Tuesday's announcement by the Tribune Company of the repurchase of seventy-five million shares of outstanding stock was seen as a move in the right direction by many of us in the Tribune workforce. But this repurchase of stock will come with a price tag many employees fear, lost jobs.
Today's article in the Los Angeles Times (Page C-2) states on paragraph two, that $200 million in annual operating costs would be cut, partly through layoffs. Many employees that barely made the cut in December, 2005, wonder if they will be employed by the Tribune much longer.
I would post a link to the article, but you must be a subscriber to the Los Angeles Times to access certain stories online. Here's the link anyway. Article
Even as our supervisors try and calm the workforce regarding possible layoffs, the uneasy feelings of last years downsizing are in the air once again. The next few weeks may be a bit more intense with the uncertainty of additional changes at the newspaper.
Rumors have it, layoffs will occur in Advertising, Editorial, and the IT Departments.
Operations is running very slim, as we have taken many hits with previous buyouts and downsizing, and the closing of the Chatsworth Facility.
The price of Tribune stock will no doubt rise as millions of shares trade hands, lets hope this isn't a temporary price increase.
Keep your heads up and hope for the best outcome everyone working for the Tribune across the country.
Eddie
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