Kevin Gregory at McClatchy Watch reports - - -
McClatchy announced Tuesday it has cut its quarterly dividend by half and says it will make additional reductions of roughly ten percent of its work force.
Separately McClatchy announced an additional cost restructuring to reduce its workforce by about 10%, or approximately 1,150 full-time equivalent employee positions (FTE's) as the company manages through today's difficult advertising downturn and positions itself for future success in an increasingly competitive environment.*********************************
McClatchy said roughly half of the staff reductions are coming through voluntary programs and managed attrition. The company expects to achieve savings of $100 million over the next four quarters, excluding severance costs of approximately $20 million, from the staff reductions along with other savings initiatives. This represents a savings of more than 6% of total cash expenses based on cash expenses over the last 12 months. ...
There’s more to Kevin’s report including the numbers on major declines in McClatchy’s August 2008 year over year advertising and consolidated revenues as well as a listing of McClatchy newspapers offering buyouts in the past two months.
JinC Regulars know the liberal/leftist Raleigh News & Observer is on the buyout list.
They also know a few things are up at McClatchy: anti-Palin stories and pro-Obama stories.
I continue to say it and feel it: Regret for all the hard-working non-journalists at McClatchy's newspapers and all those papers' reporters and editors who "report the news straight."
Give Kevin’s post a look here.