Ditto!
NEW YORK McClatchy Co., one of the nation's biggest newspaper companies, reported sharply lower profit and revenue for its third quarter Tuesday and said it would take an accounting charge to reflect the poor conditions in the newspaper business and its falling share price.
McClatchy said it was still determining what size that charge would be, and expected to disclose it in the company's quarterly regulatory filing on or before Nov. 9.
The announcement reflects the deepening malaise in the newspaper business, which has seen advertising slump badly as marketers and readers continue to migrate to the Internet, and amid a long-term decline in circulation. The housing slump has also affected real estate advertising at newspapers.
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