- McClatchy (MNI -2%) swung to a loss on an adjusted basis in Q4 on revenues that fell by double digits, though it held the typical newspaper pattern of digital growth against print declines.
- Adjusted net loss was $0.9M vs. year-ago income of $12.4M. ON a GAAP basis, the loss was $27.5M, affected by after-tax noncash impairments on newspaper mastheads of $20.8M.
- McClatchy made "significant progress in our digital transformation," says CEO Craig Forman. Digital-only subscribers grew 51% Y/Y and 13.5% Q/Q, the 11th straight quarter of growth.
- The company expects to see growth in total digital revenues (advertising and audience), while print ad revenues are expected to decline. Digital-only ad revenues should pass newspaper print advertising this year, it says.
- Real estate sales will continue into this year, with equal or greater gross proceeds compared to 2018. Capex is forecast at $6M-$9M and there's a pension contribution requirement of about $3M ahead.
- Press release