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News For MNI From The Last 14 Days
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April 24, 2015
09:06 EDTMNIMcClatchy sees FY15 digital-only advertising revenue to grow in double digits
In 2015 the company expects digital-only advertising revenues to grow in the double-digit range on a gross basis, and up in the high-single digit to low double-digit range including the impact of netting $9M in higher wholesale fees against revenues in the first nine months of the year due to the new affiliate agreement entered into on Oct. 1, 2014. Also, growth is expected in direct marketing advertising that will be invigorated by new niche products and events and expanded distribution of its Sunday Select product. Finally, growth in digital subscribers and selective rate increases are expected to continue to fuel low single-digit increases in audience revenues. Management expects newspaper print advertising to continue to represent a smaller share of overall revenue, due in part to the growth in digital-only advertising, direct marketing and audience revenues. McClatchy is focusing on reducing legacy costs tied to its print newspaper products primarily production and distribution expenses, including newsprint expenses. Management expects that even with higher non-cash pension costs and investments in new digital products and enterprise-wide computer systems, cash expenses will decline in the low-to-mid single-digit range. The reductions in legacy costs coupled with revenue initiatives will help counter the continuing negative trends in print advertising. Management expects to have another challenging quarter in the second quarter before cash flow flattens in the second half of 2015. Management noted that expenses may be reduced further if needed based upon the revenue environment.
09:04 EDTMNIMcClatchy board authorizes limited share repurchase program
McClatchy announced that its board had authorized a new limited share repurchase program for the repurchase of up to $7M of its Class A common stock through December 31, 2016. The repurchases are intended to mitigate the dilutive impact of issuing Class A stock under McClatchy's equity compensation plans.
09:03 EDTMNIMcClatchy expects to achieve $25M-$30M of cost savings in 2015
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09:01 EDTMNIMcClatchy reports Q1 EPS (13c) vs. (19c) last year
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