McClatchy plans to eliminate 1,600 jobs

[March 09, 2009]  SACRAMENTO, Calif. (AP) -- McClatchy says it plans to eliminate 1,600 jobs, or 15 percent of its work force, as it contends with declining revenue and a deepening recession.

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.

[Associated Press]

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