The countdown has indeed begun. The ancillary industries of realty sector along with other industries, which do maintain cordial business relations with the real estate in the ambit of US, are also feeling the heat of the nasty debacle. There is no doubt in it that the realty sector has been one of the worst victims of the ongoing economic slump both in US and the globe. But perhaps it was beyond the imagination of anybody that it could close down the companies belonging to other industries too. Well, we are talking of the McClatchy Company, which is the third-largest newspaper chain of the United States of America.
It has been learnt that McClatchy is steadfast to sell The Miami Herald that is regarded as one of its most-prized properties. What is the main reason behind this? The company, according to the information from secret sources, is troubled on account of inordinate debts and a huge reduction in newspaper advertising. It should be remembered that this is no trivial issue since The Miami Herald is one of the most renowned newspapers in the country and has bagged 19 Pulitzer Prizes till date. Moreover the very newspaper has a circulation of 210,000 on a daily basis. Now the question remains what shall be the reaction of the prospective buyers.
What has resulted to this debacle? It is the Florida real estate market that is in deep recession at present. The Herald has not only good but effective presence in this region as well and used to get a good advantage from the heavy real estate advertising. The economic recession has devastated the real estate market and it has resulted into the excessive reduction in the numbers of advertisements. The worst victims of this scenario have been Florida and California or the states where McClatchy has the foremost presence.
All these indicate that nothing is going on in the right way. Is this the beginning of more disasters?
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