McClatchy cuts value of Classified Ventures stake

By Associated Press
August 11, 2008 | Comments (0)

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McClatchy Co. wrote down the book value of its stake in Classified Ventures LLC, indicating the online ad initiative begun as a way of capturing lost ad sales is stumbling.

In a regulatory filing Monday, McClatchy valued its 25.6 percent in Classified Ventures at $86.5 million at the end of June, down 13 percent from its value at the end of December.

McClatchy owns the online venture with A.H. Belo Corp., Gannett Co., Tribune Co. and The Washington Post Co. Classified Ventures operates the automotive ad site Cars.com and the real estate site Apartments.com.

Newspaper publishers have seen ad revenue wither as advertisers follow readers online. Classified ventures was set up to reclaim some of that lost revenue.

McClatchy also took a slight write-down on the value of its 14.4 percent stake in online jobs site CareerBuilder.com.

The publisher slashed the value of its 49.5 percent holding in Seattle Times Co. to $9.9 million from $19.3 million.

McClatchy papers include The Sacramento Bee, The Miami Herald and The Charlotte Observer.

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