Let's be honest -- McClatchy has merely delayed the inevitable.
When your gross revenues are falling at a 30% rate and your advertising rate is doing the same, all while your subscription rate rises at only 2.9% after 100% price increases across the board. The writing is on the wall and only the willfully blind can't see it.
In short order McClatchy's debt payments will overwhelm their net income. This is unavoidable with no way out. Going to online only will not be a solution as they can't close down or sell operations without bank permission. The banks are not going to go for it because they can't bring in enough online income to meet the debt.
It is a no win situation. All Pruitt can hope to do is delay the inevitable and pad his pockets while in the mean time, the only cost reductions that they really have left is more layoffs.