Watch how the market reacts today to two moves made by McClatchy yesterday. One, the company-wide pay freeze, a wonderfully gutless move by a clueless executive team. And two, the sale of the Real Cities platform for an undisclosed sum. (Kinda explains why charlotte.com had to go poof, huh?)

Both moves were undertaken to cut costs, raise cash, and prop up the share price. The first two are givens, the third not so much. Not with Gannett actually laying off people, a much more aggressive cost-cutting move. By comparison MNI looks to be indecisive. On Real Cities, how much could the sale have raised if no one wants to name the price? A few million, tops?

Not enough.

Update: The newspaper chain pain extends to Creative Loafing, which just laid off its local film critic in Tampa, to be replaced by a syndicated reviews out of Chicago. I have to assume the same process is underway at the Charlotte outlet as well.

Update II: More layoffs? Charlotte Magazine is blogging rumors of more buyouts/layoffs on top of the pay freeze. If that happens in the coming weeks, I really do not know how much will be left of meaningful metro paper staff. And it would be a crime if that happens ahead of corporate HQ coming up with an actual plan for making it to 2010 intact.