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Saturday, June 30, 2012

Buyouts at the Los Angeles Times

As newspapers continue losing circulation as fast as water runs through your fingers, the race to stay profitable is a challenge many newspaper executives are finding most difficult to turn around. Last Friday (June 22, 2012) my colleague from Winning at the Race of Life shared the six page sports section of the Los Angeles Times, what he was revealing to me was the lack of advertising. There were two four by six inch ads in the entire sports section; this cannot pay for the cost of producing the newspaper much longer if this trend continues.

On Thursday June 28th the Los Angeles Times offered a buyout package to full time pressroom personnel, with twenty-six weeks of severance pay, which also carries the stipulation that you have no right to sue for injuries after you depart the company. If you’re a long term employee I would recommend speaking with attorney Vernon Goldschmid at 213.251.5914 before accepting the terms of the buyout.

The company is attempting to trim costs by eliminating the highest paid workers with lower paid apprentices, which will definitely not be paid what a journeyman pressman earns.

As Freedom shed its newspapers the San Diego Union Tribune was an interested party in purchasing the Orange County Register, and if this sale had been made the Los Angeles Times was selected to produce their rival. Unfortunately the OCR was sold to a firm from Boston, which will also begin printing three newspapers from the San Bernadino Sun as they shutter their production facility.

The question at hand now; will Rupert Murdoch purchase the Los Angeles Times?

1 comment:

Anonymous said...

If they want 2 clean house and bring in 15 dollar an hour people they need 2 offer a bit more. It would pay for itself quick. These new people would get practically no days off or vacations for years