MNI cuts may not be deep enough

The savings McClatchy hopes to achieve by trimming 10% of its work force will not save enough money to offset even a quarter of the likely drop in the company’s advertising revenues this year, suggesting that more cuts may lie ahead.Barring an upturn in the newspaper business in the second half of this year that no one foresees, MNI’s ad sales for 2008 are likely to be $295 million lower than