McClatchy Is A Steal! At Twice The Price!

By fitsnews • on December 23, 2008
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In more bad news for what was formerly the largest newspaper in South Carolina, shares of its parent company dropped below a dollar for the first time ever yesterday.

The McClatchy Co., which owns La Socialista (a.k.a. The State Newspaper), saw its stock drop another 13% Monday, closing at an all-time low of 89 cents.

But wait, it gets worse. From BizJournals:

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.

Ouch.

We’ll say that again. OUCH. And in today’s morning trading, it is getting worse, with McClatchy stock falling to 75 cents.

As for La Socialista, they’ve already endured two rounds of layoffs, no doubt with more to come based on this news.

Of course that hasn’t stopped the paper from promoting idiocy at every turn, particularly its opinion division.

Just today, the paper referred to the S.C. Senate Majority Leader as “Bob” Peeler in its lead editorial.

It’s Harvey, morons. But keep up the great work.

Comments

By James the Foot Soldier on December 23rd, 2008 at 3:26 pm

I made the mistake of subscribing to said paper years ago and after reading drivel heaped upon drivel for 26 weeks I ignored every lame attempt by their telemarketers to get me to re-up.

I normally buy a Sunday version, however, this Sunday’s “news” made me hurl and I won’t be making that mistake again any time soon. Is there worse coverage of state government by a capital city newspaper anywhere in America?

On a related newspaper front – I would also buy a USA Today or two during the week. Their recent 33% INCREASE in price to $1.00 was the tipping point for me. What business school did their bean-counters attend? Did someone from Harrell’s mathematically challenged staff provide the folks at USA Today on-the-side consulting services?

Raising prices in the face of a nasty economy: NOT a bright move.

By LC on December 23rd, 2008 at 5:02 pm

For all the trouble that “editor” has spawned for others around here — and who knows how far ‘beyond’ the state’s borders, the *no principles* management style has gotten them exactly what they deserve:

Bankruptcy hovering like a BIG DARK CLOUD that won’t go away.

By -- on December 29th, 2008 at 10:47 am

Brad Warthen, Dave Matthews is talking to you today. What? You don’t get it?

Translation: Get the hell out of here.

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