McClatchy announces job cuts

March 9, 2009 10:29:57 PM PDT
Newspaper publisher McClatchy announced Monday it plans to eliminate 1600 jobs and expects to pay out $30 million for severance costs.

McClatchy owns several newspapers including the Sacramento Bee and Modesto Bee.

The company has already stopped matching 401-k funds and it froze employee pension plans as it faces a continuing decline in ad revenues.