McClatchy slashes value in Seattle Times
The McClatchy Co. continues to slash its estimated value of its investment in The Seattle Times Co., as both the local daily and the newspaper industry continue to reel from lost revenue.
The Sacramento-based company said its 49.5 percent stake in the Times has a carrying value of $12.06 million, down 38 percent from the value McClatchy (NYSE: MNI) calculated in December, according to a Securities and Exchange Commission filing late Friday.
The write-down follows series of similar moves in the past 18 months.
McClatchy had valued its interest in The Seattle Times Co. at $102.2 million at the end of 2006 and $89.9 million in June http://pay-day-home.com. In December, McClatchy dropped its estimated value of the investment to $19.3 million.
McClatchy is the nation’s third-largest newspaper company, with 30 daily newspapers and direct marketing and direct mail operations.
The company reported a first-quarter loss of $993,000, compared to $14.5 million a year ago.
McClatchy reported first-quarter revenue of $488.3 million, down 13.8 percent from first-quarter 2007. Advertising revenue fell 15.3 percent from the first quarter of 2007, and circulation revenues were down 5.6 percent.