MNI-McClatchy shares close below $1 - Nations 3rd Largest Newspaper Chain
McClatchy shares close below $1Sacramento Business Journal - by Melanie Turner Staff writer
Shares of The McClatchy Co. dropped more than 13 percent to an all-time low of 89 cents in trading Monday, as the nation’s third-largest newspaper chain continues to take a beating on Wall Street.
The Sacramento-based company — publisher of The Sacramento Bee, The Miami Herald and 28 other daily newspapers — has been hard hit for the past year.
McClatchy (NYSE: MNI) stock has fallen 93 percent from its 52-week high of $13.31.
Five years ago in this same week, McClatchy stock closed at $67.99 a share. Four years ago, McClatchy stock closed at $70.90 a share in the same week. The company’s stock is down almost 99 percent from Dec. 20, 2004.
McClatchy has battled declining readership and revenue for the past few years, like many of its rivals. The company has been cutting costs, including buyouts and layoffs at its newspapers.
