Friday, February 29, 2008

McClatchy Q4 $1.8 Billion Loss

McClatchy is reporting a Q4 $1.4 Billion Loss. What a surprise. It's an "impairment charge" on the value of their newspapers. Specifically, in the value of those papers acquired from Knight Ridder. McClatchy has written off half the value of the $4.4 billion blockbuster purchase of Knight Ridder in the summer of 2006.

McClatchy stock has lost more than half its value since the Knight Ridder deal.

The sale of Knight Ridder was always an odd deal.

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