McClatchy Co reports 20.4% drop in advertising for October

Newspaper group The McClatchy Company has reported a 20.4% drop in advertising for October.

Overall revenue at McClatchy decreased 17.8% for the month off the back of the 20.4% drop year on year (October 2007 vs October 2008) in advertising. The one bright spot for the company was a 12.4% gain in online advertising revenue year on year, which partially offset the decline in print advertising.

For the first ten months of the year, total revenues declined 15.5% and advertising revenues declined 17.4%.

It’s more bad news for McClatchy, although it would appear at least at the moment the rapid decline may have slowed, with the group reporting a 19.9% drop in September. This may be temporary as October was the run up to the election, so political advertising would have been exceptionally high for the period.

McClatchy owns The Miami Herald, The Sacramento Bee and 28 other daily newspapers.

(img credit: Daylife)