Wednesday, August 27, 2008

SacBee offers buyouts to most employees

The Sacramento Bee reports that it is offering voluntary buyouts to 55 percent of its full-time employees — including 200 of its 240 full-time news staffers — as an advertising slump continues. The Bee has made limited buyout offers before, but this marked its first-ever broad-based buyouts. The buyouts came two months after The Bee eliminated 86 jobs as part of an across-the-board layoff ordered by its parent, The McClatchy Co. of Sacramento. A companywide wage freeze was imposed by McClatchy two weeks ago. In July, The Bee unveiled a smaller print format, another way to save money. McClatchy stock, already off 85 percent in the past year, closed Monday at $3.54, down 4 cents.

1 comment:

Anonymous said...

The latest job losses at the Bee shouldn't go unnoticed without recalling the following report published a few months ago:
McClatchy CEO made $4.6M in total compensation in 2007
(Sacramento Bee) -- Gary Pruitt's compensation the year before was $5.6 million. In 2007 -- a year in which McClatchy revenue declined 7.9% -- Pruitt received a $800,000 performance bonus, $1.1 million in base pay, and about $2 million in stock and option grants and other forms of compensation. Why a bonus in a down year? The compensation committee credited Pruitt with cutting expenses 9%, which "lessened the impact of the difficult advertising environment."