McClatchy Co. is cutting 140 editorial staffers to combat strong “industry headwinds,” according to a memo from CEO Craig Forman to employees.
Forman called the cutbacks necessary to protect and further the future of the newspaper company, which suffered a nine percent drop in second-quarter revenues to $204.3M and a $20.4M net loss.
“Talented and passionate people who have dedicated their energy to our mission, colleagues we call friends and rely on every day, will leave the company,” wrote Forman.
McClatchy operates in 30 markets and publishes the Miami Herald, Charlotte Observer, Sun News (Myrtle Beach), Kansas City Star, Wichita Eagle, Star-Telegram (Fort Worth), Fresno Bee, Sacramento Bee and Bellingham Herald (Washington).
Forman, who wrote that McClatchy is in better shape than its peers, noted that job cuts “are not an unusual path in an ambitious transformation—the road is often filled with ups and downs, and it’s seldom a straight up line.”
He noted that while McClatchy’s digital revenues continue to grow, it still faces a significant print advertising decline following the 26.4 percent drop to $60.6M in second-quarter print ad revenues.
McClatchy's digital ad revenues jumped eight percent to $46.4M during the latest quarter.