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.

The Sacramento Bee is eliminating 86 jobs, or 8.1 percent of its staff. This figure includes 46 layoffs.

The Kansas City Star is cutting120 jobs.

The Lexington Herald-Tribune is cutting17 positions, or roughly 4 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.

David Weir

David Weir is a veteran journalist who has worked at Rolling Stone, California, Mother Jones, Business 2.0, SunDance, the Stanford Social Innovation Review, MyWire, 7x7, and the Center for Investigative Reporting, which he cofounded in 1977. He’s also been a content executive at KQED, Wired Digital, Salon.com, and Excite@Home. David has published hundreds of articles and three books,including "Raising Hell: How the Center for Investigative Reporting Gets Its Story," and has been teaching journalism for more than 20 years at U.C. Berkeley, San Francisco State University, and Stanford.

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