McClatchy Second Quarter Profits Plunge

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Sacramento, Calif.-based media conglomerate The McClatchy Company reported a dramatic decline in Second Quarter earnings compared to a year ago, as print advertising and newspaper circulation continues to crumble industry-wide.

Net income for Q2 was $11.8 million, down from $26.9 million over the comparable period a year ago. Profits fell $5 million to $11.1 million, compared to the 2012 second quarter total of $16.1 million. Total Second Quarter revenues reached $308.8 million, a 3.5 percent decrease from results a year ago.

McClatchy owns 30 daily newspapers and numerous weeklies nationwide.