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.

Media General ( MEG), based in Richmond, Va., was a bright spot Monday. Shares of the diversified media concern, which publishes the Richmond Times-Dispatch and the Tampa Tribune, were up 10.3%, or 14 cents to $1.49.

Gannett ( GCI), publisher of USA Today, saw its shares drop 11.4%, or 25 cents to $1.95.

The Washington Post ( WPO) was down 4.7%, or $15 to $307.50. On Friday, the Post announced a partnership with job-search engine Simply Hired to provide washingtonpost.com national users access to the latter's 3 million national job listings.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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