McClatchy Takes Hit as Online Ads Grow and Classifieds Shrink
Newspaper publisher McClatchy Company released a statement yesterday describing the shift of newspaper advertising from print to online. As a result, McClatchy reported a 4.7% drop in total ad revenue over the previous month.
“As we look to next year we expect strength in internet operations and direct marketing, offset by lower advertising in our print products,” said CEO Gary Pruitt in the statement. “We anticipate advertising revenues on a pro forma basis to be down in the first half. We don’t have enough visibility right now to project revenue trends in the second half of 2007 with any confidence, but rest assured that we will be innovative in our sales strategies no matter the economic climate or secular changes taking place.”
Pruitt specifically expects a reduction in revenue from both real estate and employment classifieds.
In addition to print newspapers, McClatchy publishes more than 130 newspaper websites and the McClatchy Interactive division owns parts of CareerBuilder.com and classified website publisher Classified Ventures.
“We will continue to integrate our digital operations, move all newspapers onto the same purchasing, accounting and payroll systems and use our larger size to exact the best pricing available for services and products,” added Pruitt. Meanwhile, McClatchy is focused on reducing its massive multibillion-dollar debt.
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