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Philly newspaper union: Company threatens ‘liquidation’
Philly.com ^ | Thursday, January 10, 2013, 7:52 PM | DAVID GAMBACORTA

Posted on 01/12/2013 11:05:40 AM PST by DeaconBenjamin

WELL, THIS IS getting ugly.

Interstate General Media, the parent company of the Daily News, the Inquirer and Philly.com, has threatened to "liquidate" the newspapers and their website if tentative contract agreements aren't reached with the company's 11 unions by next Friday.

The grim ultimatum was delivered Thursday by Michael Lorenca, the media company's chief operating officer, according to Dan Gross, president of the Newspaper Guild of Greater Philadelphia.

Meanwhile, the company on Thursday simultaneously offered buyouts and an option for employees to switch to reduced work weeks.

The Guild, which represents newsroom staffers, advertising-sales representatives and circulation-customer-service representatives, has an existing contract that runs through October.

Contracts for the company's 10 other unions expired last fall.

Gross said IGM wants the Guild to agree to $8 million in wage-and-benefit cuts and is seeking similar concessions from the other unions.

IGM's ownership group — which includes philanthropist H.F. "Gerry" Lenfest, South Jersey Democratic power broker and insurance executive George Norcross and businessman Lewis Katz, bought the newspapers and their website from a collection of hedge funds in April for $55 million.

The sale marked the fourth time in six years that the media company had changed hands.

Like many other print-media companies, IGM has been plagued by falling circulation and advertising revenue while trying to craft a strategy for getting readers to pay for digital content.

"People felt a little bit of relief when a group of millionaires and/or billionaires bought the company and pledged that they were in it for the long haul," Gross said.

"It surprises me that we've gotten to this point so quickly."

IGM spokesman Mark Block said the company can't comment because it is engaged in negotiations with the unions.


TOPICS: Business/Economy; News/Current Events; US: Pennsylvania
KEYWORDS:

1 posted on 01/12/2013 11:05:44 AM PST by DeaconBenjamin
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To: DeaconBenjamin

Good riddance I say!


2 posted on 01/12/2013 11:07:49 AM PST by Shadow44
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To: DeaconBenjamin

They should close down, and reopen (sans union) as “The Philadelphia Hostess”, as that name is not being used so much these days.


3 posted on 01/12/2013 11:08:01 AM PST by Dr. Sivana ("C'est la vie" say the old folks, it goes to show you never can tell. -- Chuck Berry)
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To: DeaconBenjamin

4 posted on 01/12/2013 11:09:02 AM PST by PGR88
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To: DeaconBenjamin
To the Unions...
"good riddance - don't let the door hit ya on the way OUT!"

5 posted on 01/12/2013 11:32:35 AM PST by skinkinthegrass (who'll take tomorrow,spend it all today;who can take your income,tax it all away..0'Bozo man can :-)
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To: DeaconBenjamin

Goodbye and we don’t care union. You have given money to the DNC and we hate you.


6 posted on 01/12/2013 11:36:43 AM PST by bmwcyle (We have gone over the cliff and we are about to hit the bottom)
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To: DeaconBenjamin

Didn’t the Democratic Party buy this newspaper?


7 posted on 01/12/2013 11:43:41 AM PST by WashingtonSource
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To: DeaconBenjamin

Another Atlas shrugs...


8 posted on 01/12/2013 12:07:20 PM PST by Always A Marine
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To: Always A Marine

Now s a good time to go after the advertisers. Put the foot on their throats and don’t take t off till they shut the doors completely.


9 posted on 01/12/2013 12:14:11 PM PST by EQAndyBuzz (I own a weapon to protect my family from those wanting to take that weapon away.)
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To: DeaconBenjamin

I am interested in buying the presses and other printing equipment. Not the property, couldn’t pay me to have a business in major city. Just the printing presses and equipment.


10 posted on 01/12/2013 12:50:24 PM PST by Matthew10 (You can't use what you don't know)
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To: DeaconBenjamin

Liquidate!!!! I need a laugh.


11 posted on 01/12/2013 4:28:45 PM PST by ogen hal (First amendment or reeducation camp?)
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