Posted on 03/09/2009 11:34:48 AM PDT by NormsRevenge
McClatchy Co. will cut 1,600 jobs, or 15% of its work force, and cut salaries, including for its chief executive, as the company looks to save money and navigate through what it called "an increasingly poor national economic environment.
Last month, the ailing newspaper publisher had announced plans to cut costs by up to another $110 million, but it didn't provide any details. The latest job cuts come on top of a plan announced in September to cut 10% of its work force to save $100 million annually.
As with other newspaper companies, McClatchy is suffering as readers and advertisers shift away from newspapers. The economic downturn is particularly painful for McClatchy, however, since it has large newspapers in areas hit hard by the real-estate meltdown.
The company has already said it will suspend its dividend after the current quarter, joining several other publishers who have cut or suspended payouts.
McClatchy said the job cuts, which will affect all areas of its business, will be achieved through severance programs, attrition and consolidation and outsourcing of some businesses. The company said it expects $30 million of severance costs.
(Excerpt) Read more at online.wsj.com ...
Dinosaur Media Death Watch! I’m making popcorn!
Thanks...guess they are not yet to the state of the Atlanta paper....
Sharing the good news.
McClatchy Co. will cut 1,600 jobs, or 15% of its work force, and cut salaries, including for its chief executive,...”
Good, this is an opportunity for them to make an HONEST living for a change.
I’ll be happy when the lib Dem political hacks at the Raleigh Noise and Disturber are writing classified ads for the Penny Saver.
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