McClatchy: Our stake in the Seattle Times is now worthless (Dinosaur Media DeathWatch™)

Seattle Post-Times ^ | March 4, 2008 | Chuck Taylor

[abb]

Newspaper giant McClatchy, which owns 49.5 percent of the voting stock in the Seattle Times Co., is now valuing that position as worthless. In the latest 10K filing with the Securities and Exchange Commission, McClatchy says the Seattle Times Co. in 2008 "recorded a comprehensive loss related to its retirement plan liabilities."

As a result, says McClatchy, "the Company’s investment in STC at December 28, 2008 is zero, and no future income or losses from STC will be recorded until the Company’s carrying value is restored through future earnings by STC. Accordingly, no significant income or losses are expected to be recorded from this investment in 2009."

This, of course, doesn't mean the other, controlling 50.5 percent of the Seattle Times Co. is worth nothing. But it's a further indication of awfully bad health.

While Seattle Times joint operating agreement partner the Seattle Post-Intelligencer, owned by Hearst, is expected to cease inked publication within weeks, the privately held Seattle Times Co. itself is thought to be teetering on the brink of bankruptcy, and it has asked its unions for concessions to reduce employee costs by 12 percent. The Newspaper Guild will be allowed to examine the books sometime this month.

Relevant excerpts from the McClatchy 10K filing:

Other Operations ... The Company owns 49.5% of the voting stock and 70.6% of the nonvoting stock of The Seattle Times Company. The Seattle Times Company owns The Seattle Times newspaper, and weekly newspapers in Puget Sound and daily newspapers located in Walla Walla and Yakima, Washington and in Portland, Maine. ...

Recent Events and Trends Equity Investments

... At the end of 2008, The Seattle Times Company (STC) recorded a comprehensive loss related to its retirement plan liabilities. The Company recorded its share of the comprehensive loss in the Company’s comprehensive income (loss) in stockholders’ equity to the extent that it had a carrying value in its investment in STC. As result the Company’s investment in STC at December 28, 2008 is zero, and no future income or losses from STC will be recorded until the Company’s carrying value is restored through future earnings by STC. Accordingly, no significant income or losses are expected to be recorded from this investment in 2009. ...

NOTE 4. INVESTMENTS IN UNCONSOLIDATED COMPANIES AND LAND HELD FOR SALE

The following is the Company’s ownership interest and investment in unconsolidated companies and joint ventures as of December 28, 2008 and December 30, 2007 (dollars in thousands): ... % ownership interest Dec. 28, 2008 Dec. 30, 2007 Seattle Times Company (C-Corporation) 49.5 — $19,310

[abb]

http://www.metrotimes.com/news/story.asp?id=13753
What we’ll miss

http://www.hitsville.org/2009/03/04/a-few-thoughts-on-the-fate-of-the-san-francisco-chronicle/
A few thoughts on the fate of the San Francisco Chronicle

http://media.www.dailyemerald.com/media/storage/paper859/news/2009/03/04/News/Emerald.News.Staff.Strikes-3658778.shtml
EMERALD NEWS STAFF STRIKES

[Enterprise]

Landing hard and eatin' dirt.

[arealconservativeforachange]

I don’t know how I’ll sleep tonight.

Now they know what their “opinion” is worth.

[Enterprise]

Hey hey
Ho ho
Wa Po you suck
You gots to go!

[Straight Vermonter]

$0.41

[Gator113]

Oh no... does this mean that there will be another round of libs losing their jobs, houses and becoming financially destroyed for the rest of their lives future? Oh no...I feel so bad.

But hey, maybe they can get jobs building Obama’s new roads... are they Black?

[jjrichardson]

Yes, all of us up here in Seattle are very upset that the PI will cease to exist in a matter of weeks. I am sure that the Obama administration will have jobs for all of them.....

[abb]

http://www.newspapertrails2.blogspot.com/
newspapertrails
A home for information about McClatchy Co. and its properties.

http://www.niemanlab.org/
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http://www.newspaperdeathwatch.com/
Discussing - and Discarding - Solutions

[abb]

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[andyandval]

Unalloyed glee bump!

[abb]

http://www.poynter.org/column.asp?id=123&aid=159569
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http://www.citypages.com/2009-03-04/news/the-minnpost-model-is-it-sustainable/
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http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=101404
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http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=101372
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[abb]

http://www.medialifemagazine.com/artman2/publish/Cable_65recap/Struggling_MTV_looks_to_reinvent_itself.asp
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Moonves: Upfront pricing will be up

[MinuteGal]

Remember?............

"GE, We Bring Good Things to Life"

Oh, ya, baby. Just ask CEO Jeffrey Immalt (liberal and corrupt).

Leni

[ForGod'sSake]

A little something to cut a rug to abb...

[Lancey Howard]

Good news BUMP!
I want everybody associated with the socialist Democrat newsrooms to lose their jobs, their life savings, their homes, and their families. For what they have done to America, they deserve nothing less.

[abb]

http://www.latimes.com/business/la-fi-sony4-2009mar04,0,1975104.story
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http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003947359
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http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003947168
Ted Rall Hits Newspapers on “Endangered” Editorial Cartooning in New Column

[abb]

http://www.buzzmachine.com/
Newspaperman contemplates suicide

http://www.adweek.com/aw/content_display/news/digital/e3ib7a02a35762c9434fd1e2cf876543c33
CBS’ MMOD Soars
Ad revenue on pace to top last year’s record by 20%

[Grampa Dave]

“McClatchy: Our stake in the Seattle Times is now worthless (Dinosaur Media DeathWatch)

BOL!

This is a prime example of a blackened/badly damaged pot calling another blackened/badly damaged pot, worthless.

Today, MNI, McClatchy, stock dropped a penny to 41 cents per share.

Last Trade: 0.41
Trade Time: 4:01pm ET
Change: -0.01 (-2.38%)

Owning MNI stock is very close to being worthless.

[abb]

http://www.editorandpublisher.com/eandp/columns/forestwebs_display.jsp?vnu_content_id=1003947385

FORESTWEB Report: Newsprint Output Down, But Mills Are Up
North American newsprint output and production in January fell by roughly a fifth year-over-year, but mill inventories were up dramatically. In addition, the newsprint sector’s curtailments were reflected in low operating rates.