Newspaper publisher McClatchy Co. said Tuesday that its revenue isn't declining as much over the past two months. Its stock rose more than 5 percent on the news.
McClatchy's revenue fell 8 percent in April and May compared with a year earlier. That's better than the 9.5 percent decline in the first three months of this year.
McClatchy publishes The Miami Herald, The Sacramento Bee in California and other newspapers. Like its peers, McClatchy has been hurt by a weak economy and a shift by advertisers to cheaper alternatives on the Internet.
The company's advertising revenue fell 9 percent in April and May. The decline was sharper, at 11 percent, during the first three months of 2011. The company said retail advertising improved because the Easter holiday came later this year.
McClatchy, which is based in Sacramento, Calif., also said that its earlier offer to repurchase $65 million of its 2017 senior secured notes will expire on Friday. It plans to release its second-quarter results on July 28.
McClatchy's shares climbed 12 cents, or 5.1 percent, to $2.48 Tuesday. The stock has traded from $2.30 to $5.61 in the past 52 weeks.