reproduced in any form without the express written permission of Kansas City Pitch LLC,
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.

All contents © 2012 SouthComm, Inc. 210 12th Ave S. Ste. 100, Nashville, TN 37203. (615) 244-7989.
All rights reserved. No part of this service may be reproduced in any form without the express written permission of SouthComm, Inc.
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.
Website powered by Foundation