McClatchy newspapers just announced it will trim its workforce by 10 percent -- or roughly 1,150 full time positions -- in the face of advertising revenues that had decreased by 17.8 percent this past year.
According to the press release issued by the company: "It is painful to announce these staff reductions, but the continued restructuring of our company is necessary given the relentless economic downturn and its impact on our business," McClatchy Chairman and CEO Gary Pruitt said in a release. "But it is also part of a strategic vision of becoming a hybrid print and online media company. McClatchy is committed to remaining a healthy, profitable company positioned to meet current challenges."
Photo courtesy of Ralph Barrera/Austin American-Statesman, via Associated Press. Molly Ivins in 2006.