McClatchy cuts 15% of Workforce

McClatchy Co. has announced it will cut 15% of its workforce for a total of 1,600 jobs in a new round of cost-cutting. The new cuts bring total job losses at McClatchy to 33% of its workforce since June 2008.

The layoffs will start before April and occur throughout the company’s network of daily newspapers, although newspapers will individually be allowed to determine the best way to achieve the company’s savings targets. Wages for remaining workers will also be cut, with CEO Gary Pruitt taking an initial 15% cut.

The new cuts will bring total cost savings for McClatchy to $300 million annually, and will leave the company with 9,200 full-time workers.

McClatchy owns The Miami Herald, The Sacramento Bee and 28 other daily newspapers.

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