Charlotte Observer cutting 25 jobs

The Charlotte Observer is cutting 25 jobs, the newspaper reports on its Web site.

“Our revenue is still declining because of a difficult local economy,” says Ann Cauklins, publisher. “The revenue decline is lessening, but the change is very gradual. While we see some signs of improvement in our business, the revenue trends are still negative.”

Full Story at Charlotte Business Journal

Charlotte Observer to cut jobs, reduce pay, hours

The Charlotte Observer is eliminating almost 15 percent of its work force, including 30 newsroom positions, while reducing the pay of most remaining employees.

The newspaper also plans to cut the hours of some workers. If economic conditions don’t improve, the McClatchy (nyse: MNI – news – people )-owned paper said Monday that a one-week furlough will be imposed later this year.

The Observer announced the cuts on its Web site. It said the 14.6 percent reduction means a loss of 60 full-time and 22 part-time employees in several departments, including advertising, operations, circulation, marketing and the newsroom.

Source: Forbes.com

McClatchy (Parent of Charlotte Observer) stock hits all-time low

McClatchy Co., parent of The Charlotte Observer, fell nearly 16 percent in Tuesday trading after dropping more than 13 percent on Monday.

Shares of the nation’s third-largest newspaper chain closed at 75 cents per share Tuesday. The company’s stock dropped to 65 cents per share in trading during the day, an all-time low.

Yahoo Finance says McClatchy’s market capitalization — the overall value of its shares in the stock market — has fallen to $60.27 million.

Shares of California-based McClatchy (NYSE:MNI) have fallen 94 percent from their 52-week high of $13.31 per share on Dec. 26, 2007.

Four years ago this week, the company’s stock closed at $70.90 per share.

Like many of its rivals, McClatchy has battled declining readership and revenue for the past few years. It has been cutting costs, including employee buyouts and layoffs at its newspapers.

McClatchy’s third-quarter balance sheet indicates it had $5 million in cash on hand, down from $25 million at the end of last year. Its $331.35 million in long-term investments was down about $70 million, and its $2.07 billion in long-term debt was down about $400 million.

The company (NYSE:MNI) publishes 30 daily newspapers and 50 nondaily papers. Its publications in the Carolinas include The News & Observer of Raleigh and The Herald in Rock Hill.

Nationally, McClatchy’s publications include The Miami Herald, The Kansas City Star and The Sacramento Bee.

Source: Charlotte BizJournal