U.S. newspaper publisher McClatchy, owner of the Miami Herald, Sacramento Bee and Anchorage Daily News, said today that it will be handing out 1,600 pink slips, affecting 15% of its workforce, in an attempt to deal with the stumbling economy and a drop in newspaper advertising revenues.
McClatchy has been under intense pressure to meet heavy debt payments from purchasing the Knight-Ridder newspaper chain back in 2006.
Job cuts will be realized through a severance program, attrition and outsourcing business functions, the company said in a statement.
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