Thursday, November 15, 2007

MediaNews reports $1 million loss

MediaNews Group, the largest newspaper publisher in the Bay Area, lost $1 million in the most recent quarter, down from $13.3 million in next income during the same period last year, according to a filing with the Securities and Exchange Commission. Costs rose faster than revenue, though revenue did increase by 13.3 percent to $334.7 million due largely to the papers the chain acquired last year in the Bay Area. Excluding the papers MediaNews acquired last year, advertising revenue fell 9.3 percent in the quarter, mostly due to dropping volume from retail, national and classified advertisers, the company said. [Last year's third-quarter report]

MediaNews, which is shifting its focus from print to online, said in the filing: "Revenues from our Internet operations remained relatively flat. Within the classified advertising category, we had decreases across all categories including real estate, automotive and employment." (Page 20)

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