McClatchy sees October sales fall
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McClatchy Co., the No. 3 newspaper publisher in the country, said revenue fell 18% to $176 million in October, marking the worst decline this year as advertisers continued to cut spending in the U.S. recession.
Ad sales tumbled 20.4%, surpassing September’s 19.9% drop. Year to date, McClatchy’s revenue has declined 16%, with advertising off 17%, the Sacramento-based publisher said.
The slumping U.S. housing market, coupled with readers and advertisers moving to the Internet, led to a 23% drop in McClatchy’s print ad sales, with the largest contractions in California, Florida and the Southeast.
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