FishbowlDC TVNewser TVSpy LostRemote AgencySpy PRNewser GalleyCat SocialTimes

Media Layoffs: McClatchy Co. Bids Adieu to 1,400 Jobs

mcclatchy_logo.jpgThe McClatchy Co. publishing empire, which is the country’s third-largest newspaper company, will lay off 10 percent of its work force due to a downturn in the economy, The Wall Street Journal reports. Chief executive Gary Pruitt called the cuts “painful” and said “We’re taking this action to help ensure a healthy future for our company.” The layoffs will effect 1,400 employees and trim roughly $70 million from its annual budget.

The announcement comes on the heels of the news that McClathy’s advertising revenues fell 17 percent in May, leading to a company-wide revenue decline of 15 percent. Online ad sales rose 13 percent.

McClatchy’s, whose Kevin McClatchy says his family is nothing like the Bancrofts, laid off 13 percent of its staff between the end of 2006 and April of this year.

Mediabistro Course

Middle Grade Novel Writing

Middle Grade Novel WritingStarting January 15, work with a literary agent to write your middle-grade novel! In this course, you'll learn how to develop strong characters, write compelling dialogue, master the art of revision, and market your work to publishing houses and agents. Register now!