Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Tribune offers newsroom voluntary buyouts (Dinosaur Media DeathWatch™)
Chicago Tribune ^ | January 16, 2012 | Robert Channick

Posted on 01/17/2012 4:15:58 PM PST by abb

Looking to reduce costs as it continues to grapple with a changing media landscape and challenging economy, the Chicago Tribune told employees Monday it will offer an undisclosed number of voluntary buyouts in the newsroom.

Gerry Kern, senior vice president and editor of the Tribune, issued a memo outlining the voluntary separation program, which will be open to all editorial staff except top departmental management.

"We begin the year with a need to reduce costs as we face the continued financial pressures from a weak economy and structural changes in our industry," Kern said. "We are committed to taking action quickly, thoughtfully and fairly."

Kern appeared to not rule out future layoffs, saying "we prefer to meet our financial goals entirely through this voluntary plan, but other actions may be required."

The program will offer two weeks of base pay for the first year of service, and one week for every additional year completed. Those accepted for a buyout will likely exit the newsroom between Feb. 10 and Feb. 24. The company will make group outplacement and career counseling services available to those participating in the buyout program.

Factors determining whether an employee will be accepted for a voluntary buyout include seniority, depth at various positions and business objectives, according to the memo.

While newspaper companies broadly are struggling to transform their business models in the evolving digital age, Tribune Co., which owns the Chicago Tribune, Los Angeles Times and other media properties, faces additional pressure as it seeks to emerge from a protracted bankruptcy. Last month, a federal judge pushed back hearings on plans to end the three-year proceedings until at least May, meaning the company won't likely emerge from bankruptcy until third quarter, at the earliest.

snip

(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events; US: Illinois
KEYWORDS: advertising; chicago; chicagotribune; circulation; dbm; illinois; losangelestimes; newspapers
The shrinkage continues...
1 posted on 01/17/2012 4:16:08 PM PST by abb
[ Post Reply | Private Reply | View Replies]

To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; Bahbah; bert; bilhosty; Caipirabob; carmenbmw; ...

ping


2 posted on 01/17/2012 4:19:53 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

http://newspaperdeathwatch.com/fewer-daily-newspapers-deliver-daily/
Fewer Daily Newspapers Deliver Daily

http://newsosaur.blogspot.com/2012/01/daily-paper-going-way-of-milkman.html#comments
Daily paper going the way of the milkman

http://www.capitalnewyork.com/article/media/2012/01/5042011/gannett-shuts-down-new-york-entertainment-and-nightlife-website-metrom
Gannett Co. has shuttered the New York arm of the local entertainment and nightlife network, Metromix, Capital has learned.

http://www.nypost.com/p/news/business/tv_guide_is_shown_the_gate_b5L6LbjVRTkE0OFNAFki6I
TV Guide is shown the gate

http://www.crainsnewyork.com/article/20120115/MEDIA_ENTERTAINMENT/301159977/1009
It’s on! Tab war pits Colin vs. Colin


3 posted on 01/17/2012 4:24:21 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 2 | View Replies]

To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

ChiTrib and LA Times same owner. Thanks abb.


4 posted on 01/17/2012 4:40:24 PM PST by SunkenCiv (FReep this FReepathon!)
[ Post Reply | Private Reply | View Replies]

To: abb

If it ever goes up for sale I’d like to see a Conservative purchase it.


5 posted on 01/17/2012 5:21:38 PM PST by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
[ Post Reply | Private Reply | To 1 | View Replies]

Photobucket
6 posted on 01/17/2012 5:53:08 PM PST by Clay Moore (The heart of the wise inclines to the right, but the heart of a fool to the left. Ecclesiastes 10:2)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

I’ll donate $100 to their favorite charity if they fire Eric Zorn.


7 posted on 01/17/2012 7:10:01 PM PST by IncPen (Educating Barack Obama has been the most expensive project in human history)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb; null and void; Nailbiter

8 posted on 01/17/2012 8:06:34 PM PST by IncPen (Educating Barack Obama has been the most expensive project in human history)
[ Post Reply | Private Reply | To 1 | View Replies]

To: IncPen
Ain't that the truth!
9 posted on 01/17/2012 8:34:09 PM PST by null and void (Day 1092 of America's ObamaVacation from reality [Heroes aren't made, Frank, they're cornered...])
[ Post Reply | Private Reply | To 8 | View Replies]

To: abb
The shrinkage continues...

Reminds me of the Seinfeld episode with George getting out of the cold pool. These people may be out of work, but if they have any talent at all they should be ok. The ones with zero talent can go work for the DNC.

From the buyout plan, a person with 15 years would receive about 4 months salary + unemployment. Plenty of cushion to find a new job.

10 posted on 01/19/2012 11:24:06 AM PST by MovementConservative (Go Mariners! 2012!)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson