US publisher McClatchy’s Q1 losses widened to $37.5m, largely due to a $20m severance charge for the 1,600 job cuts announced last month. The publisher of daily titles such as the Miami Herald and the Sacramento Bee saw revenues fall 25% to $366m, worse than analysts’ predictions. Print advertising volume at the group's newspapers dropped 33% to $241m. Analysts expressed concern over the losses, with Fitch Ratings’ Mike Simonton saying: “We are definitely concerned. A lot of their financial flexibility has been exhausted.” But executives remained confident the company will meet the compliance terms for servicing its $2bn debt.
Read more here: McClatchy Reports Falling Ad Sales
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