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Possible sale, cuts in Portland, Maine

Discussion in 'Journalism topics only' started by crunchy frog, May 23, 2009.

  1. crunchy frog

    crunchy frog New Member

    Looks like the Portland Press Herald will be sold soon if union members agree to concessions that unuon leaders have agreed to -- including stopping a scheduled 2 percent wage increase June 1, agreeing to 10 percent pay cut and ending 401K contributions by the company. Even with this, union leaders say there will be layoffs.

  2. Mark2010

    Mark2010 Active Member

    Seems like it always takes Maine an extra six months to catch up with the rest of North America.
  3. Editude

    Editude Active Member

    "In exchange, employees would be part of an employee stock ownership plan, or ESOP, that would give them a 15 percent stake in the new company."

    These haven't worked out too well in this industry.
  4. Sam Mills 51

    Sam Mills 51 Active Member

    Which will result in 15 percent of what?
  5. Moondoggy

    Moondoggy Member

    Proceeds from the liquidation sale.
  6. SixToe

    SixToe Active Member

    Pride, dammit. Pride in ownership. Real ownership!
  7. BYH

    BYH Active Member

  8. Baron Scicluna

    Baron Scicluna Well-Known Member

    Who's got dibs on the newsroom stapler?
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