1,150 more jobs will be cut at McClatchy, reducing its work force by 10% nation-wide. About half the cuts will come from buyouts and attrition. Reuters reports the newspaper company expects the cuts, announced today in a board meeting, will save it $100 million over the next four quarters. McClatchy also announced that it cut its quarterly dividend in half.
This is the second round of massive cuts at McClatchy, which slashed 1400 back in June.