Updated from 1:46 p.m. EDTShares of newspaper publishers took a hit Monday as McClatchy ( MNI - Get Report), 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 - Get Report), 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.