The McClatchy Co. reported fourth-quarter earnings of $42 million, up from $14.8 million a year ago.
That includes a relatively modest $600,000 severance charge and a $3.4 million impairment charge.
Other highlights: Ad revenue was “only” down 5.7 percent in the fourth quarter, compared to double-digit declines for the preceding three quarters. The company is spending $20 million less on salaries than it was a year ago (thanks partly to all those layoffs). Digital ad revs now make up 15% of McClatchy’s total revenues.
Meanwhile, Time Warner Inc is reporting it had a record year, with $5.9 billion in earnings on $29 billion in revenue. Okay, so that money came from its entertainment arm rather than the publishing division but Time Inc’s magazines are still showing a profit, and a growing profit at that.
Time Inc reported a profit of $207 million for the fourth quarter, up from $171 million in the fourth quarter of 2010.