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McClatchy’s Employment Classifieds Down 40%
Fitch Ratings slashed its rating today on McClatchy’s $2.1 billion in debt, citing the company’s deteriorating business and the grim outlook for daily newspapers in general. McClatchy’s revenue has declined 13.6% over the past 12 months, and year to date reveneue has dropped 15.3%. Perhaps most startling, the publisher’s employment classified business has plummeted, declining by nearly 40% over that time period. Whatever date one places on the eventual death of the daily, I’d say that these kind of alarming numbers, being far worse than the already dismal numbers that everyone has become accustomed to seeing from the industry over the past few years, should compel people to re-examine their assumptions and probably shorten their timeframe.