Monday, March 9, 2009

McClatchy Plans to Cut 1,600 jobs

McClatchy has announced plans to eliminate 1,600 jobs representing 15 percent of its workforce.

From The Associated Press:

Sacramento, Calif.-based McClatchy Co. says the job cuts, which will start by the end of the first quarter, will come through attrition, consolidating and outsourcing some functions and will include about $30 million in severance costs.

The newspaper publisher also plans to lower salaries across its operations, with Chairman and Chief Executive Gary Pruitt taking 15 percent base pay cut. Last month Pruitt decided to forgo his 2008 and 2009 bonuses. No executives will receive 2009 bonuses.

McClatchy owns a number of newspapers including The Charlotte Observer, The Miami Herald, Kansas City (Mo.) Star and Sacramento (Calif.) Bee. Here is the company's press release concerning the cuts.

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