Date

Thu - 23.11.2017


McClatchy

The Associated Press announced today that Gary Pruitt, the chairman, president and CEO of The McClatchy Co., will become its newest chief executive officer in July, succeeding current President and CEO Tom Curley upon his retirement, The New York Times Media Decoder blog reported.

McClatchy owns 30 daily papers and is the third largest US newspaper publisher. Pruitt will be succeeded by Pat Talamantes as the new CEO of McClatchy and byKevin McClatchy as chairman, the article said.

Pruitt, who spent 28 years at McClatchy, is no stranger to the AP, serving on its Board of Directors for nine years, according to an AP press release. He also formerly served as a chair of the Newspaper Association of America.

In the press release, Pruitt praised Curley’s tenure as chief executive, as well as the digital direction the AP has embraced in recent years.

Author

Gianna Walton

Date

2012-03-22 18:59

McClatchy Co. reported an 83 percent profit decline in the second quarter as the company suffered from both advertising and circulation downturn, Reuters reported.

Net income dropped to $7.3 million, or 9 cents a share, from $42.2 million, or 50 cents a share, year-over-year. Revenue fell to $342 million from $365.3 million, the Associated Press reported.

Advertising revenue dropped about 8.2 percent to $260.5 million. Circulation revenue declined 2.4 percent.

Just like many other players in the industry, the economic slowdown has drained ad revenues and pushed them to restructure to cut costs by slashing jobs. The industry has also been trying to transfer the traditional readers online. Circulation at McClatchy slipped 2.4 percent, compared to the same period last year, the Wall Street Journal reported.

According to Chief Executive Gary Pruitt in a statement, advertising revenue would be down again in the third quarter, but the drop would be less severe, Reuter reported.

Author

Erina Lin

Date

2010-07-29 21:56

McClatchy Co. will not put up paywalls, and is instead "comfortable" with an ad-supported online model, CEO Gary Pruitt announced today, MediaPost reported.

However, the U.S. newspaper publisher will continue experimenting, offering paid content relating to state government news (which will target wealthy lobbyists) at its newspaper in Raleigh, North Carolina, for example.

"If you can hold on to your audience, you can be leading local media provider in your market, even with the proliferation and fragmentation of the entire media landscape," Pruitt said at Borrell Associates' Local Online Advertising Conference, according to paidContent. "The percent of internet-only ad dollars will grow because of self-serve vehicles and classifieds. We don't need it to be 50/50 for us to have the same cash flow. Digital has a higher profit margin because of the lower costs from not having to print and distribute it compared to print."

McClatchy's newspapers include the Kansas City Star and the Miami Herald.

Author

Leah McBride Mensching

Date

2010-02-09 23:30

Newspaper publisher McClatchy is going to try out charging for content online, Editor and Publisher reports.

Chief Executive Gary Pruitt said that McClatchy will trial a pay model on one of its newspaper websites, suggesting that a number of articles could be available for free before the reader hits a paywall. He added that the publisher will continue to focus on free online content supported by advertising, and that he believes that this will remain widespread. "We feel the model isn't broken," he said. "But we'll learn from everything - we wish them all the luck. If someone cracks the code, we'll copy it."

For more on this story, visit our sister publication, editorsweblog.org.

Author

Leah McBride Mensching

Date

2010-01-28 19:32

The Miami Herald yesterday began trying a new way to make money from online content: by asking nicely. The McClatchy-owned Florida newspaper now accepts voluntary payments on its Web site at the end of each story, where readers are presented with an option to make a payment to support the coverage.

After clicking on the option, readers are directed to a page where they can pay any amount they like, via credit card.
But will readers pay?

The majority of reader comments under The Herald's announcement voice support for the move, stating "I think most people realize the importance of having a daily local paper and would pay something to support it," and "We all love it when a Miami Herald investigation exposes corrupt politicians and the like. That costs money."

However, readers also said that even though they support the idea, they doubt people will willingly offer up cash.

Elissa Vanaver, a vice president at The Herald, yesterday told The Associated Press that some readers have already donated. She also said there is no timeline for this plan.

"...We don't have a phase two or three or four yet. We want to see what trying this tells us about the market," she said.

Other newspapers are mulling the voluntary pay option, but The Herald is the first to try it out, Geneva Overholser, director of the USC Annenberg School of Journalism, told the AP.

Author

Leah McBride Mensching

Date

2009-12-16 22:35

McClatchy Co. has been watching advertising revenue trends rise since the third quarter, and expects the trend to continue through the end of this year, the Wall Street Journal reported today.

The U.S. newspaper publisher also expects "cash expenses to be down in the high-20 percent range in the fourth quarter as we continue our focus on permanently reducing our costs, said Chairman and CEO Gary Pruitt.

The company's shares rose today after reports of an uptick in ad revenue trends, with the publisher predicting declines in ad revenue between the low and mid 20 percent range in the fourth quarter. This is compared to a 28.1 percent decline last quarter, and a 30.2 percent decline in the second quarter of this year, The Associated Press reported in an article posted by ABC News.

McClatchy is also seeing success in its digital business, making Pruitt "confident and optimistic about the future," the Sacramento Business Journal reported. Digital revenue has grown in the double digits over the past few months, up 12.1 percent, and up 15.6 percent in November, he said.

Author

Leah McBride Mensching

Date

2009-12-08 23:18

Cost cutting and a tax adjustments have helped newspaper publisher McClatchy Co. in its third-quarter earnings, at a time when its advertising revenue has plunged, The Associated Press reported.

The publisher of The Miami Herald and 29 other dailies had its Shares up in the quarter, as investors believed that the toughest time of the recession were over for the newspaper industry.

The company's quarterly profit improved from US$4.2 million, or 5 cents a share, one year ago, to $23.6 million, or 28 cents per share, according to the AP article posted on Google News.

However, some of the big profit increases resulted from a tax rate adjustment. Excluding one-time gains, McClatchy would have earned $11 million, or 13 cents per share, versus $10.4 million, also 13 cents per share, in the same period last year on a comparable basis. McClatchy's revenue was down 23 percent to $347 million, and its advertising downturn did not slow down much in the third quarter. McClatchy's ad sales were down 28 percent in the third quarter after a 30 percent drop in the first half of the year.

"The advertising declines we've experienced show some signs of slowing, but the ad environment remains weak overall," McClatchy CEO Gary Pruitt said in a statement.

On a positive note, online advertising rose 3 percent year-over-year, the AP reported.

Author

Erina Lin

Date

2009-10-15 19:18

U.S. newspaper publisher the McClatchy Company on Monday announced its 30 daily newspapers have all joined The Associated Press mobile news network.

"Adding all our Web sites to AP Mobile makes it easier for consumers to access our local news and helps expand overall readership in our newspapers' markets," Christian Hendricks, McClatchy's vice president of interactive media, said in a statement.

Two of McClatchy's largest papers, The Miami Herald and The Sacramento Bee, joined AP Mobile in 2008. Its Miami-based Spanish-language paper, El Nuevo Herald, The Miami Herald's sister paper, is also the first Spanish-language paper to be in AP Mobile's U.S.-Spanish section.

According to Media Post, the mobile network also allows members of the AP to share their own content with each other.

Author

Leah McBride Mensching

Date

2009-09-14 22:48

The McClatchy Co. has revealed its wage freeze will stand until the end of the year instead of the expected return of pay increases in September, the Wichita Business Journal reported Wednesday.

The Sacramento-based publisher of 30 daily newspapers across the United States began a year-long wage freeze in September last year, but the company's treasurer Elaine Lintecum announced that the pay cap would continue at least through December 2009.

The second quarter saw the third largest newspaper chain in the U.S. turn in much improved earnings of US$42.2 million, against $19.7 million a year ago. While cost cutting helped improve profit, advertising decline continued to affect the company, leaving revenue down 25 percent at $365.3 million.

The cost cuts at McClatchy have included reducing its staff by one third, freezing the salaries of staff, including executives, and CEO and Chairman Gary Pruitt has not been given a bonus for the past three years, according to the Business Journal.

Author

Leah McBride Mensching

Date

2009-08-12 19:38

The New York Times Co. value increased the most since February of this year on the back of speculation of profit increase, leading a group of newspaper publishers with similar results, Boston.com reported Tuesday.

According to Edward Atorino, a New York-based analyst at Benchmark Co., the Times Co. will earn nine cents a share next year as profits rebound after a 2009 loss. The company surpassed all expectations when it posted significant second quarter profits after significant cost cuts at both The New York Times and the Boston Globe.
"The doomsday scenario no longer applies,'' Atorino said yesterday, according to Boston.com. "The quarter was bad, revenue was awful, but cost-cutting was remarkable. Some who thought they were going to go out of business have to buy stocks.''

Times Co. shares rose 16 percent to $7.71, its highest price since December. Gannett Co. also had significant value growth with a 12 percent gain to $6.52 a six month high. McClatchy Co., formerly forced into delisting from the NYSE, had a 19 percent gain to finish at $1.39.

The three publishers have watched their share prices decline for four straight years and have lost more than 80 percent of their value since 2004.

Author

Leah McBride Mensching

Date

2009-07-28 20:07

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