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Wed - 13.12.2017


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Dan Walters, the star political columnist at The Sacramento Bee, is not only the celebrated dean of the statehouse press corps in California, he also has been a loyal shareholder for 22 years of the company that owns his paper. But his faith in his employer, McClatchy, has not been rewarded.

After buying his first stock when McClatchy went public at $18.98 a share in 1989, Walters kept accumulating shares as they soared past $74 in 2005 and watched in horror four years later when they plummeted to less than 50 cents apiece.

Continue reading in Editor & Publisher

Author

Anton Jolkovski

Date

2011-05-12 10:28

Newspapers are proving so resilient that the term "dying newspaper industry" will be retired in the next year or two.

Newspapers are still profitable, even in the midst of the most punishing ad drought in memory. Readership is at record levels, despite price hikes imposed by publishers. And web interlopers haven't laid a glove on the industry's status as society's dominant news-gatherer.

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Author

Anton Jolkovski

Date

2011-02-14 17:04

Media General Inc. reported a revenue decline in the third quarter. However, the loss is smaller compared to the same period one year ago, Business Week reported.

The revenue trend is expected to continue in the fourth quarter. The company's shares were down almost 6 percent to $7.49 in morning trading on Wednesday, Reuters reported.

The publisher posted a net loss of $10.7 million, or 48 cents per share, in the third quarter, compared to a loss of $62.5 million, or $2.80 per share, one year earlier.

Revenue was up from $158 million one year ago to $163.2 million, Editor and Publisher reported.

Publishing revenue plunged almost 8 percent to $77.7 million due to plummeting retail advertising sales in the third quarter year-over-year, while TV revenue increased 3 percent year-over-year to $163.2 million, thanks to strong political TV advertising.

Author

Erina Lin

Date

2010-10-21 22:46

Shares of Gannett Co. Inc plunged 8.02 percent today to $12.96, after its quarterly revenue fell short of expectations for the biggest U.S. newspaper chain, AFP reported.

The company's net profit in the third quarter was up 37.5 percent to $101.4 million compared to the same period a year ago.

Revenue, however, remained flat at $1.31 billion, which was short of the Wall Street expectation's $1.32 billion.

The publishing unit had its revenue down almost 5 percent to $969.4 million, including a 5-percent decline in advertising revenue to $646.7 million, Reuters reported.

Broadcasting revenue, on the other hand, gained 22.3 percent to $185.3 million, with digital revenue up 10.2 percent to $157.7 million.

Author

Erina Lin

Date

2010-10-15 21:51

Shares of New York Times Co. was up more than 9 percent Monday, one of the biggest gainers on the New York Stock Exchange, after UBS released a note citing advertising growth at the publication, the Global and Mail reported.

The stock boosted to $8.77, a two-month high, before trading up 63 cents, or 7.9 percent, at $8.65.

According to UBS analyst John Janedis, who gave a "sell" recommendation on the stock, said that the number of ads in the paper is 4 percent ahead of last year so far in October, Editor and Publisher reported.

There was no comment available yet from the New York Times Co.

Author

Erina Lin

Date

2010-10-12 17:43

The Washington Post Co. reported its second-quarter net income up to $91.9 million, from $12.2 million year-over-year. Continuing-operations income totaled $94.2 million, up from $21.2 million in the same period in 2009, Media Bistro reported.

The company added that its biggest business, the Kaplan test-prep and education services segment, could be hurt by the proposed rule changes at the U.S. Department of Education.

According to the rules, a university or college program would need to show its degree can lead to gainful employment in a recognised occupation in order to be eligible for government-sponsored student loans, Martket Watch reported.

The changes could "adversely affect" Kaplan's ability to retain admissions, financial aid advisors and students," according to a company statement.

However, it "cannot currently predict with reasonable accuracy the impact the proposed regulation will have on its program offerings if it (the proposed regulation) were enacted in its current form," the statement added.

Author

Erina Lin

Date

2010-08-06 22:05

Shares of Gannett Co., Inc. rose Wednesday, after Zacks Investment Research said the U.S. publisher is benefiting from improving advertising trends, Wall Street Journal reported.

Gannett recently saw its shares go up 80 cents, or 6.1 percent, to $13.93. The company earlier said it was "comfortable" with 2Q earnings at the higher end of analysts' estimates, which ranges between 47 cents and 58 cents a share.

Analysts were expecting an average 2Q profit of 53 cents a share, Wall Street Journal reported.

Gannett plans to report its 2Q results on July 16.

Author

Erina Lin

Date

2010-07-07 23:12

HT Media Ltd., publisher of Hindustan Times in India, peaked in almost two years in Mumbai trading as its unit planned to raise 3 billion rupees ($66 million) through an initial public offer, Bloomberg reported.

Hindustan Media Ventures Ltd., a subsidiary of HT Media, filed a draft red herring prospectus (DRHP) on Friday with the Securities and Exchange Board of India (Sebi) on March 5, according to Indian Television.

The shares boosted as much as 15 percent, and reached 154.6 rupees as of 9:46 a.m. local time Monday. It was the third biggest gainer in the 500-member Bombay Stock Exchange BSE500 Index, Bloomberg reported.

Author

Erina Lin

Date

2010-03-08 23:45

Gannett Co. shares were up 5.4 percent (71 cents) today, after a Benchmark Co. analyst upgraded the stock, noting the U.S. newspaper publisher's stronger management strategy, The Associated Press reported.

"With solid franchises in small local newspaper markets in the U.S. and UK, and ongoing efforts to expand content through new print and new media products, we believe Gannett is well positioned to weather the prolonged downturn in the newspaper publishing industry," wrote analyst Edward Atorino. He raised his rating from "Hold" to "Buy," and increased his price target from US$16 to $18.

Author

Leah McBride Mensching

Date

2009-12-14 19:01

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

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