Newspaper Winners and Losers: McClatchy

Updated from 1:46 p.m. EDT

Shares of newspaper publishers took a hit Monday as McClatchy(MNI Quote), 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 Quote), 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. ...