Antique Media Death March: McClatchy Cuts 1600 Jobs

It's going to be really difficult mustering up any sympathy for these folks, one of the most egregiously biased news organizations in existence.

U.S. newspaper publisher McClatchy said on Monday it would cut 1,600 jobs, or about 15 percent of its workforce, in an attempt to deal with the faltering economy and a decline in advertising revenue.

McClatchy, whose papers include The Miami Herald, Sacramento Bee and Anchorage Daily News, has been under pressure to cut costs to meet heavy debt payments from its purchase of newspaper chain Knight Ridder Inc in 2006.

The job cuts will be achieved through severance programs, attrition and further consolidations and outsourcing of some business functions, the company said.

Good News: McClatchy Revenue Plummets

The AP spins it as a decline in real estate and automotive ad sales, but make no mistake, this ultra-liberal outfit is losing money because of their relentlessly biased approach toward news reporting.

McClatchy Co. said Tuesday its October revenue dropped 9.9 percent in part due to declining real estate and automotive ad sales.

The newspaper publisher reported total advertising sales slipped 9.9 percent to $181.6 million from $201.6 million a year ago.

The company, which owns 31 daily newspapers including The Miami Herald and The Sacramento Bee, said national ad revenue dipped 8.9 percent while classified tumbled 19.6 percent. Classified categories experiencing the most weakness were real estate, down 29.4 percent, and automotive, which was off 19.9 percent.

"We have seen continued declines in advertising revenues, particularly in the California and Florida newspapers which have been affected by the downturn in real estate," Chairman and Chief Executive Gary Pruitt said in a statement.