McClatchy to lay off 1,150 employees (dividend slashed 50%) (Dinosaur Media DeathWatch™)

Marketwatch.com ^ | September 16, 2008 | Sue Chang

[abb]

McClatchy Co. (MNI) will lay off about 1,150 employees, equivalent to 10% of its total workforce, in an effort to reduce costs, the media company said late Tuesday. About half of the staff reduction will come from voluntary programs and attrition, according to McClatchy. The layoffs will result in $100 million in savings over the next four quarters, excluding severance costs of around $20 million.

snip

[abb]

This... just in.

[abb]

ping

[abb]

http://biz.yahoo.com/prnews/080916/aqtu531.html?.v=21
McClatchy Reports August 2008 Revenues

[Lancey Howard]

Great news BUMP!!

I want every last remnant of the Democrat newsrooms erased from the face of the earth.
They’ve done enough damage to my country, thank you.

[padre35]

And they were complaining today about “Blaming the media coverage”.

There is no other business in the world that attempts to ignore the customer while offering a product that no one wants to buy.

My thoughts do go out to the laid off workers families, they were not at fault here, the Management was, they keep the reporters/columnists and lay off people who actually do the work.

[abb]

ping

[TheWasteLand]

Your posts are one of my primary sources of schadenfreude. Many thanks.

[JoanOfArk]

LOL! The Blog Hooligans have overthrown the dinosaur media!

[bruinbirdman]

McClatchy was looking for a buyer not long ago?

No takers.

yitbos

[andyandval]

Down goes McClatchy!

[abb]

http://www.newsobserver.com/front/story/1221057.html
McClatchy reduces dividend, details job cuts

[Elle Bee]

I'm deeply saddened....More Obama staff cuts ... and the Newark (NJ) Star Ledger announced it may go out in early January

Not a bad day

.

[midnightson]

The Anchorage Daily News carries mostly AP and McClatchy news reports, as well as their own lefty writers- pitiful!

[bert]

...... they were not at fault here.....

Of course they at fault. They are guilty by association. They are propagandistsall from the press room to the news room.

[andyandval]

Your posts are one of my primary sources of schadenfreude. Many thanks.

Mine too...thanks, abb!

[southernnorthcarolina]

McClatchy bought the Knight-Ridder chain (including my hometown rag, the Charlotte Observer), about two years ago. They spun off a few of the Knight-Ridder papers, but kept the large majority of them.

The market capitalization (that is, the number of shares outstanding times the share price) of McClatchy Newspapers, Inc., including all of the old McClatchy papers and most of the old Knight-Ridder papers, is about 5% of the price they paid, in cash and stock, for the Knight-Ridder chain. Somewhere, Pete Ridder laughs.

The Charlotte Observer, relatively new to McClatchy, and the [Raleigh] News & Observer, which was acquired by McClatchy years earlier, seem to be merging for all practical purposes, in a desperate move to keep afloat; they often carry each others' stories, and we in Charlotte are now getting the N&O's ancient sports columnist on a regular basis.

[TommyDale]

Boo freakin’ Hoo!

[tomkat]

To the extent that they've aided and abetted the traitors on the left, their birds are coming to roost.

Bravo

[andyandval]

McClatchy bought the Knight-Ridder chain (including my hometown rag, the Charlotte Observer), about two years ago.

Yes...and what a brilliant move it was!

[jmaroneps37]

“Okay Nelson clear your throat and letta rip!”

“Ha Ha!”
“Thank you Mister Muntz.”