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Newspaper publisher McClatchy Co. is slashing 1,400 jobs, or 10 percent of its work force, after they reported a 15.4 percent decline in advertising revenues in the first five months of the year.

McClatchy, who is the No. 3 U.S. newspaper company with over 30 dailies, also owns a 15 percent stake in Careerbuilder from their $4 billion purchase of Knight Ridder in 2006.

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