SACRAMENTO — McClatchy, one of the nation’s largest media chains, reported a $14.7 million loss for the second quarter of 2016. That loss was significantly less than the $296.5 million loss reported at this time last year, which included a non-cash impairment of goodwill and other intangible assets of $300 million.
McClathcy is one of the largest newspaper chains in the country. It runs 29 daily newspapers, including those in Sacramento, Modesto, Merced and Frenso. Its newspaper operations are spread in 14 states and have an average weekday circulation of 1.6 million.
Total second quarter revenues were $242.2 million, down 7.7 percent from last year. Advertising was down 11 percent, largely stemming from losses in in traditional print advertising and direct marketing.
Digital-only advertising jumped 16.1 percent and digital advertising rose by 4.4 percent. Audience revenues were relatively stable at $90.5 million, down less than half a percent.
The company also repurchased 234,000 shares of common stock.
The company’s stock price stood at $17.12 per share, up 30 cents, on the news in mid-day trading.
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