McClatchy Co. (NYSE: MNI) (www.mcclatchy.com), which publishes the Bradenton Herald, announced Monday it plans to cut 1,400 jobs, or 10 percent of its workforce, largely because of declining advertising revenue, according to a company press release.

McClatchy says it will reduce the positions through both “voluntary and involuntary separations, as well as managed attrition.”

The job reduction will save the company $70 million annually. McClatchy is the third-largest newspaper company in the United States, with 30 daily newspapers, approximately 50 non-dailies, and direct marketing and direct mail operations.

Company-owned newspapers include The Miami Herald, The Sacramento Bee, the Fort Worth Star-Telegram, The Kansas City Star, the Charlotte Observer, and The (Raleigh) News & Observer.