Inquirer, Daily News to Shed More Staff
As the financial troubles of Philadelphia Media Holdings (PMH), previously reported here, continue to mount, more layoffs are coming at the Philadelphia Inquirer and Daily News. Specific newsroom employees are being approached and asked to consider accepting voluntary layoffs, says administrative officer Bill Ross of the Newspaper Guild. “The idea is that they’ll get the severance agreement negotiated under the contract,” he says, “and they will save someone with less seniority from facing layoffs.”
Ross says there is no word yet on how many employees will be cut in the latest round of bloodletting or exactly when the blood will begin to flow.
PMH is currently involved in a forbearance agreement with its creditors that lasts through September 10th, which appears to be undermining the market’s confidence in the company. According to a Standard & Poor’s report, PMH’s loan was trading at 70 cents a dollar in early June, but is now trading in the mid-40s — a signal that the market believes PMH is in serious financial difficulty.
In the midst of this, DN publisher Mark Frisby is evidently taking a hands-on role in negotiations with the union; PMH publisher Brian P. Tierney has been absent from the talks. “We’re actually working together,” says Ross, “because we have to.”
In a new twist, the papers are said to be eyeing the ranks of newsroom managers for layoffs rather than reporters. “Our members have taken enough hits over the last couple of years,” says Ross, “and new management under Mark Frisby has realized there are layers and layers of management that haven’t been touched.”
In addition to layoffs, the papers are also expected to announce a plan to consolidate various newsroom positions — such as photographers and copy editors — at the Inquirer and Daily News sometime this fall. As might be expected, the rumor mill is churning out stories faster than the newsrooms are, including that old perennial Is the Daily News going under? “There was actually a rumor last week that the Inquirer would be folded into the Daily News,” says Ross, laughing. “It’s just rumors.” — Steve Volk
August 30th, 2008 at 12:49 pm
The photo departments of both papers will be combined, resulting in 9-10 photographers losing their jobs.
The deadweight prima donna’s are sweating now…
September 12th, 2008 at 10:38 am
Glad the guild rep can laugh about the upcoming layoffs, but then the Newspaper Guild is a joke, since they seem to care more about the owners than the members who pay their salary. Local ownership has been a disaster for a once proud paper. The fox bought, ravaged, and then sold the henhouse. The workers stood and watched, and let it happen. “And the union people crawled away…”
Amateurs.
September 13th, 2008 at 10:27 pm
What a sad commentary that a city of Philadelphia’s size is basically left without a newspaper. But there has not been much to read or see in several years. It just gets dumber and dumber. But a car dealer and a media mogul are not
journalists. Not now. Not ever.
September 15th, 2008 at 7:21 am
My advice to anyone still working at either paper - GET OUT NOW!!!! ASK ANYONE WHO HAS LEFT - LIFE IS 10000 PERCENT BETTER WITHOUT THE STRESS OF BEING ONBOARD AS THE SHIP SINKS!!!
NEWSPAPERS WILL BE GONE IN LESS THAN FIVE YEAR - REBUILD YOUR LIVES NOW!!!