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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.

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Updated 53 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,720,406 — Total deaths: 728,176 — Total recoveries — 11,970,444Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 5,032,299 — Total deaths: 162,751 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020 — Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  5. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on.

Poll shows Biden leading Trump in Wisconsin and Pennsylvania

Photo: Doug Mills-Pool/Getty Images

Joe Biden leads President Trump 48% to 42% in Wisconsin and 49% to 43% in Pennsylvania, according to the latest CBS/YouGov Battleground Tracker poll.

Why it matters: Trump's surprise wins in the two states, where many voters broke his way after deciding the week before the election, helped propel him to an Electoral College victory over Hillary Clinton. Trump won Wisconsin with 47% of the vote and Pennsylvania with 48% in 2016, according to the New York Times.

Blumenthal calls classified briefing on Russian interference "absolutely chilling"

Sen. Richard Blumenthal (D- Conn.) called on the Trump administration to declassify intelligence detailing Russian efforts to influence the 2020 elections, telling MSNBC on Sunday that the classified briefing lawmakers received about the Kremlin's activities last week was "absolutely chilling."

The big picture: National Counterintelligence and Security Center Director William Evanina said in a statement Friday that the Russian government is "using a range of measures" to "denigrate" Joe Biden ahead of the election. China and Iran would prefer that Trump is defeated, according to Evanina.