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.
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