More Job Losses At Charlotte Observer
The Charlotte Observer is cutting 26 jobs, and has frozen another 25 vacant positions. Four of the positions are in the newsroom, but many of the jobs will be lost in the pressroom. Some printing functions will be transferred to Columbia, SC. Publisher Ann Caulkins made the announcement today. It's the second time this year that the Observer has announced job cuts. The paper eliminated 20 jobs in January. Its sister paper, the News & Observer in Raleigh, announced last week that it's cutting 20 positions. Both papers are owned by McClatchy Co., which reported a first quarter loss of $2 million. Overall, revenues were down $303.7 million compared to the first quarter of 2010. In addition to declining revenue, McClatchy continues to be dogged by the heavy debt the company incurred when it bought Knight-Ridder in 2006. The Charlotte Observer and N&O were part of that deal, which left McClatchy with $2.4 billion in debt. The company's debt now stands at $1.75 billion.