McClatchy reveals its August advertising declined 9.2 percent from the same period last year, while total revenues were down 8.4 percent.

On a year-to-year basis, the company's advertising revenue dropped 8 percent and total revenues were down 7.1 percent.

According to Gary Pruitt, CEO and chairman of McClatchy, there is not going to be much improvement until the fourth quarter, and even then quarter four will probably fall compared to the same period a year earlier. Employees are once again going to feel the pinch.

“We are not accepting business on those terms – indeed we are working hard to mitigate the impact of revenue declines by exerting strong cost discipline,” Pruitt said in a statement.