MNI - The McClatchy Company

NYSE American - NYSE American Delayed Price. Currency in USD
0.3801
+0.0096 (+2.61%)
At close: 3:58PM EST
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Previous Close0.3704
Open0.4100
Bid0.3730 x 4000
Ask0.4100 x 800
Day's Range0.3704 - 0.4400
52 Week Range0.2900 - 8.2500
Volume83,115
Avg. Volume103,296
Market Cap3M
Beta (5Y Monthly)-0.12
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2009-03-09
1y Target EstN/A
  • Thomson Reuters StreetEvents

    Edited Transcript of MNI earnings conference call or presentation 13-Nov-19 5:00pm GMT

    Q3 2019 McClatchy Co Earnings Call

  • Newspaper Publisher McClatchy Teeters Near Bankruptcy
    Bloomberg

    Newspaper Publisher McClatchy Teeters Near Bankruptcy

    (Bloomberg) -- The McClatchy Co., the storied news publisher weighed down by pension obligations and debt, could file for bankruptcy within the next year, according to analysts.The company faces a mandatory $124 million contribution to its pension plan in 2020.“If they can’t offload the pensions or get pension plan relief, they’ll have to file for bankruptcy,” said media analyst Craig Huber, founder of Huber Research Partners LLC, who has followed the company since 1995. In an interview, Huber estimated McClatchy would have free cash flow of less than $20 million next year, a fraction of what it needs to cover its pension obligations.A representative for the company declined to comment. In its third-quarter earnings release last week, McClatchy said the pension contribution created “a significant liquidity challenge in 2020.” It also warned in regulatory documents that it may not be able to continue as a going concern.Newspaper RosterThe Sacramento, California-based company operates 29 newspapers including the Miami Herald, The Charlotte Observer and The Kansas City Star. Other large newspaper companies are also in turmoil, with tens of thousands of newsroom jobs cut over the past decade.Several financial firms, including Alden Global Capital LLC and Fortress Investment Group LLC, have acquired ownership stakes in newspaper publishers that have struggled to adapt in an online world. Chatham, New Jersey-based investment fund Chatham Asset Management LLC is the largest holder of McClatchy debt and, according to data compiled by Bloomberg, is its largest shareholder.On Monday, Bluestone Financial LTD said in a regulatory filing that its equity stake in McClatchy was almost 12%. In a March filing, the investment firm said the stake was about 8.8%.Pension TroubleS&P Global Ratings forecast a grim 2020 for McClatchy and last week downgraded it by two notches to CCC-, warning that the company doesn’t have enough money to pay its 2020 obligations.“It could engage in a distressed debt exchange or file for Chapter 11 bankruptcy before September 2020, when the bulk of its mandatory pension contributions are due,” S&P analysts Thomas Hartman and Vishal Merani wrote in a report.McClatchy’s pension plan is underfunded by about $535 million. The company asked the federal government to waive its required contribution, but was denied. McClatchy is in talks with Chatham and the Pension Benefit Guaranty Corporation, a federal agency, about the possibility of the PBGC assuming the plan’s assets and obligations, the company said Nov. 13.The company is also negotiating with Chatham to restructure its debt, including its term loans and junior notes. The company had $709 million of principal debt outstanding as of Sept. 29 and it finished the third quarter with $11.4 million of cash. It refinanced debt with Chatham last year.To address its liquidity pressures, McClatchy has hired Evercore Group LLC, FTI Consulting Inc. and Skadden Arps Slate Meagher & Flom LLP.If McClatchy were to file for bankruptcy, lenders including Chatham would gain some control over its 30 news organizations and would have a role in deciding whether to continue operations, sell them off piece by piece or follow another strategy, according to Anthony Campagna, the director of research at ISS EVA. “At that point, it’d be their choice,” he said in an interview.A representative for Chatham declined to comment.Ill-Fated AcquisitionMcClatchy reported a 12% drop in revenue to $167 million for the third quarter from a year ago and a net loss of $305 million. The company also said it plans to stop printing a Saturday newspaper in all its markets next year, a sign of how its legacy print business has weighed on its fortunes.Founded in 1857 as The Daily Bee in Sacramento, McClatchy has two classes of stock, giving the McClatchy family control over the company.In 2006, McClatchy bought the Knight Ridder chain for $4.5 billion as the newspaper business was entering a long-term decline.By that year, print advertising dollars had already started to fall, according to Pew Research Center. The newspaper industry has lost advertising dollars over the years to Craigslist, and more recently, Facebook Inc. and Alphabet Inc., which dominate the online ad market. The Knight Ridder deal also left McClatchy hamstrung by debt.McClatchy’s current market capitalization is a mere $4.5 million, making it the smallest of the publicly-traded newspaper companies. Its 9% bonds due 2026 trade at about 89 cents on the dollar to yield 11.5%. Under pressure to reduce expenses, McClatchy offered buyouts to 450 employees in February and said last year it was cutting 3.5% of its staff.On its earnings call, McClatchy Chief Executive Officer Craig Forman said the company was taking actions “to deal with an acquisition made in another newspaper era.” He also lamented “the price our communities and we all pay as a society when local media collapses.”(Updates with Bluestone stake in the seventh paragraph; a previous version was corrected to remove a reference to December repayment)\--With assistance from Katherine Burton.To contact the reporters on this story: Josh Saul in New York at jsaul15@bloomberg.net;Gerry Smith in New York at gsmith233@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nicole Bullock, Boris KorbyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • New Media (NEWM) is all Set to Bring Gannett Under its Wings
    Zacks

    New Media (NEWM) is all Set to Bring Gannett Under its Wings

    New Media's (NEWM) merger with Gannett is likely to create one of the strongest entities in the publishing industry.

  • Newspaper publisher McClatchy warns of ‘liquidity challenge’
    MarketWatch

    Newspaper publisher McClatchy warns of ‘liquidity challenge’

    Shares of McClatchy Co. sank Wednesday, after the publisher of local newspapers warned that it faced a “liquidity challenge” next year following an unfavorable ruling associated with required contributions to its under-funded pension plan.

  • Dow and S&P500 close at new records as five week rally rolls on
    MarketWatch

    Dow and S&P500 close at new records as five week rally rolls on

    The Dow Jones Industrial Average and benchmark S&P500 index both closed at new records Wednesday, helped by a jump in Disney’s stock price, as a five week rally rolled on.

  • MarketWatch

    Newspaper publisher McClatchy's stock drops after swinging to loss, 'liquidity challenge' warning

    Shares of MClatchy Co. slumped 8.1% in morning trading Wednesday, after the newspaper publisher swung to a third-quarter loss on the back of a large impairment charge, and said it faces a "liquidity challenge" next year. The company, which newspapers include Miami Herald, The Kansas City Star and The Charlotte Observer, reported a net loss of $304.7 million, or $38.43 a share, after net income of $7.0 million, or 90 cents a share, in the year-earlier period. The company said given "challenging business conditions and the resulting weakness in the company's stock price," the company recorded impairment charges of $258.1 million to goodwill and $37.2 million to newspaper mastheads. Revenue fell 12% to $167.4 million, as advertising revenue dropped 19% to $76.8 million. Separately, the company said the Internal Revenue Service has declined the company's request for a three-year waiver of the minimum required pension contribution. McClatchy said its pension plan was underfunded by about $535 million as of March 31, with about $124 million of contributions due over the course of 2020. That amount due "greatly exceeds" anticipated cash available, creating "a significant liquidity challenge" for next year. "The company and its advisors are exploring all available options to address these liquidity pressures," McClatchy said in a statement. The stock has plummeted 66% over the past 12 months, while the S&P 500 has gained 14%.

  • Estimating The Intrinsic Value Of The McClatchy Company (NYSEMKT:MNI)
    Simply Wall St.

    Estimating The Intrinsic Value Of The McClatchy Company (NYSEMKT:MNI)

    In this article we are going to estimate the intrinsic value of The McClatchy Company (NYSEMKT:MNI) by taking the...

  • NY Times (NYT) Q3 Earnings Surpass Estimates, Decline Y/Y
    Zacks

    NY Times (NYT) Q3 Earnings Surpass Estimates, Decline Y/Y

    The New York Times Company's (NYT) digital advertising revenues decrease during the third quarter of 2019. Management now expects digital advertising to be "fairly challenging" in the final quarter.

  • Moody's

    McClatchy Company (The) -- Moody's downgrades McClatchy's CFR to Ca, outlook is stable

    Moody's Investors Service ("Moody's") downgraded the Corporate Family Rating ("CFR") for The McClatchy Company ("McClatchy") to Ca from Caa1, and the Probability of Default Rating (PD) to Ca-PD from Caa1-PD primarily due to concerns regarding the company's liquidity position in light of the pending pension plan payments of approximately $120 million in 2020. In addition, Moody's downgraded the company's Senior Secured First Lien Notes due 2026 to Ca from B1. Speculative Grade Liquidity rating is downgraded to SGL-4 from SGL-3.

  • NY Times' (NYT) Advertising Revenues Likely to Remain Soft
    Zacks

    NY Times' (NYT) Advertising Revenues Likely to Remain Soft

    The New York Times Company (NYT) expects digital advertising revenue to fall in the high-single digits during the third quarter.

  • Is NY Times' (NYT) Dismal Run on Bourses Likely to Continue?
    Zacks

    Is NY Times' (NYT) Dismal Run on Bourses Likely to Continue?

    The New York Times Company (NYT) expects digital advertising revenue to fall in the high-single digits during the third quarter.

  • Moody's

    McClatchy Company (The) -- Moody's announces completion of a periodic review of ratings of McClatchy Company (The)

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of McClatchy Company (The) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

  • Does The McClatchy Company's (NYSEMKT:MNI) CEO Pay Matter?
    Simply Wall St.

    Does The McClatchy Company's (NYSEMKT:MNI) CEO Pay Matter?

    In 2017 Craig Forman was appointed CEO of The McClatchy Company (NYSEMKT:MNI). This report will, first, examine the...

  • Thomson Reuters StreetEvents

    Edited Transcript of MNI earnings conference call or presentation 8-Aug-19 4:00pm GMT

    Q2 2019 McClatchy Co Earnings Call

  • McClatchy (MNI) Reports Q2 Loss, Lags Revenue Estimates
    Zacks

    McClatchy (MNI) Reports Q2 Loss, Lags Revenue Estimates

    McClatchy (MNI) delivered earnings and revenue surprises of 11.66% and -6.17%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Benzinga

    Earnings Preview For McClatchy

    McClatchy (NYSE: MNI ) announces its next round of earnings this Thursday, August 8. Here is Benzinga's everything-that-matters guide for the Q2 earnings announcement. Earnings and Revenue McClatchy EPS ...

  • NY Times (NYT) Q2 Revenues Increase, Digital Subscribers Rise
    Zacks

    NY Times (NYT) Q2 Revenues Increase, Digital Subscribers Rise

    The New York Times Company (NYT) register higher digital-only subscriptions during the second quarter of 2019. The company has set a goal to reach 10 million total subscriptions by 2025.

  • Newspaper Publishing Industry Prospects Hinge on Digitization
    Zacks

    Newspaper Publishing Industry Prospects Hinge on Digitization

    Newspaper Publishing Industry Prospects Hinge on Digitization

  • Analysts Estimate McClatchy (MNI) to Report a Decline in Earnings: What to Look Out for
    Zacks

    Analysts Estimate McClatchy (MNI) to Report a Decline in Earnings: What to Look Out for

    McClatchy (MNI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Leon Cooperman Boosts New Media Investment Group Stake
    GuruFocus.com

    Leon Cooperman Boosts New Media Investment Group Stake

    Guru adds to position in media and publishing company Continue reading...

  • NY Times' (NYT) Digitization Efforts Help Drive Stock 55% YTD
    Zacks

    NY Times' (NYT) Digitization Efforts Help Drive Stock 55% YTD

    The New York Times Company (NYT) has been contemplating new avenues of revenue generation in a bid to counter dwindling print advertising revenues.

  • Investors Who Bought McClatchy (NYSEMKT:MNI) Shares Five Years Ago Are Now Down 95%
    Simply Wall St.

    Investors Who Bought McClatchy (NYSEMKT:MNI) Shares Five Years Ago Are Now Down 95%

    The McClatchy Company (NYSEMKT:MNI) shareholders should be happy to see the share price up 16% in the last month. But...

  • Here's Why NY Times' (NYT) Marching Ahead of the Industry
    Zacks

    Here's Why NY Times' (NYT) Marching Ahead of the Industry

    The New York Times Company (NYT) has been contemplating new avenues of revenue generation in a bid to counter dwindling print advertising revenues.

  • NY Times' (NYT) Digitization Efforts Steer the Stock
    Zacks

    NY Times' (NYT) Digitization Efforts Steer the Stock

    The New York Times Company (NYT) has been contemplating new avenues of revenue generation. The company is fast acclimatizing to the changing face of the multiplatform media universe.