Saturday, May 23, 2020

Furloughs, suspended dividend at Tribune Publishing


Tribune Publishing announced a number of changes the company says are due to the COVID-19 pandemic.
The Chicago Tribune reported May 14 that Tribune Publishing and The Chicago Tribune Guild have come to a deal to furlough all unionized newsroom employees making $40,000 or more for a week in May, June and July. Talk of longer-term furloughs will be pushed off until late July, the New York Post reported.
The company also canceled $9 million quarterly dividend it planned to give to shareholders, the New York Post reported.
Tribune Publishing will report its financial results for the first quarter on May 22, the company said. The company had delayed the report.
The company had instituted measures concerning non-union staffers in April, including pay cuts on non-union employees making more than $67,000 annually. Top company executives and board members saw a drop in pay as well.
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