Newspaper publisher McClatchy Co. reported a $21.7 million loss for the fourth quarter on Thursday, reflecting the declining value of its newspapers, and said it plans deep cost cuts this year.
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McClatchy, which publishes The Miami Herald, The Sacramento (Calif.) Bee and other newspapers, wouldn’t say how much, if any, of the $100 million to $110 million in cuts would come from layoffs. The company said plans were still being completed.
The company, which already has imposed a companywide wage freeze through September, said it also would freeze pension plans and suspend matches to its 401(k) retirement plans beginning March 31. A new retirement plan was being developed to tie contributions partly to cash flow performance.