Business
Fairfax Media considered a merger or breakup of assets before ruling it
out, chairman Roger Corbett told the company’s annual general meeting
this week.
The online retailer’s net loss totaled $274 million, or 60 cents a share, on sales of $13.81 billion.
Canada’s largest chain of metropolitan newspapers will close the gates in the
new year and ask readers to pay to read their online content.
Net loss in the quarter ended August 31, 2012 was $28.4 million compared
to a net loss of $0.4 million in the same period in the prior year.
Contributing to the larger loss was a non-cash loss on debt repayment of
$9.2 million relating to unamortized financing fees as a result of the
refinancing of the Company’s term loan in August, increased
restructuring costs, and lower revenue partially offset by reduced
operating costs.
The McClatchy Company today reported net income in the third
quarter of 2012 of $5.1 million or 6 cents per share. In the third
quarter of 2011 the company reported net income of $9.4 million or 11
cents per share.
The New York Times posted a familiar earnings tale of rapidly declining advertising and steady gains in digital subscriptions.
The Arizona Republic, a Gannett newspaper, has partnered with Demand Media to create a new Travel Channel hosted on the newspaper’s website,
AZCentral.com.
The quick progress in mobile advertising — a key area of concern for
investors — sent Facebook shares sharply higher in after-hours trading.
The
Houston Chronicle unceremoniously closed its Mexico City bureau and
fired veteran foreign correspondent and bureau chief Dudley Althaus on Friday, Oct. 19.
The Tampa Tribune — recently sold
by Media General to a California private equity investment firm for
$9.5 million — is cutting employees’ wages and offering buyouts.
Hundreds of members of The New York Times Company’s newsroom staff
staged a brief rally Monday afternoon related to the lack of progress on
a new contract with the company.
The news comes amid days of speculation that News Corporation CEO Rupert
Murdoch, among other potential suitors, had his eyes on the paper.
In its first full quarter with former Google exec Marissa Mayer
as CEO, Yahoo reported Q3 revenues of $1.08 billion with net income of
$0.23 per share. Earnings were in line with analyst expectations, and
shares rose in after-hours trading.
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