The McClatchy Company which is the third largest newspaper company in the United States is seeing a decline in advertising for the month of November 2008. The consolidated and advertising revenues of the company have decreased to 19.4% and 22.4% respectively as compared to November 2007. The decline in print advertising were compensated by 7.5% gain in online advertising as compared to last year. The overall decline in the revenue for the first eleven months of the year were 15.9% and 17.8% in advertising revenue.
According to chief financial officer of McClatchy, Pat Talamantes:
November advertising revenues were lower than October, but in line with recent ad trends. The economic downturn continues to hurt consumer confidence and as a result negatively impacts advertisers in the local markets we serve. As we noted in a presentation last week at an investor conference, we are working hard to reduce the decline in revenues and increase the savings from our cost initiatives during the fourth quarter and 2009.
