Publisher McClatchy Co., which produces the Sacramento Bee, Miami Herald and many other newspapers, announced today that it will slash 1,600 jobs ? or about 15% of its workforce. The company will also cut executive pay, stop bonus payments and employer contributions to employee 401(k)s, and eliminate its dividend. McClatchy's advertising income fell by 18% in 2008, contributing to a dangerously low stock price as the company struggles in the current economic crisis. An estimate of savings from the cost-cutting measures is not yet known.
See "McClatchy to Cut 15% of Jobs, Sees $30 Million Charge", Greg Bensinger, Bloomberg News, March 8, 2009