SLO Tribune parent company’s stock crashes

November 16, 2019

By CCT STAFF

McClatchy stock dropped 65 percent on Friday, two days after the SLO Tribune’s parent company reported a net loss of $304.7 million in the third quarter of 2019.

McClatchy’s stock closed at 49 cents on Friday, its lowest price to date. With approximately $700 million in debt, the company is unable to pay $120 million in pension obligations due in 2020.

In September, the New York Stock Exchange placed the company on notice that if it did not reverse its declining stock prices, that it would be delisted. McClatchy’s total revenues for the first three quarters of 2019 were down 11.4 percent compared to the first nine months of 2018.

As part of a downsizing of the newspaper’s operation, the SLO Tribune moved to a smaller office in April. A few weeks ago, the SLO Tribune stopped printing a Saturday paper.

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shelworth

11/17/2019 6:40 am

Can’t wait for them to blame it on the “Internet”. Or maybe the “the vast right wing conspiracy” did it?

sunister1

11/17/2019 6:40 am

Good riddance. The Tribune is a leftwing rag.

copperhead

11/17/2019 4:54 am

I am surprised it took this long. When the light bulb was invented, kerosene and candles weren’t worth much anymore.

obispan

Reply to copperhead

11/17/2019 1:47 pm

Yep, there was a day then the the Telegram-Tribune was the golden goose, you couldn’t make a living selling real estate or cars in this county without bending over and ponying up.

obispan

11/17/2019 1:10 am

Good riddance. Only after CCN, New Times and then KSBY run a story does the Chamber of Commerce newsletter known as The Tribune reluctantly acknowledge it. I would subscribe and support The Tribune, even though it is now the size of the weekly Vons ad, if it actually practiced journalism.

fish

11/16/2019 7:52 pm

time to cancel subscription

aye-caramba

11/16/2019 6:06 pm

adios amigo… it’ll be better for the community when the Trib goes away. It became a partisan voice, no longer objective.

horse_soldier

11/16/2019 6:01 pm

It’s hard to feel sorry for them. A lot of this is their own doing.

Side_Show_Bob

11/16/2019 5:48 pm

This is exactly what the liberal media deserves. You print crap and support fake news with a never-ending constant agenda, you deserve to fail. I can’t believe they’re selling what they are now!