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McClatchey Releases New Cost Cutting Moves

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Sacramento, CA — According to the Associated Press newspaper publisher McClatchy Co. says it plans to eliminate 1,600 jobs, or 15 percent of its work force, as it contends with declining revenue and a deepening recession.

The company owns The Sacramento Bee, Modesto Bee, the Fresno Bee and other properties.

The cost-control efforts come as McClatchy is faced with plunging ad revenues plaguing the entire publishing sector, as well as trying to recover $5.3 million owed by newspapers it had sold.