Magazine article Editor & Publisher

'Sun-Times' Bidder: Guild Vote Imperils Sales Deal

Magazine article Editor & Publisher

'Sun-Times' Bidder: Guild Vote Imperils Sales Deal

Article excerpt

In its first formal reaction Wednesday to the overwhelming rejection of its contract concession demands by unionized newsroom employees at the Chicago Sun-Times, the investor group offering $25 million for its parent chain said it would not be able to go through with the deal without "drastic changes," including elimination of seniority and work rules.

"Without these changes, our investors, led by [Chicago financier] Jim Tyree, would not be able to move forward with their plan to absorb significant projected initial losses and invest more than $25 million in capital to create the self-sustaining enterprise that they envision," the bidders, known collectively as STMG Holdings LLC, said in a statement.

The group, whose other members have not been identified, said it was "disappointed" by the 83-22 vote of the Sun-Times' Chicago Newspaper Guild unit to reject Tyree's proposed new agreement, which the union said ""guts our contract and takes away most rights that protects our members."

Tyree's group is asking all unions at Sun-Times Media Group newspapers to extend a 15% compensation cut negotiated earlier this year for the next three years. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.