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Politics : Leftwing Agenda to Destroy the US -- Ignore unavailable to you. Want to Upgrade?

To: paret who wrote (330)	4/13/2006 7:00:56 PM
From: paret	Read Replies (1) \| Respond to of 908

Earnings fall at three major newspaper publishers Thu Apr 13, 2006 Business News By Paul Thomasch NEW YORK (Reuters) - New York Times Co. (NYT.N: Quote, Profile, Research), McClatchy Co. (MNI.N: Quote, Profile, Research) and Tribune Co. (TRB.N: Quote, Profile, Research) on Thursday posted sharply lower quarterly earnings on high newsprint costs and depressed advertising sales. The results from the three large publishers underscored the troubles faced by the industry, including circulation declines, high costs and competition for advertising money from the Internet and other new media. For the first quarter, net income fell 14 percent at McClatchy, 28 percent at Tribune and 69 percent at New York Times Co., which had taken a big gain in the year-earlier period. Only New York Times Co., which gave a forecast last month, matched analysts' expectations. The other two fell short of Wall Street numbers. Shares of McClatchy, which last month agreed to buy Knight Ridder Inc. (KRI.N: Quote, Profile, Research) for $4.5 billion, dropped about 4 percent in midday New York Stock Exchange trade. New York Times Co. and Tribune were up less than 1 percent. McClatchy Chief Executive Gary Pruitt, one of the most vocal defenders of the industry, disputed criticisms that newspaper publishing was obsolete. "Some may see the current slow advertising environment as confirmation of predictions that newspapers and print media are dying," Pruitt said in a statement. "We think that's wrong." All three publishers highlighted the strength of their own Internet businesses. The New York Times said revenue at its About.com site, which it acquired a year ago, rose 98 percent. Continued...