Friday, December 05, 2008
As employees at every newspaper across the country hold their breath hoping the bottom has been reached, and wondering if they will be employed much longer, the spiral of downsizing only seems to gain momentum with no signs of easing up.
Here at the Los Angeles Times I meet colleagues from almost every department at the newspaper, and no matter how valuable each employee feels they are to the newspaper I hear the same gloomy statement “Will my company identification allow me into the company parking lot today”. It a very sad state of affairs when your employees experience anxiety on a daily basis, not certain if they will be let go today or tomorrow, unfortunately this is a sign of the Times in the newspaper business.
Just when we ask one another, “Can it get any worse at our company”, it gets worse. Today’s Wall Street Journal (page C-4) ran an article regarding the Tribune Company hiring FTI Consulting, as the company may be in violation of the covenants of the credit agreement in the current quarter. With cash flow dropping like a rock at the Tribune Company, we are unsure of the outcome of the marriage between Sam Zell and the communications company.
Whatever the outcome of the Tribune Company, many throughout the company feel the Los Angeles Times will be sold off to satisfy the creditors, as the economy has not reached bottom.