McClatchy makes major cuts

Reuters reports that McClatchy Co., the publisher of 30 daily newspapers, will cut 15 percent of its workforce and cut top executives pay.
The total loss will be about 1,600 jobs and the story says the move is "one of the more dramatic cuts by a U.S. newspaper publisher as it struggles with plunging advertising sales."
From the story:

"We previously discussed a plan to reach a targeted level of cost savings, but given the worsening economy, we must do more," Chief Executive Gary Pruitt said in a statement on Monday. "I'm sorry we have to take these actions, but we believe they are necessary." The company will reduce Pruitt's $1.1 million base salary by 15 percent, and cut other executive salaries by 10 percent.