Shares of The McClatchy Company, which owns The Miami Herald, have sold off hard this year and are near their all-time lows.
The company’s recent market cap was just above $110 million, down nearly 80% from a year ago, with about $1 billion of debt outstanding. By comparison, Vox Media, the company that owns the Curbed and Eater blogs, was valued at $380 million in a financing deal last year.
Paying off that debt continues to get harder for McClatchy. Revenue figures at the company are still on the decline, especially from national print advertising. Miami, which relies more on national advertising than smaller markets, is said to be among the hardest hit markets.
McClatchy owns 27 other newspapers, including the Kansas City Star and Charlotte Observer, which means that Wall Street values each paper at an average of $4 million apiece (the Herald would likely be worth more than the average paper in the company’s portfolio, and the figure excludes debt.)
The family which controls the company is said to be refusing to discuss alternatives such as bankruptcy, according to Poynter.