The Future of Print

McClatchy Cuts 1,600 Jobs; 15 Percent of Workforce

Posted in Doom by futureofprint on March 9, 2009

McClatchy NYSE: MNI Newspapers, the third largest newspaper chain in U.S., has announced that it will go deep and dramatic with its cuts: 1,600 jobs which means about 15 percent of the total full-time workforce, and will also cut wages for the rest of them, as part of the previously announced restructuring. It expects to incur severance costs of around $30 million. The company has also previously said that it will suspend executives’ bonuses as part of a wider $300 million savings initiative; Chairman and CEO Gary Pruitt will take a 15 percent cut in his base salary and won’t receive a bonus for 2008 or 2009.

Via Paid Content

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