Star’s parent company McClatchy reports 32 percent drop in revenue
Surely I don’t have to tell you that all print media — alt-weeklies included — have been having a hell of a time finding new ways to bring in revenue as a dollar’s worth of print advertising moves to a nickel’s worth on the Web. So it pains me to report that the Star’s parent company, McClatchy, has announced a 32 percent drop in second-quarter revenue as advertising sales declined.
The company’s CEO, Gary Pruitt, has said he’ll keep cutting costs to offset another anticipated revenue decline for the third quarter, ending this September. That’s about as ominous as corporate-speak gets.