McClatchy Co., the newspaper publishing group that owns the Miami Herald/El Nuevo Herald, will sell both newspapers in a heartbeat if a buyer or group of buyers comes forward with a good proposal.
But with traditional “dead tree” news media getting hammered by declining newsstand and subscription sales, and sharply lower ad revenues due to the deepening economic recession, there haven’t been any interesting offers yet.
Meanwhile, the Herald/Heraldo is cutting costs to the bone. The newspaper reportedly no longer has its own correspondents anywhere in Latin America, and also has slashed its network of stringers in the region.
McClatchy Co., which publishes The Miami Herald, The Sacramento (Calif.) Bee and other newspapers, reports 4Q loss on newspapers’ decline, plans deep cost cuts. Link here.
The crisis in journalism has reached meltdown proportions. It is now possible to contemplate a time when some major cities will no longer have a newspaper and when magazines and network-news operations will employ no more than a handful of reporters. Time Online.