You can read the news. McClatchy owns the Raleigh and Charlotte newspapers. It’s obvious that the advertising slump affects all newspapers, but the big papers are especially hard hit:
The McClatchy Co., parent of The News & Observer, said today it is reducing its workforce by an additional 10 percent and cutting its quarterly dividend in half.
The moves are intended to help the company as it contends with an advertising slump that continues unabated. In August, advertising revenue fell by 17.8 percent compared with the same month last year, according to a statement released by the Sacramento, Calif.-based company.
The job cuts, which are already underway and include voluntary buyouts that The News & Observer announced earlier this month, will cut about 1,150 full-time jobs nationwide.
It is McClatchy’s second mass job reduction effort in the past three months. In June, the company implemented its first companywide layoffs that eliminated 1,400 full-time jobs.
“It is painful to announce these staff reductions, but the continued restructuring of our company is necessary given the relentless economic downturn and its impact on our business,” McClatchy Chief Executive Gary Pruitt said in a statement. “McClatchy is committed to remaining a healthy, profitable company positioned to meet current challenges.”
The company is reducing its third quarter dividend to 9 cents per share from 18 cents in the second quarter, the statement said. The job cuts will save the company $100 million over the next four quarters.
2 Comments
great… just what we need in nc, LESS people to shine lights in the pitch-black holes of our government at a time when there is more money to steal
what "interesting times" we have
You know, why is it that the big papers can not duplicate what the small specialty papers and magazines are so good at. It seems the smaller pubs are doing enough of the right thing to bring in revenue and keep the ball rolling.
Doh, could it be that managers, directors and such, at large papers try to motivate staff with promises instead of with actions. Kind of like a misguided politician and we know how well that worked out.
That being said, the disgruntled paper employees seem to be getting jobs for specialty pubs where their talent is recognized and they actually do have a say in the creative process. No more promises, just actions, and creative ones at that.