10-Q Watch: McClatchy; Hollywood Media; Media General; Internet Brands; Planetout's Sale

This story was written by Joseph Weisenthal.

-- Certain McClatchy (NYSE: MNI) internet properties are in decline. Last month, the company confirmed that it was selling its stake in ShopLocal to Gannett (NYSE: GCI), and as we noted, the transaction marked a sharp decline in that unit's value. In its 10-Q filed this evening, the company also books a fairly hefty decline in the value of its Classified Ventures stake. It now values its 25.6 percent of Classified Ventures at $86.5 million, down from $97.2 million.

-- Hollywood Media (NSDQ: HOLL) is still looking at sale options...from its 10-Q filed today, along with its earnings report, this bit on its continuing "strategic review" process: "While we continue to develop our businesses, as previously reported we have resumed our strategic review process which may help us realize the full value of our assets in the interest of our shareholders. In prior years, our strategic review process resulted in the sales of our Baseline/StudioSystems and Showtimes businesses in 2006 and 2007, respectively. We continue to explore opportunities for generating returns for Hollywood Media's shareholders including potential dispositions or other strategic transactions."

-- Media General (NYSE: MEG) says in its 10-Q that its acquisition of social shopper Dealtaker contributed $1 million in profits to its interactive unit. That came on $1.6 million in revenue from the deal. But as noted in its quarterly, the division still swung to a loss due to weak results at the company's website and at its advergaming business, which saw revenue fall 28 percent. The purchase price for Dealtaker still hasn't been reported, though the company has maintained that it would be accretive.

-- Internet Brands, the online media and marketing holding company, which has a knack of buying small sites in bulk, bought 21 website during the first six months of this year for a total price of $49.2 million, according to its 10-Q. And this compares to the previous period six months in 2007, when it bought 28 websites for aggregate consideration of $73.1 million. And if you had any doubt, they are small: "are not material individually, and in aggregate they represent an insignificant portion of our net income and assets."

-- PlanetOut's (NSDQ: LGBT) sale/strategic process is still going on, according to its 10-Q. It hired Allen & Co to run the process and some interesting details of what the bank gets in return, besides the money: "In addition to certain fees payable to Allen in the event of a successful transaction, the Company issued to Allen a ten-year warrant to purchase up to 75,000 shares of the Company's common stock at an exercise price of $6.20 per share, subject to certain customary adjustments."

By Joseph Weisenthal