McClatchy’s first quarter came in 2 cents lower than analysts expected as revenue fell 15 percent compared to last year. The company also announced a bid to try to get its debt load down by speeding up payments by $250m. a year. It is the $2.4b. debt it is carrying that makes a way forward hard to see as long as revenues keep falling.
To help shave costs, McClatchy’s DC bureau will start doubling up with the Hearst staff. McClatchy put out the word that it had more space than it could use — wonder how that happened?
