- Summary: Chicago-based newspaper publisher, Tribune Co. (TRB) reported second quarter declines due to sluggish advertising, declining circulation, and reader defections to the Internet and other media. McClatchey Co. (MNI) reported flat earnings from the year earlier quarter. Tribune Co. posted a steep decline in earnings which will likely add pressure from Tribune's largest shareholder, the Chandler family, for the company to either break up or put itself on the market. Net income fell 62%, or 28 cents a share from 73 cents a share, a year earlier. The year-earlier period was boosted by a gain of 13 cents a share, while the latest quarter was hurt by a $90 million loss from selling television stations in Atlanta and Albany, N.Y. McClatchy Co. reported roughly flat earnings, not including its recent acquisition of Knight Ridder. McClatchey said net income was $44.1 million, or 94 cents a share, compared with $44.2 million, or 94 cents a share, a year earlier. In 4 p.m. composite trading on the NYSE, Tribune was down 2.6% while McClatchey was up 1.7% on the Big Board.
- Comment on related stocks/ETFs: To read a transcript of Tribune Co.'s recent quarterly conference call, click here. For McClatchy's Co.'s recent conference call, click here.
Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):