The Future of Print

McClatchy reports 4Q loss on newspapers’ decline

Posted in Doom by futureofprint on February 5, 2009

NEW YORK AP — Newspaper publisher McClatchy Co. reported a $21.7 million loss for the fourth quarter on Thursday, reflecting the declining value of its newspapers, and said it plans deep cost cuts this year.

McClatchy, which publishes The Miami Herald, The Sacramento (Calif.) Bee and other newspapers, wouldn’t say how much, if any, of the $100 million to $110 million in cuts would come from layoffs. The company said plans were still being completed.

The company, which already has imposed a companywide wage freeze through September, said it also would freeze pension plans and suspend matches to its 401(k) retirement plans beginning March 31. A new retirement plan was being developed to tie contributions partly to cash flow performance.

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