Thursday, February 5, 2009

McClatchy, Wall Street Journal to Cut Jobs

Fort Worth Star-Telegram issued a memo to employees Thursday announcing cost cuts that will include the elimination of positions.

The memo said that McClatchy will freeze pension plans and temporarily suspend the company match to its 401(k) plans, effective March 31. McClatchy said it will also cut an additional $100 million to $110 million, or approximately 7% of its 2008 cash expenses, over the next 12 months, beginning later in the first quarter of 2009.

... Meanwhile, The Wall Street Journal is laying off 14 editorial employees, according to the All Things Digital Web site. Both the site and the Journal are owned by Dow Jones, a unit of News Corp.

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