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U.S. markets recover from steep losses
SACRAMENTO, March 9 (UPI) -- U.S. newspaper publishing giant McClatchy Co. said Monday it would lay off 15 percent of its workforce in the face of declining revenues.
The cut affects about 1,600 jobs, the publisher said.
McClatchy said it would realize $30 million in operating cost savings from the cuts that are to begin at the end of the month.
"The headcount reductions will be achieved through severance programs, attrition and further consolidations, and outsourcing of some business functions," the company's announcement said.
In addition, the company plans to cut wages for remaining workers.
"We have been transitioning steadily from a traditional newspaper company to a hybrid print and online news and advertising company," Chairman and Chief Executive Officer Gary Pruitt said.
However, "the effects of the current national economic downturn make it essential that we move even faster" to adjust the workforce to current conditions, he said.
McClatchy publishes 30 newspapers, including The Sacramento Bee, The Fresno Bee, the Anchorage Daily News, The Kansas City Star and The Miami Herald.
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