McClatchy to Cut Staff by 3.5 Percent and Reduce Expenses
On the heels of a dismal second quarter 2018 financial report, McClatchy (NYSE: MNI) announced it will cut 3.5 percent of staff, or 140 employees, and implement other cost-cutting measures. CNN said the announcement was sent to staff in an internal memo last week. According to CNN, president and CEO Craig Forman said the decision to cut staff was “painful and difficult” but necessary for the company’s long-term sustainability.
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