The McClatchy Company

Balance Sheet 

• Sold 25.6% interest in Classified Ventures to Gannet; resulted in proceeds of $631.8MM; expect after tax proceeds to be around $406MM
• Pro Forma cash including after-tax proceeds from Cars.com transaction is $596MM (225.1MM pre)
• Provide Co. with the liquidity to execute on digital transformation, reduce debt, and fund other corporate uses

Operations

• Poor print retail environment performance, substantial decline in national advertising
• Growth in revenues in digital advertising and audience revenues; digital only revenues grew 9.1% excluding the impact of the sales of Apartment.com
• Non-print advertising accounted for 64% of revenue and grew by 0.5%