N&O offers buyouts to about 320 employees
Posted September 3, 2008
RALEIGH, N.C. — The News & Observer of Raleigh has offered voluntary buyouts to about 320 employees as publisher McClatchy Co. continues to face declining advertising revenue.
The newspaper reported Wednesday that about 40 percent of its workers, including all newsroom employees, will be offered buyouts.
Publisher Orage Quarles III said the company expects a small percentage of employees to accept the offer.
The buyouts mark the newspaper's third cost-cutting move in the last five months as part of McClatchy's cost-cutting efforts.
In April, the newspaper offered voluntary buyouts to 230 employees, and 33 accepted. In June it enacted layoffs to 70 employees. Last month, it implemented a one-year wage freeze.
California-based McClatchy Co. is the second-largest U.S. newspaper publisher. It also publishes The Charlotte Observer, which also reported Wednesday that most of its 810 full-time employees will get buyout offers.
Its publisher, Ann Caulkins, said the newspaper also anticipates low turnout but plans to eliminate about 75 positions by Oct. 3.
The buyouts mark ongoing efforts by both newspapers to deal with the slumping economy.