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.

The group, which is currently the owner of big names like The Miami Herald, el Nuevo Herald and The Kansas City Star, in addition to 27 other dailies, posted earnings of $25.8 Million, or 20 cents per share, for the three months up-to December 31, 2009. This was a complete turnaround of the loss figure of $27 Million, or 33 cents per share, that was posted for 2008's same period.

Revenue, on the other hand, slipped by 17%, to $393 Million.

"Given that total ad revenues are still negative and secular challenges remain, we will continue to focus on costs. Expenses in the first quarter should be down in the "low 20 percent range", said Chief Executive, Gary B. Pruitt.