By: McClatchy Co. said Tuesday its October revenue dropped 9.9 percent in part due to declining real estate and automotive ad sales.
The newspaper publisher reported total advertising sales slipped 9.9 percent to $181.6 million from $201.6 million a year ago.
The company, which owns 31 daily newspapers including The Miami Herald and The Sacramento Bee, said national ad revenue dipped 8.9 percent while classified tumbled 19.6 percent. Classified categories experiencing the most weakness were real estate, down 29.4 percent, and automotive, which was off 19.9 percent.
"We have seen continued declines in advertising revenues, particularly in the California and Florida newspapers which have been affected by the downturn in real estate," Chairman and Chief Executive Gary Pruitt said in a statement.
Online ad revenue dipped 4.1 percent to $14.6 million from $15.2 million.
For the year to date, pro forma revenue is down 7.8 percent while ad sales are off 8.5 percent. Pro forma results include newspapers purchased in the June 2006 Knight Ridder acquisition and exclude the Minneapolis Star Tribune (nyse: TRB - news - people ), which was sold on March 5.
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