McClatchy (MNI) Axes 1,400 As Ads Continue To Plummet

McClatchy (MNI), owner of the Miami Herald and 29 other newspapers, says it will cut 1,400 jobs, or 10% of its workforce, as ad sales plummet to record-low levels. Sales fell 17% in May after a 15% decline in the first quarter.

The Miami Herald will suffer the largest cut and plans to ax 250 positions, or 17% of its workforce.

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