The transition of power over Tribune Publishing is now complete as Alden Global Capital is the newspaper company’s new owners. The new ownership group is now offering Tribune Publishing employees buyout offers just two days after completing its $630 million acquisition.
According to the Chicago Tribune, Alden has an offer on the table for its nonunion newsroom employees who have received a voluntary separation.
There will be similar plans to provides this voluntary separation offer to people across the Tribune platform. An Alden spokesperson declined to discuss the buyouts.
However, The Tribune reports that nonunion eligible staffers with three-plus years of service could receive 12 weeks of pay and an additional week for every year with the newspaper. Meanwhile, those with fewer than three years of employment would receive eight weeks of pay.
As for employees with representation, Alden needs to negotiate with each of the 13 union chapters of NewsGuild Communications Workers of America, representing employees at the various Tribune papers.
“We’re hearing that buyouts were offered today,” said Sally Davidow, a spokesperson for the guild. “The company has a legal obligation to negotiate with our union members over the terms of any buyout offer. That just began with today’s announcement.”
“It’s clear that Alden sees Tribune Publishing as a debt-free company from which it can extract more cash. It is a vulture fund that strip-mines local news organizations and undermines our democracy.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
