McClatchy Co. Reports 1Q Earnings Decline

Image via WikipediaSacramento, Calif.-based media conglomerate McClatchy Co. today reported First Quarter revenues in 2011 were 9.5 percent lower than the corresponding period in 2010.

McClatchy, which counts 30 daily newspapers and numerous weeklies among its holdings, saw ad revenues in 1Q of 2011 plunge 11 percent, while circulation decreased by 5 percent compared to a year ago. Layoffs at McClatchy papers such as The Sacramento Bee and The Ft. Worth Star-Telegram have been chronicled in this blog (see "TUOL" posts 2/9/11, 2/1/11).