McClatchy shares hammered on bad advertising figures

Shares in media company McClatchy dropped 30% today after the release yesterday of more bad news on the advertising front.

Shares in McClatchy (NYSE:MNI) opened the day at $1.47 dropping to $1.05 at the close of trading after hitting a low of $1, for a 29.53% drop.

Print advertising in McClatchy dropped 22.4% in November, but was partially offset by a 7.5% gain in online advertising for a net drop of 19.4% year on year. Notably the figures showed increasing declines in circulation that may further erode McClatchy’s advertising revenue in December.