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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

McClatchy loses £142m in three months

McClatchy, the second largest newspaper owner in the US, has reported a $279.3m (£142m) fourth quarter loss in the face of falling ad revenues. The period saw the sale of the company's largest newspaper, the Minneapolis Star Tribune, for $530m (£270m), well below the $1.2bn (£612m) it paid for the paper in 1998. McClatchy's ceo, Gary Pruitt, said more ad declines were expected but they will be offset by greater-than-expected cost savings from integrating the 20 Knight Ridder papers it acquired last year. (Via CBS News)

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