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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

McClatchy loses £15m in three months

The McClatchy Company, the third largest US newspaper publisher, has reported a $21.7m (£15m) loss for the fourth quarter of 2008. In response, it announced "deep cost cuts" this year.

McClatchy, which publishes 29 dailies including the Miami Herald and the Sacramento Bee plus a host of weeklies, hopes to save $100m. Dividends will be suspended from April. Pensions are to be frozen. More job cuts are expected following two rounds of redundancies last year. (Via New York Times)

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