Media Layoffs: McClatchy Co. Bids Adieu to 1,400 Jobs

The McClatchy Co. publishing empire, which is the country’s third-largest newspaper company, will lay off 10 percent of its work force due to a downturn in the economy, The Wall Street Journal reports. Chief executive Gary Pruitt called the cuts “painful” and said “We’re taking this action to help ensure a healthy future for our company.” The layoffs will effect 1,400 employees and trim roughly $70 million from its annual budget.