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McClatchy Cuts 1,600 Jobs

The chain has been poisoned by immense debt from the purchase of Knight-Ridder and the flight of readers and advertisers.

The struggling newspaper chain McClatchy, the parent company of The Miami Herald, Sacramento Bee and other papers, said Monday that it would cut 1,600 jobs and lower salaries companywide.

 

The Sacramento-based publisher said the job cuts amount to about 15 percent of its workforce. The chain has been poisoned by immense debt from McClatchy’s purchase of Knight-Ridder a couple of years ago, the flight of readers and advertisers from daily newspapers to the Internet and a severe recession.

 

“We previously discussed a plan to reach a targeted level of cost savings, but given the worsening economy, we must do more,” McClatchy Chairman and CEO Gary Pruitt said in a written statement.

 

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