Gazette and Packet parent company posts lower ad sales, but decreasing rate of loss

Flickr user BRB62

If you didn't know, the McClatchy Co. owns both The Island Packet and The Beaufort Gazette. And, again if you didn't know, that company has  been struggling and investors are anxiously waiting to see if McClatchy can turn around its slump.

Well the good news is the company showed a profit, but profit fell from $42.2 million a year ago to $7.3 million this year. Partly to blame was a continued fall in advertising revenue, down 8% in the second quarter.

What's this mixed news mean for the fate of the newspaper company? In the words of a Magic 8 Ball: Ask again later.

The Wall Street Journal has a nice post on the news; read it here.

The Island Packet also has a mostly generic release that goes into a bit more detail but doesn't say much about the local papers; read that here.

Filed in