The Fort Worth Star-Telegram told employees Thursday that it would reduce its staff by 12% and also cut employees' wages. Employees at the paper, owned by McClatchy ( MNI), reportedly learned of the layoffs - which the company says will take place in most areas of the operation, in a memo. The memo did not say precisely how many people would lose their jobs. Staff members also learned that employees who earn $25,000 or more a year will see their wages cut between 2.5% and 10%. Furthermore, a buyout offer has been extended to some employees. McClatchy announced in February that it intended to cut $100 million to $110 million in costs in addition to freezing pension plans and temporarily suspending it's 401(k) match. Media-business layoffs and restructurings have become commonplace as the recession has severely hampered advertising spending. Among recent cuts, Dallas Morning News publisher A.H. Belo ( AHC) said it would lay off 500 workers, and the New York Times' ( NYT) Boston Globe set plans to eliminate up to 50 news positions. The Wall Street Journal, owned by News Corp.'s ( NWS) Dow Jones unit, also reportedly cut from its editorial staff recently. McClatchy shares closed down 4.9% to 39 cents, 4 cents off their 52-week low and miles away from their all-time high of $74.16 in March 2005.