Alex Davidson, Forbes

 

Struggling newspapers had little to cheer about Monday morning, as one newspaper chain announced massive layoffs and another said it was leasing back its newly built headquarters in a desperate move for cash.

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Sacramento-based McClatchy, owner of The Miami Herald and The Sacramento Bee, said it is cutting 1,600 jobs, or 15.0% of its work force, citing worsening economic conditions and readers’ ongoing flight to online publications.

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