McClatchy offers buyouts to 10 percent of staff

February 1, 2019
Category: Business & Work

Even more troubling media news, or so it would seem.

Just hours after Vice Media announced it was slashing 10 percent of its staff, McClatchy CEO Craig Forman sent an email Friday to about 10 percent of the newspaper chain’s employees, offering voluntary buyouts. The 10 percent represents about 450 employees.

But, according to the Miami New Times, Forman stressed that the buyout is optional. What wasn’t immediately known was what would happen if less than 10 percent accepted the buyout. The deadline to accept a buyout is Feb. 19.

“It is important to us that (employees) are empowered to make the next steps on their career path,’’ Forman wrote.

He also wrote, “This will be a one-time opportunity. We do not anticipate another.’’

McClatchy runs 29 daily newspapers across the country, including the Miami Herald, The Charlotte Observer, The Kansas City Star, the News & Observer in Raleigh and the Fort Worth Star-Telegram.

Just last August, the company cut 3.5 percent of its staff, or nearly 140 employees.

As Wall Street sours on McClatchy, a longtime lender is now also buying up its stock