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BUYOUT ALERT! BUYOUT ALERT! Attn: Florida and Michigan job-seekers

Discussion in 'Journalism topics only' started by MGoBlue, Feb 8, 2007.

  1. MGoBlue

    MGoBlue Member

    Not that the Dallas Morning News began the trend, but two new buyout alerts have come to my attention this week.

    The South Florida Sun-Sentinel in Fort Lauderdale is looking for 30 newsroom employees to step up to the plate and leave early. If they don't get the 30, they will cut to reach that figure.

    Also, The Ann Arbor News is looking for 40 building-wide to take an early retirement (or, just more than 10 percent of its entire workforce). No addition news on what happens if it doesn't reach its target. But with Michigan's economy (and news of the city losing its largest tax revenue in Pfizer's departure), this isn't surprising.

    Be wary, job candidates.
     
  2. Moondoggy

    Moondoggy Member

    There's a bad moon risin'.
     
  3. Leo Mazzone

    Leo Mazzone Member

    Just as an addendum, although this could be a d_b:

     
  4. Herbert Anchovy

    Herbert Anchovy Active Member

    Happy New Year!
     
  5. And the hits just keep on a' comin'. This hit parade's been on the air since 2000, at least, and it ain't stoppin' 'til the fat lady sings.
     
  6. subhead

    subhead Member

    Something tells me the people who put things around the ads aren't "absolutely critical."


    EDIT: Obviously that quote is from the FTU note, not Leo.
     
  7. JBHawkEye

    JBHawkEye Active Member

    It's not, "We're not making money." It's "We're not making enough money."
     
  8. Are we sure the Sun-Sentinel wants to lose 30 people? The memo refers to 15.

    Here is the memo from South Florida Sun-Sentinel editor Earl Maucker:

    ".... During the past few months, I've had a numberof newsroom employees ask about the possibility of an early retirement or
    voluntary separation package, so we are going to accept applications.
    Those eligible must be 55 years-old or older and have at least 10 years ofservice with the company. Roughly 15 applications will be accepted. ......"
     
  9. MGoBlue

    MGoBlue Member

    You may be correct, miami, though the email we got this week was 30.
    Might it possibly be 15 in newsroom and 30 total in the building?

    Either way, it's not good.
     
  10. God-damned 20 percent profits! ::)
     
  11. Moderator1

    Moderator1 Moderator Staff Member

    Business side experts: Detail what a buyout like this does for a company? Does it make things better? Is it a sign that things are not good, are terrible, what?
     
  12. Michael_ Gee

    Michael_ Gee Well-Known Member

    As a bought out person, I know the theory works like so. The buyout results in a huge one-time, one-quarter loss to the balance sheet. However, Wall Street looks past the charge in anticipation of future, happier balance sheets minus all those employees.
    In practice, it seldom works. Isn't working at Ford, sure as hell isn't working at the Boston Herald. Businesses turn around for non-cost related reasons, such as making a car people actually want to buy, or figuring out how to make money off on-line advertising. Buyouts are merely a way of appeasing the 28-year old Wall Street thugs who're blowing their annual bonuses at strip clubs.
    Buyouts are a very bad sign. They speak to a company, in whatever field, that has no idea how to grow its business.
     
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