Proving once again that the elite media’s fake news strategy is a dead-bang loser, McClatchy (NYSE-MNI) has reported a net loss in the second quarter of 2017 of $37.4 million, or $4.91 per share.
In the second quarter of 2016 McClatchy reported a net loss of $14.7 million, or $1.89 per share.
Craig Forman, McClatchy’s president and CEO, said, “As we focus forward at McClatchy, the mantra of accelerating our pace and cadence is being embraced across the organization. And our changes are being well-received by customers — both long-tenured and new. In the second quarter, we moved forward by regionalizing our publisher structure, centralizing our audience department, expanding our exceleratetm digital marketing business, hastening our product release cycles and diligently working to close on our strategic real estate transactions.”
All this gibberish really means is that the company is tanking.
Total advertising revenues were $125.2 million, down 11.1% in the second quarter of 2017 compared to the second quarter of 2016.
Total digital advertising revenues, which includes digital-only advertising and digital advertising bundled as an upsell with print advertising, declined 0.9% compared to the same quarter last year. This means they’re dying not only in print, but online as well.
The bottom line: This company has a product nobody wants.
Source: Seeking Alpha