More cuts at McClatchy

The parent company of the Charlotte Observer and the Triangle News & Observer will lay off 1,600 workers nationwide as it continues to deal with its financial problems, the N&O says today. Both papers are likely to be affected.

N&O:

The moves announced today follow other cost-cutting efforts by McClatchy. The company eliminated more than 1,150 workers last year, froze salaries and suspended its dividend. The N&O eliminated 213 full-time positions last year through voluntary buyouts, outsourcing and other steps. The Raleigh newspaper has 613 full-time positions.

The company said prior cost cuts, excluding severance and other benefit charges related to previous reductions, led to a 14.4 percent drop in cash expenses for the fourth quarter.

The latest round of cuts, which will start by the end of the first quarter and include just about every business component, will come through severance programs, attrition, consolidating and outsourcing some functions, the company said. The plan includes about $30 million in severance costs.

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E.C. :)