The Future of Print

MediaPost Publications McClatchy Faces De-Listing By NYSE 04/20/2009

Posted in Doom by futureofprint on April 20, 2009

In yet another humiliating blow for American newspapers, McClatchy, one of the nation’s largest newspaper publishers, faces de-listing by the New York Stock Exchange. Its shares have fallen below the minimum required value of $1.00, according to The Miami Herald, a McClatchy publication that first reported the news Friday.

With this warning, delivered April 14, McClatchy approaches the nadir of its spectacular fall from grace, a tragic arc that began three years ago with its acquisition of Knight-Ridder.

According to usual NYSE practices, McClatchy may obtain a grace period of 18 months in which to bolster its share value above the $1.00 threshold. That depends, however, on it setting forth a convincing plan to the NYSE office in the next 45 days. If the NYSE officials reject the plan, NYSE will be de-listed from the exchange soon thereafter, at which point it will trade among the “penny stocks” of the “pink sheets.”

via MediaPost Publications McClatchy Faces De-Listing By NYSE 04/20/2009.

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