Upon my return to the pressroom yesterday, after a much needed vacation, my colleagues were abuzz with the possibility of David Geffen buying the Los Angeles Times from Sam Zell. Its true Mr. Geffen was interested in purchasing the Times last year, with a price tag of $2.1 billion, with stories of the new Tribune Company defaulting on the billions of dollars of loans next year, this possible sale makes sense.
Many Tribune Employees thought the grass would be greener under the ownership of Sam Zell, but this has proven to be the same old song and dance, cut and slash through buyouts and layoffs.
Would this trend to downsize payrolls change with David Geffen as owner of the Los Angeles Times, I think not.
Last year set a record for downsizing at newspapers across the country, and 2008 will certainly surpass last year’s exodus of employees, with the bottom of this economic downturn yet to be reached.
According to the publisher of the Los Angeles Times, David Hiller:
"What Sam has said is that he’d like to keep it together with the rest of the company, I believe that and it will be a good thing. We are focused on doing a better job everyday. Because the paper is so big and prominent it naturally draws more than its share of public attention....I think we are staying part of Tribune and that is a good thing."
It's a good thing for Hiller. He is a Tribune boy.
ReplyDeletePray for our release from the destructive throes of the Tribune Corporation
I wonder if Geff would get rid of Hiller? If he did, I'll bet that Hiller could put a happy face on that too, the stinky little man.
ReplyDeleteDavid Geffen made the remark that he would be happy with 8% profit and reinvesting the rest into bringing this paper back to the Jounalistic standards it was noted for.
ReplyDeleteInstead of cutting news staff and using Rueters and API, along with shrinking the paper and wondering why readers and advertisers are fleeing.
"Many Tribune Employees thought the grass would be greener under the ownership of Sam Zell, but this has proven to be the same old song and dance, cut and slash through buyouts and layoffs."
ReplyDeleteYa.... let's keep everything the same, then we will go bankrupt and then nobody will have a job!! Good thinking....
2.1 billion x 8% = $168 million per year. We're not close to hitting that now, what's going to be different with Geffen??????
ReplyDeletehaha what would be a good thing is to clip your marionette strings,running back to your keepers..zell zell zell!sell sell sell!
ReplyDeleteWhat would be different with Geffen?
ReplyDeleteHow about paying cash and not having a huge intrest payment.
How about not leveraging our ESOP.
Geffen would bring in more talent not get rid of it. Think that might attract more subscribers?
You Think the answer is downsizing the Newsroom and shrinking the paper? Hey Rocky watch me pull a rabbit out of my hat- oops, must be the wrong hat.
2.1 Billion?
ReplyDeleteWe were worth 2.1 Billion when Geffen made his initial offer.
Think we are now?
Better redo your math with the new asking price.
You think that bringing in more liberal writers from NY (e.g. Maureen Dowd) is the answer to our problems?? If you think its a liberal rag now, just wait until Geffen gets ahold of it. No one east of Fairfax would even read us anymore.
ReplyDeleteYour absolutly right, let's keep downsizing instead of adding more talent.
ReplyDeleteWhat was I thinking?