McClatchy to cut Saturday print in 2020

McClatchy intends to drop Saturday print in all its markets in 2020, its CEO said. The chain will continue to publish digitally on Saturdays.

CEO Craig Forman announced the change during a call with investors on third-quarter earnings. 

The chain, which has more than 30 publications in 14 states, has already made the switch in some markets.

“This encouraging growth in digital subscribers came as we also expanded our digital Saturday rollout to include conversions or announcements to convert 12 of our markets to digital-only editions on Saturdays,” said Forman. “We are seeing wide acceptance of digital Saturdays among our subscribers in the markets where the change has been implemented and/or announced, and in those markets where implementation has occurred we are seeing an accelerated conversion to our digital products.”

Circulation revenue in the third quarter surpassed ad revenue for the first time in the company’s history, The New York Times reports. Digital-only subscriptions grew nearly 50 percent from the same period a year earlier.

McClatchy reported a net loss of $304.7 million during the quarter and said that the IRS won’t give the company a waiver that would have allowed it to avoid making minimum contributions to its pension plan, The New York Times reported. A $124 million contribution due in 2020 “creates a significant liquidity challenge,” McClatchy said in its quarterly report.

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