Shares of McClatchy Co. were down more than 7% on Tuesday amid a broad selloff in media stocks. On Monday McClatchy, along with Tribune Media Co. and Tegna Inc. , announced it was selling a majority of its ownership stake in CareerBuilder. McClatchy shares closed down less than 1% on Monday and extended losses on Tuesday, leading media stocks down. Shares of Gannett Co. and Tegna Inc. were down more than 3%, while the New York Times Co. and Tronc Inc. saw shares fall more than 1%. Shares of Time Inc. and Tribune Media Co. were down less than 1%. McClatchy shares have declined nearly 22% in the year to date and more than 35% in over the last 12 months. By comparison, the S&P 500 index is up more than 9% in the year and more than 17% in the prior 12-month period.
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