McClatchy Newspaper Group Profits Drop on Real Estate Advertising Slowdown
The McClatchy Co, a major publisher of newspapers across the country saw a severe drop in real estate advertising during the second quarter. So much so that it impacted it earnings drastically. With the news that Realogy is cutting their newspaper advertising spending even further coming out after these results, the impact on newspapers will be felt strongly in the coming quarters.
Newspaper publisher McClatchy Co. reported a 9.5 percent decline in second-quarter profits Thursday as a sharp falloff in real estate advertising in California and Florida hurt results, but the results still came in ahead of expectations.
The company, which publishes 31 newspapers including The Miami Herald and The Sacramento Bee, earned $39.9 million in the three months ending in June, down from $44.1 million in the same period a year ago, or 49 cents per share versus 94 cents per share. via San Jose Mercury News
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Comment by Doug Quance on 20 July 2007:
Newspaper advertising of real estate hasn’t been effective for a few years… just a big waste of cash.
The only reason it was done – in spite of the lackluster results it provided – was to placate sellers.
I quit newspaper advertising a few years back… and quit all print advertising as of the beginning of this year. It’s just not worth it.
Comment by Mike Elliott on 20 July 2007:
The numbers are finally starting to reflect the reality of the situation. Newspaper advertising for real estate has all the efficacy today of graffiti on a subway wall.
http://mikeelliottsblog.wordpress.com
Comment by Tom on 20 July 2007:
Mike
That was an awesome comment. I love the turn of the phrase, “Newspaper advertising for real estate has all the efficacy today of graffiti on a subway wall.”
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