McClatchy (MNI) Investors Hit The Exits On Gannett’s (GCI) Bad News
Gannett (GCI) reported grim numbers for October, and debt-laden newspaper chain McClatchy (MNI) took it hard. Shares of the Sacramento-based newspaper chain hit a 52-week low of $15.07, down well over 60% since the beginining of the year. The market…
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Gannett (GCI) reported grim numbers for October, and debt-laden newspaper chain McClatchy (MNI) took it hard. Shares of the Sacramento-based newspaper chain hit a 52-week low of $15.07, down well over 60% since the beginining of the year.
The market is concerned that MNI may have trouble making its debt service as it moves into 2008. The firm recently took at $1.37 billion goodwill write-down, and Moody’s said it may cut its debt rating on the company again.
According to Reuters: The publisher faces "ongoing pressure on the company’s cash flow from declining advertising revenue that contributed to a $1.5 billion write-down of newspaper assets in the third quarter, and the resulting challenge to reduce leverage to the ranges originally incorporated in the ‘Ba1’ rating," Moody’s said in a statement.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
