Earnings: MediaNews Revs Down 7.2 Percent On Ad Weakness; Internet Down 8.3 Percent; Kaango Details

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Privately-held newspaper publisher MediaNews Group has filed its latest quarterly figures with the SEC, showing revenue of $345.2 million, down 7.2 percent from $372.4 million. A 9.1 percent decrease in ad revenue, to $274.6 million was the primary culprit. Net income grew in the quarter to $17.3 million from $12.9 million, however, the company benefited from $12.5 million in income from joint operating agencies (JOAs) that it didn’t have in the year before. It also booked a $12.5 million gain on an asset sale. Bucking the general upward trend of higher internet revenues at newspaper, the company said that revenue from internet operations were down 8.3 percent in the quarter. Filing.

— The filing also gives a little more color on MediaNews’ joint majority stake investment, with Hearst, in Kaango, the provider of classified advertising software. The basics were already known, though the actual cost of the 80 percent stake was $20.4 million, not $20 million, with both MediaNews and Hearst paying $10.2 million. The remaining 20 percent, meanwhile, is still owned by Kaango, although it is subject to a $4 million call option, which will be purchased at some point in the future.

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This is the guy that has been championing the Yahoo newspaper deal. Go figure — Yahoo may not be too helpful anymore — yikes!

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