Updated: McClatchy to Cut 15% of Staff

McClatchy says it plans to eliminate 1,600 jobs, or 15 percent of its workforce, 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 a 15 percent base pay cut.

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