WWTBAM Bored

Gannett Co., the largest U.S. newspaper publisher, plans to eliminate about 1,000 positions at its U.S. community newspapers as advertising sales continue to decline. The shares rose the most in almost 21 years.

http://www.bloomberg.com/apps/news?pid= ... k&refer=us

And Google rolls on!

As a former journalist, I think this is tragic.

I don't think Gannett is the best chain, although I really like USA Today for what it is. When I traveled a lot for business, it was comforting to get my paper every morning at my hotel door...

We are having another round of buyouts in a few weeks, and McClatchy is freezing salaries.

Ritterskoop wrote:We are having another round of buyouts in a few weeks, and McClatchy is freezing salaries.

Are you sticking around?

PlacentiaSoccerMom wrote:

Ritterskoop wrote:We are having another round of buyouts in a few weeks, and McClatchy is freezing salaries.

Are you sticking around?

I don't know. It may be a few weeks but they said we would hear something by the end of the month. They implied the offers would be broad, which I guess means they would not try to talk us into staying this time.

If I can line up something else, I'm gone for sure.

But I really like the idea of not working for a few months. Going to the gym every day no matter what. That would be my job. That, and write those two books the literary agent on the train told me to write. She even told me which publishers to pitch, and in which order to pitch the books. I wish I had gotten her last name, so I could mention it when I send them proposals.

I had a sick feeling when I stayed at the paper this last time, that I would never be offered 40 weeks of pay again. Now it's returned, and I don't want to have missed out on it twice.

So. I am off to check the UNCC website, and the Census Bureau, and the Charlotte-Mecklenburg school system.

Ritterskoop wrote:So. I am off to check the UNCC website, and the Census Bureau, and the Charlotte-Mecklenburg school system.

Good luck, Skoop.

You don't want to be part of the last layoff before the company goes under. One bankruptcy filing can wipe out all their promises.

I was at USC's football practice yesterday and ran into one of the LA Times sportswriters who I knew when he went to SC. I was surprised to see him since I thought he'd be in Beijing. He told me that he had his airline ticket and credential but the Times announced budget cuts and he was reassigned. If they offer him a buyout he said he would leave. He has been at the paper for over twenty years and is a very good writer. I would be sad to see him leave.

Any time I miss working in the newspaper business, something like this comes along.

I emailed a couple of friends at McClatchy Bee papers at the last round. They were OK at that point.

Marley said:

You don't want to be part of the last layoff before the company goes under. One bankruptcy filing can wipe out all their promises.

One thing that worries me is that I have a small McClatchy pension that can kick in at age 62.

In my long-term financial planning, I always looked at that money for health care costs (either Medicare backup or squirreling away, earmarked for possible future copays, etc.).

I'm not sure it would break me if it didn't materialize but it sure as heck won't help if it goes away.

Edited to add:

I am supposed to meet with a financial planner in early September. So, I will just go forward with the expectation that the money will never exist.

Ritterskoop wrote:

PlacentiaSoccerMom wrote:

Ritterskoop wrote:We are having another round of buyouts in a few weeks, and McClatchy is freezing salaries.

Are you sticking around?

I don't know. It may be a few weeks but they said we would hear something by the end of the month. They implied the offers would be broad, which I guess means they would not try to talk us into staying this time.

If I can line up something else, I'm gone for sure.

But I really like the idea of not working for a few months. Going to the gym every day no matter what. That would be my job. That, and write those two books the literary agent on the train told me to write. She even told me which publishers to pitch, and in which order to pitch the books. I wish I had gotten her last name, so I could mention it when I send them proposals.

I had a sick feeling when I stayed at the paper this last time, that I would never be offered 40 weeks of pay again. Now it's returned, and I don't want to have missed out on it twice.

So. I am off to check the UNCC website, and the Census Bureau, and the Charlotte-Mecklenburg school system.

Good luck, skoop.

My Italian grandmother was a great believer in everything happening for a reason.

You had a chance to revisit this. Not staying this time is good.

mellytu74 wrote: One thing that worries me is that I have a small McClatchy pension that can kick in at age 62.

In my long-term financial planning, I always looked at that money for health care costs (either Medicare backup or squirreling away, earmarked for possible future copays, etc.).

I'm not sure it would break me if it didn't materialize but it sure as heck won't help if it goes away.

The PBGC should cover your pension fund, melly. Not that they might not find themselves in a bind, if more pension funds keep going under.

But I was particularly referring to that generous severance package that Skoop mentioned. Those promises mean nothing after a Chapter 11. I know, from personal experience.

MarleysGh0st wrote:

mellytu74 wrote: One thing that worries me is that I have a small McClatchy pension that can kick in at age 62.

In my long-term financial planning, I always looked at that money for health care costs (either Medicare backup or squirreling away, earmarked for possible future copays, etc.).

I'm not sure it would break me if it didn't materialize but it sure as heck won't help if it goes away.

The PBGC should cover your pension fund, melly. Not that they might not find themselves in a bind, if more pension funds keep going under.

But I was particularly referring to that generous severance package that Skoop mentioned. Those promises mean nothing after a Chapter 11. I know, from personal experience.

I realize that the PBGC should cover the pension but my fear is exactly what you said. How many pension funds go under in the six years until I reach 62?

When I was laid off in 2004, it was part of the continuing ripple effect of a 1999 merger (approved in the spring of 2000).

The previous layoffs offered more generous severance packages. but I was never offered because my position was never eliminated in those earlier reorganization.

It was only when the communications department was consolidated for a third time that my position (and several similar positions across the company) were gone.

The big difference is that the company's stock has gone up and it is not now, nor has it ever been, in danger of Chapter 11.

But I know a couple of friends from grade school who were caught in the Chapter 11 crunch. They ended up with severance but far less than anticipated.

ulysses5019 wrote:I was at USC's football practice yesterday and ran into one of the LA Times sportswriters who I knew when he went to SC. I was surprised to see him since I thought he'd be in Beijing. He told me that he had his airline ticket and credential but the Times announced budget cuts and he was reassigned. If they offer him a buyout he said he would leave. He has been at the paper for over twenty years and is a very good writer. I would be sad to see him leave.

Were the football players still walking funny?

Spoiler

From their terminal jock itch?