McClatchy, the US newspaper group, and Citadel Broadcasting, the radio station chain, have emerged as the worst performers among US companies that have made large domestic acquisitions this year, according to datacollected by Dealogic.

The figures offer an insight into the decline of traditional media companies, which have been suffering as advertisingrevenues have moved to the internet. Deals may compound the strategic challenge posed by the digital age, rather than helpcompanies address it from a stronger position, the analysis suggests.