TNG-CWA to Evaluate ESOP in Tribune Company Sale

President Linda Foley said TNG-CWA will do everything possible on behalf of union-represented workers at the Tribune Company and to look out for the interests of all 20,000 employees as the proposed sale to real estate investor Samuel Zell goes forward.

An employee stock ownership plan to help finance Zell's takeover is a significant part of this deal. An ESOP "can result in a positive partnership that benefits everyone involved or it can be a frustrating experience for worker-investors who end up bearing much of risk while experiencing little positive gain," Foley said. TNG-CWA has substantial experience in this area from work in December 2005, when it hired advisers to help initiate ESOP transactions to protect members working for Knight Ridder newspapers.

The introduction of an ESOP is a mandatory subject for collective bargaining, so union-represented workers at several of the Tribune Company properties – the Baltimore Sun and WPIX-TV in New York, where members are represented by TNG-CWA, and Newsday, where workers are represented by the Teamsters – will be able to evaluate and fully assess the benefits and risks of the ESOP, Foley said.

"TNG-CWA believes that all Tribune Company employees deserve this same opportunity, we are committed to providing that voice.

More information is available at http://www.tribunewatch.org/.