Thursday, March 27, 2008

Forget silly pep talks – how about ESOP info?

Despite the recent LAT reporting controversey, former Times city editor Bill Boyarsky blogging at LAObserved defends an LAT staff he thinks is "incredibly dedicated not only for slogging along but for doing some fine work for a paper that once seemed indestructible but now looks like a house of cards." Referring to Zell's own claim to be Viagra the 126-year-old LAT needs, Boyarsky writes:

I don't know about Sam, but the Times doesn't need Viagra. It needs journalists who can go to work each day without worrying about looking for a new job or whether they'll wind up with any money in the Employee Stock Ownership Program that Zell used to buy Tribune Co.

[snip]

Instead of silly pep talks, Sam ought to fire off some e-mails providing transparency on the ESOP deal.
Fat chance. The Zell Deal uses their money and gambles with their futures, but most employees didn't have a choice and don't have a voice in the ESOP. With $10 billion in debt hanging over Tribune employee heads, is it any wonder some Newsday staffers hope Murdoch takes over their paper?

1 comment:

No Money Left for ESOP? said...

There are reports of Tribune bonds yielding 25 percent. Maybe Tom Petruno can find out?