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 This material may not be published, broadcast, rewritten, or redistributed.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.

More from Investing

For Amazon, Fox's Regional Sports Networks Spell a Unique Opportunity

For Amazon, Fox's Regional Sports Networks Spell a Unique Opportunity

Kohl's Slumps on Tuesday Amid Weak Guidance, Retail Selloff

Kohl's Slumps on Tuesday Amid Weak Guidance, Retail Selloff

To Say That Buyers Are Skittish Would Be an Understatement

To Say That Buyers Are Skittish Would Be an Understatement

Chart of the Day: Is Kohl's a Playable Stock on a Pullback?

Chart of the Day: Is Kohl's a Playable Stock on a Pullback?

Multi-Family Projects Boost Homebuilding, But Single-Family Construction Lags

Multi-Family Projects Boost Homebuilding, But Single-Family Construction Lags