Chicago Tribune reduces newsroom staff (Dinosaur Media DeathWatch™)

Chicago Tribune ^ | April 22, 2009 | Phil Rosenthal

[Landru]

THIS one...: Inquirer Publisher Calls For Changes in Law
( http://www.philly.com/philly/business/20090422_Inquirer_publisher_calls_for_changes_in_law.html )

...merits its own thread, Walt. {~tho' admittedly I haven't read the rest of the links, yet. :o) }

A couple excerpts tell why it's so very special:

"The hearing took place before the House Judiciary Committee's Subcommittee on Courts and Competition Policy. It was triggered, in part, by a request from Speaker Nancy Pelosi (D., Calif.) that the Justice Department consider easing antitrust rules for newspapers, given the dire financial status of the industry."

~snip~

And now Pelousy's Liberal-Socialist beard --C. Edwin Baker, a law professor at the University of Pennsylvania-- in no uncertain terms reveals why this "hearing" was really held:

"Baker argued there were better ways to aid newspapers, suggesting that the government offer tax subsidies to underwrite the cost of journalists' salaries."

HA!!!

So THIS is how the "transparency" the Republic was promised works, huh.
Riiiiiight. :o)

[outpostinmass2]

“The hearing took place before the House Judiciary Committee's Subcommittee on Courts and Competition Policy. It was triggered, in part, by a request from Speaker Nancy Pelosi (D., Calif.) that the Justice Department consider easing antitrust rules for newspapers, given the dire financial status of the industry.”

Which is ironic since Ted Kennedy tried to close the Boston Herald back in the 80’s using the same antitrust rules.

[KeyLargo]

Add Tribune To Tax Trouble ListZell’s deal faces audit

By STEVE RHODES

Updated 9:45 AM CDT, Wed, May 13, 2009

The IRS has Tribune Company in its sights.

Todd Stroger isn’t the only public figure presiding over a financial mess who is in trouble with tax man these days. Todd, meet Sam Zell.

The IRS is auditing a key - and controversial - component of Zell’s purchase of the Tribune Company. Zell faces a potential catastrophe if the agency rules against him.

“As much as $1.8 billion could be at stake,” Crain’sreports. “Under scrutiny is a $250-million purchase of Tribune shares in April 2007 by the company’s newly minted employee stock ownership plan. The ESOP was the first step in Mr. Zell’s privatization of the company.”

It was also a way for Zell to purchase the company with relatively little money of his own, leveraging the ESOP’s assets instead.

“IRS investigators are ‘attempting to determine if the transaction was for the benefit of employees,’ according to a declaration filed by a Waukesha, Wis.-based agent in charge of the probe,” Crain’s reports.

If that’s the standard, Zell and Tribune are in trouble.

“Employee Benefit, Our Ass,” says the Hartford Courant Alumni Association.

Of course, the IRS may have a more technical way of defining “employee benefit” than workers laid off by the Zell regime.

But still. Even Zell himself has said that buying Tribune was a mistake.
Related Stories

* Tribune, in Bankruptcy, Can Pay Bonuses

Now we’ll see just how big of a mistake. And who will pay for it.

Steve Rhodes is the proprietor ofThe Beachwood Reporter, which curiously enough is not in bankruptcy like the Tribune, Sun-Times

NBC Local Media

http://www.nbcchicago.com/news/business/Tribune-Tax-Trouble.html