Shares of Sacramento-based McClatchy Co. are slumping down to near a new low after the company reported sharply lower profits and revenue for its third quarter.
The nation's third-largest newspaper publisher also announced today it will take an accounting charge to reflect the poor conditions in the newspaper business and its falling share price.
Before accounting for the charge, McClatchy reported preliminary earnings of 23.5 million dollars, or 29 cents per share, for its most recent quarter.
That's down form 51.8 million dollars, or 64 cents per share, McClatchy earned a year ago.
At last check, shares of McClatchy were down about one percent.
McClatchy's newspapers include The Sacramento Bee, The Miami Herald and The Charlotte Observer.