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It pays to lie.
McClatchy, the newspaper chain and media conglomerate, has been caught deliberately printing easy-to-prove-false fake news regarding a key GOP congressman at the center of the hoax investigations Democrats are using to target President Donald Trump, then turning around and using said false reports to financially boost the company amid serious concerns about the company’s falling stock price.
McClatchy - Drop - Stock - Price - Years
McClatchy has seen a significant drop in stock price over the past several years, especially this year. According to investment analyst service Morning Star, it is down to $2.78 per share at the close of business on Wednesday afternoon. McClatchy’s stock opened the year in the mid-$7 per share range but has slowly but surely slid down now near its all-time-low—it was trading at a slightly lower-per-share amount back in May than it is now.
Poynter wrote in a 2018 piece about the newspaper company’s woes:
Decade - McClatchy - Family - Newspaper - Company
For more than a decade, the McClatchy family has resolutely kept the newspaper company bearing its name afloat and independent despite a crushing debt load. The tough financial hand McClatchy’s board and executives have been dealt is getting even tougher with a terrible year for the industry unfolding and another expected in 2019. McClatchy stock has lost almost all its value to investors. Its market capitalization (the number of shares multiplied by share price) sits at $69 million, lowest of the seven public newspaper companies. At the same time, refinancing of the company’s $794 million debt earlier this year consolidated more lending control in the hands of a longtime creditor, the private Chatham Asset Management hedge fund.
It’s only gotten worse for McClatchy since that piece a little over a year ago in Poynter. McClatchy’s financial outlook is now so bad that the company received a warning in September of this year from the New York Stock Exchange...
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It had only one fault, it was useless.