Star Parent McClatchy Posts Net Loss, Lower Revenue In Q4

The Kansas City Star's printing press building | Photo courtesy of Creative Commons

The McClatchy Co., which owns The Kansas City Star, reported lower operating profits and revenue for the fourth quarter Thursday, citing disappointing December holiday advertising.

The Sacremento-based firm said profits excluding one-time adjustments fell from $43.2 million to $33.8 million, including a $60 million after-tax loss due to a major debt refinancing.

The results showed that McClatchy, while making progress, has still been unable to shake an advertising downturn that has gripped much of the traditional media industry since 2006. Advertising revenue fell 6.1% for all of 2012 and 7.7% the year before.

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