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McClatchy Update: "I Can't Say We Have Bottomed Yet"

The extent of the job losses at various papers owned by McClatchy Co. around the country is becoming clearer the day after the company announced an across-the-board workforce reduction of 10 percent.

As reported yesterday, the largest cuts are at the Miami Herald (250) and the Charlotte Observer (123).

McClatchy CEO Gary Pruitt told Reuters. "We are still facing a very rugged advertising environment and I can't say we have bottomed yet." McClatchy shares were off by about 12 cents, or 1.5 percent, to fall below the $8 mark in trading on the New York Stock Exchange earlier today.

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