Management?
Posted on 05/12/2006 1:19:19 PM PDT by abb
Onex Corp., a Toronto investment firm that is among the six known bidders for The Inquirer and Philadelphia Daily News, has floated plans for deep cuts in the newsrooms at both papers, according to Teamsters union leaders.
Onex representatives have visited the city at least three times, meeting with publisher Joe Natoli, other newspaper executives and Teamsters leaders since the McClatchy Co. put the papers up for sale last month.
McClatchy plans to buy the newspapers' owner, Knight Ridder Inc., this summer, but the Sacramento, Calif.-based chain is selling the newspapers in Philadelphia and 10 other cities. Bids for the Philadelphia newspapers are due Tuesday.
The Philadelphia papers, like other big-city dailies, are profitable but have been troubled by declining print circulation, an advertising slump, high newsprint and energy costs, and low profit as more people read the papers online.
Onex officials, who are working on a bid with Black Press Ltd. of Victoria, British Columbia, and others, would not comment on what they plan to do with the newspapers if they were awarded the bids.
Onex has "too much idle capital earning low returns" and is looking for new acquisitions in an "overheated market," chairman Gerald W. Schwartz told investors yesterday. Onex shares dropped 5 cents, to $22.22, after reporting first-quarter earnings below last year's levels.
(Excerpt) Read more at philly.com ...
Pinging with more Good News!!
As I read this, the workers at the paper are Teamsters.
It was Temasters in Philadelphia that beat up FReepers when Clinton came.
No wonder it was so hard to get the real story told.
Show me a teamster and I'll show you crooked thug.
I love these stories. More unemployed aged hippies forced to leave the cocoon and contribute to society.
GOOD NEWS PING!
They were better off when Walter Annenberg owned them.
NOW what will the folks in Philly wrap their fish in?
Good news indeed. The reporters at the Inquirer will be distracted from their efforts to spread leftist propaganda by the threat of losing their jobs.
ping
The Clinton-Burkle-Yucaipa mob gives the Hoffa-McMaster-Teamsters mob a run for their money when it comes to appropriating government/union pension funds.
More Financial Influence At Chez Clinton (Updates)
. . .
The arrangement between the billionaire and the former president -- and hopeful presidential spouse -- allows Burkle to stuff tens of millions of dollars into the bank accounts of the Clintons in return for no significant work on behalf of the fund itself.
CALPERS has not done much better. After pouring more than $116 million into various Yucaipa ventures since 2002, it's seen a return of $55,963.
AT the same time, Yucaipa is also collecting hefty fees for managing the pension funds' investments — more than $3 million a year from CALPERS... http://www.nypost.com/postopinion/opedcolumnists/61087.htm The hundreds of millions flowing from California retirement funds come courtesy of California Treasurer Phil Angelides... Why is the media ignoring what Yucaipa are doing with hundreds of millions in pension money?
All I can say is:
MUUHAHAHAHAHA!
Shadenfreud alert!
This is a win/win/win for our side.
The maggot infested mediots getting a paycheck from this rag, will focus on the evil companies trying to buy this dino fishwrap. Then they can't be spreading lies about GW, the War in Iraq and the economy.
The Unions will spend a lot of money now trying avoid a buyout. Then they will spend more money in court after the buyout. Then when the buyout happens, a lot of their thug members will lose their jobs. They will no longer contribute to the Union, and the Union's money will flow back to the fired members. Each $ the Union wastes here, makes it weaker and doesn't go to elect more liberals.
Advertisers and subscribers will rush away from the upcoming stench of death from this dying dinosaur fishwrap. Those $'s will go someplace else and will be lost forever. Anytime a lefty organization spends money on survival we win.
I have worked for management like that.
Hell, Dave.....I work for one now!
Brings back memories of the meltdown at Big Blue under Ackers....
really ugly thoughts...
Carbon futures are tanking too....
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