McClatchy slashes 1,400 jobs in cost-cutting drive

[Scurrilous]

Source: Associated Press

<snip>

"Newspaper publisher McClatchy Co. is slashing 1,400 jobs, or 10 percent of its work force, as part of an accelerating drive to cut costs as advertising revenues dwindle, the company announced Monday.

McClatchy also reported a 15.4 percent decline in advertising revenues in the first five months of the year. McClatchy is the No. 3 U.S. newspaper company with 30 dailies, including The Miami Herald and the Fort Worth Star-Telegram.

The cuts come amid a broad retrenchment in the U.S. newspaper industry as the economic downturn combined with competition for classified advertising from online rivals like Craigslist has resulted in a steep slump in advertising revenues.

Many other newspaper publishers have also announced job cuts and layoffs in recent months, but McClatchy's companywide cost-cutting drive marked an unusually broad and deep effort to contain costs."

Read more: http://ap.google.com/article/ALeqM5hsRF5rXI9L9JFA2pb5Ra6nqsYC4wD91B84CG1

[Jakes Progress]

1. McClatchy is the only media chain

running the truth about Guantanamo. I have my subscription to one of their papers. If you can get a subscription. We have to support the better journaliam outlets.

[Kolesar]

2. Had bought out Knight-Ridder, who had done the best "war skepticism" reporting

McClatchy, which is still working to reduce debt from its $4 billion purchase of Knight Ridder in 2006, said it has already reduced head count by 13 percent from the end of 2006 through April of this year.

[OhioChick]

3. More jobs down the shitter...

Interestingly enough:

"The Star-Telegram has participated in outsourcing when the company announced in March its intentions to outsource 26 advertising artist jobs to an American-owned company in New Delhi, India, by summer 2008."

http://www.fwbusinesspress.com/display.php?id=7774

[Supersedeas]

4. media consolidation of a different sort

[MnFats]

5. too bad this comes at a time they''re publishing a likely Pulitzer winner.

It is a great, great series.
it's in the St. Paul Pioneer Press for one. It should be at www.twincities.com

must-read; then sent copies to the White House.