Business

April 23, 2014

McClatchy reports loss but sees digital gain

McClatchy Co., owner of The Charlotte Observer, The (Raleigh) News & Observer and The Herald of Rock Hill, on Wednesday reported a net loss of $5.9 million in the first quarter largely because of a decline in advertising revenue and accelerated depreciation of printing equipment.

McClatchy Co., owner of The Charlotte Observer, The (Raleigh) News & Observer and The Herald of Rock Hill, on Wednesday reported a net loss of $5.9 million in the first quarter largely because of a decline in advertising revenue and accelerated depreciation of printing equipment.

CEO Pat Talamantes said ad sales were particularly affected by severe winter weather in the Southeast and Midwest and because Easter fell outside the first quarter this year.

Circulation revenue rose slightly and digital-only revenues were up 12 percent compared with first quarter 2013.

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