More Cuts At Another Newspaper Giant
McClatchy Co. announced they will cut another 1,600 jobs, or 15 percent of its staff, and reduce salaries in an effort to cut $110 million in spending, reports the Wall Street Journal. The latest job cuts come on top of the 10 percent layoff their staff underwent in September.
The company wide salary reduction will begin at very top, with chief executive Gary Pruitt, whose salary will be slashed by 15 percent. Other top executives will see their salaries decreased by 10 percent.
Like other newspapers McClatchy is suffering from a decrease in readership and a decline in advertising revenue, but this company has the added burden of publishing most of their papers in areas hit hardest by the real-estate meltdown. The company publishes the Miami Herald and Sacramento Bee, as well as 50 other non-dailies.
