McClatchy to cut *another* 10% of jobs (1,150 more)

http://www.sacbee.com/749/story/1241534.html

The McClatchy Co. announced another round of job cuts today and said it was slicing its shareholder dividend in half.

Sacramento-based McClatchy said it was cutting its workforce by another 10 percent, or 1,150 full-time positions, as part of a an effort to cut expenses by $100 million a year.

... The announcement reflects the company's inability to halt a steep slide in profits and revenue. The company said today that its August revenue fell 15.7 percent from a year earlier, to $142.8 million. Advertising sales were down 17.8 percent.

... McClatchy's profits have dropped in half this year and total revenue is down 15 percent. The company's stock price has dropped 85 percent in the last 12 months and closed today at $3.40, up 2 cents, on the New York Stock Exchange. The dividend announcement came after the market closed.

I have a good friend who's an education reporter at the Modesto Bee, and she hasn't been there that long — less than two years, I'm pretty sure. She survived the last round of cuts; I hope she gets through this one.