Gary Pruitt, McClatchy’s CEO, reassured shareholders Tuesday the company is on the right track despite falling profits, revenue and stock price. He also announced the company is open to selling its 49.5% share of the Seattle Times Co, acquired with the purchase of Knight Ridder in 2006.
The Sacramento Bee reports that Pruitt told the Blethen family, which owns the rest of the Times Co., of McClatchy’s interest in selling their share of the company.
During the shareholder meeting, Pruitt acknowledged he doesn’t know when the company’s decline in revenue will end, but that McClatchy’s focus on Internet operations will help them recover once the economy improves.
