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Posts Tagged ‘The News & Observer’

McClatchy Papers Go Digital

bee.jpgFive McClatchy Co. newspapers, The Sacramento Bee in California, North Carolina’s Charlotte Observer, The Ft. Worth Star-Telegram, The Anchorage Daily News in Alaska and The News & Observer in Raleigh, N.C., are now available on the Kindle.

The media company made announcement about the digital distribution of their papers on Friday via Facebook, using social media to introduce their new formats to the world. Although these new versions are available for free for a two-week trial period, they will then cost $6.99 for a monthly subscription and be delivered daily to Kindles every morning.

The Daily News and the Bee introduced digital versions in October, while the other papers debuted in mid-November.

More McClatchy papers, like The Kansas City Star and The Miami Herald will be available on the Kindle soon, the company said.

The Kindle version allows readers to gain portable access to these local papers nationwide, so it is possible it will increase readership. But the nagging media question remains: why pay for digital content you can get it online for free?

McClatchy Launches Digital Editions on the KindleEditor & Publisher

Related: McClatchy Q3 Earnings: Ad Revenue Down, Circulation Revenue Up

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McClatchy Hopes To Buy Time By Amending Debt Agreements

mcclatchy.pngThe McClatchy Co., publisher of newspapers like The Miami Herald, The Sacramento Bee and The News & Observer in Raleigh, N.C., announced last week that it had changed some of the terms of its debt agreements in the hope of staying alive for the foreseeable future.

The amendments to McClatchy’s $1.15 billion existing debt will allow the company to exchange the current debt for cash and new debt. The company’s total debt will also be reduced and McClatchy will have longer to repay it, but it will have to paid back at a higher interest rate.

The news comes a couple months after McClatchy, the country’s third largest newspaper company, announced that it would cut 15 percent of its workforce in March. And that was after the company had laid off 1,400 employees last June.

In an effort to put a happy face on the beleaguered company’s recent announcement, McClatchy CFO Pat Talamantes called the latest move “a positive development.”

“In addition to the outstanding efforts made by our papers to weather this downturn, we believe that being able to have more flexibility in the use of our revolving credit facility will allow us to put the company in a stronger financial position to manage our capital structure through this downturn,” Talamantes said.

It seems that McClatchy has done everything it can to remain afloat and keep its 30 daily papers alive. We certainly hope that it works.

Related: McClatchy N.C. Subsidiary To Cut 78 Positions

Earlier: The Newspaper Death Spiral Continues

Even Earlier: Media Layoffs: McClatchy Co. Bids Adieu To 1400 Jobs