Mounting Mess Mires McClatchy

Publisher of Sacramento Bee freezes pensions, cuts 401-k contributions; at risk of being de-listed from NYSE

Sacramento-based McClatchy (MNI) reported a quarterly loss of $21.7 million for the fourth quarter. MNI, publisher of the Sacramento Bee and 30 other daily publications experienced a continued erosion in advertising revenues.

In an effort to cut cost, MNI announced it will freeze pensions and discontinue matching 401-k employer contributions. MNI earlier announced it would discontinue it's quarterly dividend.

MNI is currently trading at 70¢ a share. In the last 52 weeks MNI has traded as high as $11.21.