McClatchy cuts yet more jobs

McClatchy, America's third largest newspaper publisher, is to cut 1,150 jobs – about 10% of its staff – and halve its quarterly dividend. This follows a cut of 1,400 jobs in June and a one-year pay freeze. "It is painful," said Gary Pruitt, McClatchy's chairman and chief executive, "but the continued restructuring of our company is necessary given the relentless economic downturn." McClatchy has 30 daily papers and some 50 non-dailies. (Via AP/Google)