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Expand chart
Data: Yahoo; Chart: Axios Visuals

Some of the largest local newspaper chains have seen their stocks tumble over the past few weeks, making further consolidation and job losses in the local newspaper space seem inevitable.

Why it matters: The crisis surrounding the collapse of local news is not just being felt by family-owned local newspaper chains, of which there are many, but also major conglomerates and publicly traded newspaper companies.

Driving the news: McClatchy, now the second-largest newspaper chain in the country, saw its stock collapse Friday, dropping by over 60% after it told investors that it likely won't be able to pay the IRS $124 million in pension funding due in 2020, per Poynter.

  • McClatchy also posted revenue declines during its third-quarter earnings released Friday, although it said that it increased its number of paid digital subscribers — a positive sign as advertising forecasts are expected to decline for local print media.
  • According to Bloomberg Law citing analysts, the company could file for bankruptcy within the next year. One analyst, citing McClatchy's finances, says it's unlikely it will have the free cash flow needed to pay back the IRS.

Meanwhile, shareholders approved a merger between Gannett, the newspaper chain that's parent to USA Today and other local papers, and New Media Investment Group, the parent company to newspaper giant GateHouse, on Thursday after months of back and forth financial negotiations.

  • The deal was announced in August for $1.4 billion, but shares have declined since then, devaluing the merger by nearly $300 million at close, per Poynter.
  • Heavy cost synergies, which will inevitably include layoffs, are expected as a result of the merger, which will close Tuesday.

Go deeper:

Go deeper

U.S. grants temporary protected status to thousands of Venezuelans

Venezuelan citizens participate in the vote for the popular consultation in December 2020, as part of a protest against Venezuelan President Nicolás Maduro in Doral, Florida. Photo: Chandan Khanna/AFP

Venezuelans living in the United States will be eligible to receive temporary protected status for 18 months, the Department of Homeland Security announced Monday.

Why it matters: Tens of thousands of Venezuelans have fled to the U.S. amid economic, political and social turmoil back home. Former President Trump, on his last full day in office, granted some protections to Venezuelans through the U.S. Deferred Enforced Departure program, but advocates and lawmakers said the move didn't go far enough.

"She-cession" threatens economic recovery

Illustration: Sarah Grillo

Decades of the slow economic progress women made catching up to men evaporated in just one year.

Why it matters: As quickly as those gains were erased, it could take much, much longer for them to return — a warning Treasury Secretary Janet Yellen issued today.

The Week America Changed

Sandberg thought Zuckerberg was "nuts" on remote work in January 2020

Photo illustration: Sarah Grillo/Axios. Photo: Paul Marotta/Getty Image

Chief operating officer Sheryl Sandberg thought Mark Zuckerberg was "nuts" when he raised the possibility in January 2020 that 50,000 Facebook employees might have to work from home. By March 6, they were.

Why it matters: In an interview Monday with Axios Re:Cap, Sandberg explained how Facebook moved quickly to respond to the pandemic with grants for small businesses and work-from-home stipends for its employees, and how the company has been watching the unfolding crisis for women in the workforce.

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