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Tuesday, September 16, 2008

McClatchy: And the cuts just keep on coming

Posted by on Tue, Sep 16, 2008 at 6:51 PM

McClatchy, which owns about 80 newspapers, including The News & Observer and the Charlotte Observer, announced another round of layoffs today: 10 percent of the workforce or 1,150 full-time equivalent positions. The press release , in a mind-boggling use of corporate-speak, termed it "additional cost restructuring."

Here's an excerpt: "Gary Pruitt, McClatchy's Chairman and CEO said, 'Our board reviewed our dividend policy today and determined it was prudent to reduce the dividend, providing more free cash flow to reduce debt. We believe this action is in the best interest of our equity and debt investors.'

Well, we wouldn't want to upset the investors.

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