RALEIGH, N.C. -- The News & Observer of Raleigh and the Charlotte Observer have offered voluntary buyouts to hundreds of employees as its publisher, McClatchy Co., continues to face declining advertising revenue.

The News & Observer reported Wednesday that 320 employees, including all newsroom employees, will be offered buyouts.

Publisher Orage Quarles III said the company expects a small percentage of employees to accept the offer.

The Charlotte Observer reported most of its 810 full-time employees will get buyout offers. Its publisher, Ann Caulkins, said the newspaper also anticipates low turnout but plans to eliminate about 75 positions by Oct. 3.

The buyouts mark ongoing efforts by both newspapers to deal with the slumping economy.

California-based McClatchy Co. is the second-largest U.S. newspaper publisher.