N&O Parent Company Reporting Revenue Loss

Posted on November 20, 2008
Filed Under General Business |

McClatchy Co., the nation’s third largest newspaper chain, is reporting that October revenue fell by 17.8 percent as the slump in print advertising continues to weigh on its business. The publisher of Wake County’s only daily newspaper, The Raleigh News & Observer, said revenue fell to $176 million from $214.2 million last year. About 82 percent of its overall revenue comes from advertising. Classified ad revenue plunged by 35.8 percent to $40.4 million, led by employment ads, down 48.6 percent, followed by real estate at 41.5 percent and autos, down 30.5 percent. Retail ad revenue fell by 11 percent while national ad revenue declined by 13.9 percent. Online ads rose by 12.4 percent to $16.4 million. Excluding employment ads, online advertising revenue would have risen by 57.6 percent year-over-year, the company said.