Updated from 1:46 p.m. EDT
Shares of newspaper publishers took a hit Monday as McClatchy (MNI), publisher of The Miami Herald and The Sacramento Bee, announced 1,600 layoffs and executive pay cuts.
Shares of Sacramento, Calif.-based McClatchy, which also will cut the salaries of its top brass by 10% to 15%, were down more than 30.1%, to 41 cents.
The New York Times (NYT), publisher of the Times and The Boston Globe, among other titles, and an 18% owner of the Boston Red Sox, fell 4.2% to $3.90 after the company announced it would sell part of its midtown Manhattan headquarters building for $225 million and lease back the space.In a 15-year contract, the Times will lease back the space from W.P. Carey & Co. The Times suspended its dividend in February, saving $133 million. In January, the Times got a $250 million infusion from Mexican telecommunications billionaire Carlos Slim -- at 14% interest.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV