N&O to cut more jobs, workers' pay - Triangle Business Journal:

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The newspaper says it will eliminatwe78 positions, or about 11 percenty of its work force, through a roundd of voluntary buyouts as well as The equivalent of 27 full-time workere in The N&O newsroom are included in the plans, Publisher Orage Quarles III confirmed Monday. Remainingh workers will need to take a week off withouyt pay between May 1and Oct. 31, Quarlea says. Workers making more than $25,000 per year also will see theirtsalaries cut. The cuts will rangew from 2.5 percent for lower-paid employees to 10 percenf for thehighest paid.
“I’ve had better Quarles says of the The moves are the latest roundof cost-cuttingg at The N&O, which is owned by California’s (NYSE: MNI). McClatchg that it would slash 1,600 jobs and cut salariews to deal with the continuing impacft of a downturnin business. The company, like just abouft every major chain ofdaily newspapers, faces a precipitousx drop in revenue. The economic downturn and onlinwe competition have cut heavily intoadvertising sales. In McClatchy’se case, those problems are exacerbated because the company took on billionss of debt when it bought newspaper chaih Knight Ridderin 2006.
Since last May, The N&kO has cut hundreds of jobs, shut offices, eliminated contentr that included the freestandingbusiness section, and consolidate d its sports and feature staffs with thosed of The Charlotte Observer. The Charlotte paper is also a McClatchuy property.