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McClatchy to cut 1,600 jobs
An employee passes newspaper fronts of McClatchy Co. owned newspapers in their Washington office July 24, 2008.
Credit: Reuters/Kevin Lamarque
NEW YORK |
NEW YORK (Reuters) - U.S. newspaper publisher McClatchy said on Monday it would cut 1,600 jobs, or about 15 percent of its workforce, in an attempt to deal with the faltering economy and a decline in advertising revenue.
McClatchy, whose papers include The Miami Herald, Sacramento Bee and Anchorage Daily News, has been under pressure to cut costs to meet heavy debt payments from its purchase of newspaper chain Knight Ridder Inc in 2006.
The job cuts will be achieved through severance programs, attrition and further consolidations and outsourcing of some business functions, the company said.
McClatchy expects to incur an estimated $30 million of severance costs in connection with these reductions, which will begin by the end of the first quarter.
(Reporting by Euan Rocha; Editing by Derek Caney)
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