One large company is planning to cut Florida media jobs.
McClatchy Co., which owns The Miami Herald, has announced its plan to cut 1,600 jobs, or about 15 percent of its workforce, and lower salaries throughout the company. Job reductions will come from layoffs, attrition and outsourcing.
According to an article by the South Florida Business Journal, it is unknown how many jobs will be cut at each individual paper, including The Miami Herald. However, that paper currently employs 1,050 workers, about 800 less than three years ago.
McClatchy faced a $21 million loss for Q4, and the company is hoping to make the most recent round of cuts by the end of Q1. The company previously purchased Knight-Ridder, which added to its debt, along with the decrease in advertising and increase of Internet use.
“We previously discussed a plan to reach a targeted level of cost savings, but given the worsening economy, we must do more,” Gary Pruitt, McClatchy chairman and CEO said in the article. “I’m sorry we have to take these actions, but we believe they are necessary.”
Aside from cutting Florida jobs, the company also is planning to reduce salaries. Pruitt will take a 15 percent salary cut, while other executive salaries will be reduced by 10 percent and board member salaries will decrease by 13 percent in cash compensation. McClatchy also plans to pay no bonuses to executive officers.
Tags: Florida media jobs