Thursday, July 24, 2008

Miami Heat

McClatchy newspapers, owners of the Miami Herald -- once Florida's best newspaper -- reported its second-quarter numbers today, and the print newspaper decline continues.

Here's what the numbers look like:

Second-quarter revenue was down nearly 16 percent to $489.7 million.
Advertising revenues fell 17 percent to $406.3 million.
Circulation revenues slid 5 percent to $66.1 million.
Profit fell by nearly half to $19.7 million vs $35.2 million in the second quarter of '07.

Online advertising revenue was a bright spot, but still not enough to make up for the other numbers. Online ad revenue grew nearly 13 percent, making up nearly 12 percent of total ad revenue.

It's also paring its debt, which now stands at about $2 billion, down nearly $400 million from the beginning of the year. If only Tribune's debt stood at a mere $2 billion. But of course we know it is six times that amount.

And McClatchy isn't saying staff cuts are done. They'll take a look at where they stand in the third quarter, its press release said. Don't put the ax away yet.

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