McClatchy takes $1.47 billion charge
McClatchy Co., owner of the The Charlotte Observer, said Thursday it took a $1.47 billion accounting charge in the fourth quarter to reflect further declines in its stock price and a tough outlook for its newspapers.
McClatchy says it started a $1.15 billion private debt exchange offer Thursday as the nation's third-largest newspaper publisher tries to reduce approximately $2 billion in debt and improve its balance sheet.