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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

Media companies suffer huge falls

Earnings at US publishers plunged in the second quarter as ad revenue continued to decline. McClatchy , whose papers include the Miami Herald and the Sacramento Bee, saw earnings tumble by 44%. Profits at E W Scripps, which owns 18 city papers, fell 47%, partly because of the cost of spinning off its digital and cable network businesses. Lee Enterprises, publisher of more than 50 titles, reported a third-quarter profit fall of 87.4%. (Sources: NY Times/Canadian Press)

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