Newspaper unions across the country are so beleaguered and beaten down, I don't see the Bee Guild opposing the proposal. Ed Fletcher says he wouldn't be surprised with a NO vote. But I would be.
A commenter made this observation on this blog last week:
Is there really a need for guild's today? With McClatchy holding all the cards what benefit do you get from your outrageously priced monthly dues? There's no job security and the company cuts benefits and wages as they see fit. Why pay $1,000 a year in guild dues for virtually no benefit?
If you read their Web site forum, the handful of dues-paying members who remain are voting for the burndown. It's a no-brainer, but certainly not a sure thing. You know they'll lay furloughs on them before year's end and after they "burndown" their vacation hours. Guilds are basically useless today.
There's some interesting comments about Sac Bee newsroom management over on the Observer layoff's posting thread. Sounds like a hell hole about to get worse.
Hell, they'll vote to delay the inevitable as long as possible. Why haven't these people found work somewhere else? The stress has to be horrendous every day they clock in.
But how do they cast their votes while hiding underneath their beds?
Follow your leaders example and vote "present".
Gannett, McClatchy to beat profit estimates
Gannett Co. and other newspaper publishers are poised to beat analysts estimates for the next five to six quarters as advertising declines moderate and expense cuts pay off, Gannetts largest investor said.
With all the cost cutting, you just have to have some reasonable growth in revenue and youll have spectacular earnings growth, said John Rogers Jr., chief executive officer of Chicago-based Ariel Investments LLC, which is also McClatchy Co.s second-biggest holder. This economy is going to recover and people are going to advertise again.
Gannett, USA Todays publisher, and McClatchy reported improved net income and operating profit in the second quarter from wages, staff and benefit cuts after advertising plummeted.
Over the next couple of years, people are going to be surprised by the earnings power of newspaper companies, Rogers said in an interview yesterday. They dont even have to get anything near the revenue of three or four years ago.
Ariel more than doubled its Gannett stake in the first quarter to 28.5 million shares, or about 12 percent, as of March 31. The company held about 15 percent, or 8.98 million shares, of Sacramento, California-based McClatchy as of April 30. Ariel is the largest shareholder of St. Louis Post-Dispatch publisher Lee Enterprises Inc., with 11 percent, or 4.44 million shares as of June 30.
Belo took a 2Q bath today, so the news isn't rosy everywhere in the newspaper world.
LOL, John Rodgers Jr should be in prison not politics and mutual funds.
What else would you expect John Rodgers Jr. to say? He is in the debt pit big time.
The Debt President and John Rogers are friends. Fancy that!
Ariel's chief investment officer, [John Rogers, is a friend of President Barack Obama's], and Hobson said the study's findings will be submitted to the president's staff along with recommendations that schools and employers do more to educate people about saving and investing in stocks and bonds.
ChicagoTribune.com - Business
Rogers is just another liberal trying to frame the discussion. Keep a watch on your wallet. Bailout money is probably a Wednesday Night Party at the White House discussion, between these two friends.
The vote tally is in for Sac guild: 86 percent for vacation burn, 14 percent against. All seven guild members in good standing voted.
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