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Media

McClatchy (MNI) Bleeds To Death, Cuts Workforce

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By Douglas A. McIntyre Published
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McClatchy posted disastrous advertising revenue numbers for May. Total ad sales at the company fell 16.6%. Total revenue was down.15.1%. With the top line falling that fast, it is hard to say how long the company can last as an independent entity.

Online advertising was up a modest 12.9%, not nearly enough to offset disappearing print revenue. Total classified advertising fell 27.4%.

McClatchy also announced that it would cut 10% of its workforce, roughly 1,400 employees.

By some miracle, McClatchy CEO Gary Pruitt will keep his job. He made the comment that "We have been transitioning steadily and successfully from a traditional newspaper company to an integrated multimedia company for some time."

There is no evidence that the statement is true.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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