On Wednesday, McClatchy Co. shared that most of its lenders have now given their approval to its plans to refinance its debt, and also that the company managed to cut enough costs to turn to a profit in the past year's last quarter, and this was inspite of the fact that advertising had continued to slump.

McClatchy Co., the country's leading newspaper publisher which has 30 dailies under its wing, including the Miami Herald and Kansas City Star, has shared that it is expecting advertising revenues to keep growing through the end of the year, a trend which was recorded by the group in the third-quarter.

Burdened by debt and a steep slide in newspaper advertising, the McClatchy Company, which owns 30 papers, may sell one of its most-prized properties - The Miami Herald. With daily circulation of 210,000, the Herald is notably the most prestigious of McClatchy’s newspapers, having won 19 Pulitzer Prizes.