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TNG-CWA Seeks Buyout of 9 Knight Ridder Papers
As the Knight Ridder chain looks to sell off its 32 newspaper properties, The Newspaper Guild-CWA announced that it would attempt a "worker friendly" buyout of eight properties that include nine newspapers where the Guild represents about a total of 2,500 employees.
"Standing still is not an option," said TNG-CWA President Linda Foley. "Each of the eight properties our advisory team has identified is profitable. We think there are solid business opportunities out there. We are going to go after those properties and we are going to attempt to persuade others in labor, management and the investment community to join us. We have formally requested that Knight Ridder open the process to include our bid."
TNG-CWA has expressed concern that a buyout by another major news chain would be leveraged by heavy layoffs and "scorched earth" cost-cutting at the newspapers.
CWA's Printing Sector also has members at several of the newspapers and Vice President Bill Boarman is helping contact private equity investors that might be interested in the acquisition plan.
The union's financial advisors are helping to form a new acquisition corporation and will look at several options for acquiring the newspapers, including a possible ESOP, Employee Stock Ownership Plan.
The nine newspapers include the San Jose Mercury News, the Philadelphia Inquirer and Daily News (one property), the St. Paul Pioneer Press, the Akron Beacon Journal, the Duluth News Tribune, the Lexington Herald-Leader, the Monterey Herald and the Grand Forks Herald.
"Standing still is not an option," said TNG-CWA President Linda Foley. "Each of the eight properties our advisory team has identified is profitable. We think there are solid business opportunities out there. We are going to go after those properties and we are going to attempt to persuade others in labor, management and the investment community to join us. We have formally requested that Knight Ridder open the process to include our bid."
TNG-CWA has expressed concern that a buyout by another major news chain would be leveraged by heavy layoffs and "scorched earth" cost-cutting at the newspapers.
CWA's Printing Sector also has members at several of the newspapers and Vice President Bill Boarman is helping contact private equity investors that might be interested in the acquisition plan.
The union's financial advisors are helping to form a new acquisition corporation and will look at several options for acquiring the newspapers, including a possible ESOP, Employee Stock Ownership Plan.
The nine newspapers include the San Jose Mercury News, the Philadelphia Inquirer and Daily News (one property), the St. Paul Pioneer Press, the Akron Beacon Journal, the Duluth News Tribune, the Lexington Herald-Leader, the Monterey Herald and the Grand Forks Herald.