Newspapers' (Philly) sale may collapse again over
drivers' contract (Dinosaur Media DeathWatch™)
IIRC, these rags have been in and out of bankruptcy and sale at least
twice in recent years. Hence your headline can be made slightly
more accurate.
Posted on 09/14/2010 6:10:09 AM PDT by abb
The sale of The Inquirer and the Philadelphia Daily News seemed on the verge of collapse Monday, with the prospective new owner reporting no progress in reaching an accord with the company's drivers over their pension benefits.
The new owner, Philadelphia Media Network Inc., has a noon Tuesday deadline to close on its purchase of the newspapers and the website Philly.com. The deadline was imposed by Chief Bankruptcy Judge Stephen Raslavich, who has overseen the company's bankruptcy case.
Without a contract agreement with the drivers, there will be no sale, according to Gregory Osberg, chief executive officer of Philadelphia Media Network.
Osberg declined to say Monday what he thought Raslavich would do if the sale collapsed, but he suggested another auction was a realistic possibility.
If that were to happen, Osberg said, Philadelphia Media Network intended to bid again and be the ultimate winner. "We are not going away," he said.
In the case of a new auction, Osberg said, Philadelphia Media Network, if successful, would consider imposing contract terms on the drivers or closing the company until a contract could be reached.
"Neither of these options is attractive because they could result in the liquidation of the company," Osberg said.
In a statement Monday, the drivers said Philadelphia Media Network was putting "the company at risk" by refusing to "bargain in good faith to maintain our members' pensions."
On Sunday, the drivers, represented by Teamsters Local 628, voted 191-4 to reject Philadelphia Media Network's last contract offer. It is the only union not to have reached a new contract with Philadelphia Media Network, a collection of 16 financial institutions that bought The Inquirer's parent company at auction in April for $139 million.
snip
(Excerpt) Read more at philly.com ...
ping
http://www.philly.com/philly/news/homepage/20100914_Newspaper_buyers_have_until_noon_to_reach_deal_with_drivers.html
Newspaper buyers have until noon to reach deal with drivers
http://www.thewrap.com/media/blog-post/michael-eisner-and-la-times%E2%80%94-marriage-made-heaven-20816?page=0,0
Michael Eisner and the L.A. Times—A Marriage Made in Heaven?
http://www.thewrap.com/media/column-post/tribune-creditors-want-sue-sam-zell-%E2%80%9Cruinous%E2%80%9D-buyout-20797
Beginning of End for Zell? Tribune Creditors May Sue for ‘Ruinous’ Buyout
snicker
The unions never seem to know when to hold’em or when to fold ‘em. It’s always hold ‘em for them. In this case, it’s great; two less dinosaur media outlets to pump out left wing propaganda and a few more Philly taxi drivers.
Kind of a metaphor for how Obama wants to run the country.
LOL...love it. The Libs support the unions, and the unions, in turn, graciously cause the downfall of Liberal owned/managed businesses. Poetic justice.
Just think, under “Card Check” those wonderful Philly Teamsters could be visiting your workforce to entice them to sign up.
The business is comprised of a teamsters’ union that happens to have a liberal rag newspaper attached to it.
Newspapers' (Philly) sale may collapse again over
drivers' contract (Dinosaur Media DeathWatch™)
IIRC, these rags have been in and out of bankruptcy and sale at least
twice in recent years. Hence your headline can be made slightly
more accurate.
Wouldn’t wipe my arse with these rags. Die already Inquirer and Daily News.
Snort.
Sam ruined something that was already hopeless ... while losing a billion or so of his own in the process of trying to save it?
According to the article, this appears to mainly be a negotiating ploy to squeeze more money out of poor old Zell. If so, it raises the interesting question, "Do the the idiot creditors still expect Mr. Mouse to spend his time and money trying to save the rags?"
It appears to this country boy that newser creditors are just about as stupid as newser management. And that's saying a lot.
Why would anyone pay for a newspaper or any company for that matter with the intent of closing it down?
crazy
http://www.nypost.com/p/news/business/alphabet_soup_4nX0IuqITRY1oXEQjRmEGJ
Disney’s Iger aims to put ABC back in game
http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=135516
Digital Developments Could Undermine Comcast/NBCU’s Power
http://www.philly.com/philly/business/20100914_Source__Newspapers_to_be_auctioned_again.html
Source: New auction possible for newspapers
http://adage.com/mediaworks/article?article_id=145867
Magazine Readership Off Sharply Among Affluent
http://www.mediabistro.com/tvnewser/evening_news_ratings/evening_news_ratings_week_of_september_6_173495.asp
Evening News Ratings: Week of September 6
Translated: The new owners don't want to bend over and grab the ankles.
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