Los Angeles Times Pressmens 20 Year Club: September 2006

Los Angeles Times Pressmens 20 Year Club

Saturday, September 30, 2006

Orange County Register to Cut Workforce

Citing a shortfall of more than $20 million in advertising revenue, the Orange County Register said Friday that it would offer voluntary buyouts to employees to help reduce its workforce.

If enough people do not accept buyouts, layoffs will be likely, said N. Christian Anderson III, publisher and chief executive of the Santa Ana-based newspaper. He declined to specify the target savings and denied staff members' reports of $5 million to $8 million.

"Along with almost every other metropolitan newspaper, the Orange County Register has suffered declines in advertising in recent months," Anderson said in a statement. "Unfortunately, we don't see a quick turnaround in the loss of this advertising in key categories."

The paper remains profitable but not at the level that shareholders and investors expect, according to information provided to employees. Investment firms Blackstone Group and Providence Equity Partners Inc. in 2003 acquired a 40% stake in Register parent Irvine-based Freedom Communications Inc.

The advertising decline has become more pronounced in the last three months, Anderson said in an interview, and it has affected every segment except new-home ads.

Anderson said the cuts were not the result of Freedom Communications' launch in August of OC Post, an abbreviated, quick-read newspaper. As expected, the new publication will operate at a loss for 2006.

The voluntary severance package is being offered to about a third of the newspaper's full-time staff of 1,600. Sales, print operations and OC Post employees are not eligible.

The Register last offered buyouts in 1993.

In 2001, the paper laid off 85 people and cut 20 more positions through attrition.

(Excerpt) Read more at latimes.com ... Registration required

The Union Way

So true.

A dedicated Teamsters union worker was attending a convention in Las Vegas and decided to check out the local brothels.

When he got to the first one, he asked the Madam, "Is this a union house?" "No," she replied, "I'm sorry it isn't." "Well, if I pay you $100, what cut do the girls get?" "The house gets $80 and the girls get $20," she answered Offended at such unfair dealings, the union man stomped off down the street in search of a more equitable, hopefully unionized shop.

His search continued until finally he reached a brothel where the Madam responded, "Why yes sir, this is a union house. We observe all union rules."

The man asked, "And if I pay you $100, what cut do the girls get?""The girls get $80 and the house gets $20." "That's more like it!" the union man said.

He handed the Madam $100, looked around the room, and pointed to a stunningly attractive blonde. "I'd like her," he said.

"I'm sure you would, sir," said the Madam. Then she gesturedto a 92-year old woman in the corner, "but Ethel here has 67 years seniority and according to union rules, she's next.

Submitted by Jesse DeGeytere

Friday, September 29, 2006

You Have Mail

Thought I would share a few of my emails with everyone.

Ed, The description says: with bi-annual dinners every March and October.The word you want is semi-annual. Bi-annual is every other year. :-) Ex-Trib Business news editor, news designer, etc.-- Bob Beamesderfer

Thanks Bob, have made the correction. Thank you.

Hi Ed, it's the Wolfie. I was wondering if I could use you as a reference. I would need just your phone number of course. How are things with you? How are the guy's? I heard that Tribune is looking to dump some of their smaller holdings. Hey, If you could get some of the guy's phone numbers for me that would be great. Thanks. The Wolf Kevin Krater

Absolutely Kevin. Would you like me to share your address and number on the blog?

Hey, Thanks alot. My address is 27709 Mahogany Row, Santa Clarita, 91351, phone number 661-252-9875. Ya,go ahead and post it if you like. Hope you guys are doing fine. Kevin
Kevin Krater email

Hello Edward
How are you? It's nice to know that you are feeling much better.
I hope everything goes well with you company, but do not work to hard if you have to do overtime, so as not to hurt your back again.

Thanks Bev, my back is just slightly sore now, I'm getting too old to be lifting heavy objects.

Thanks Ed, I finally got the picture. I miss him!!!!!!!!!!!!

Gatha, there was a glitch in the email at the Times a few weeks ago. Glad Marvin's picture finally arrived.

Hi Eddie I really like your old blog page better the new one is hard to navigate. The best Billy

Billy, I selected Blogger because it's actually the easiest to navigate. Maybe I need to post some help guidelines to clarify how to get around for everyone?

Lot's of important info to be disclosed. The Plan we have been working on is coming together and we want everyone possible to attend and get the info firsthand.
I know some are becoming impatient, but we don't want to rush into an election only to have the same results as the past. I trust Marty and this plan and I'm sure you guy's will too.
Your Brother in Solidarity,
Ronnie

Ronnie, how did the union rally go?

Hey Eddy! Haven't heard anymore from you about the alcohol. I am leaving here nextThursday morning,the 28th for Nebraska and will be gone until the 22nd of October. Areyou still planning on picking up the liquor? Let me know. Got thee-mail from Jaimie about Hal Fleming. Doesn't sound real good for him.I will surely keep him and the family in my prayers. It is always such ascarey time. Lovingly, Marilyn

Marilyn, I just sent off an email to you that I would be over Saturday. Darn, your already gone. Will get the bottles of alcohol when you return. Thanks for the donation to the club.

Just to let you know that I received a phone call from Gerda Gilham today.We talked for quite awhile,she said that Bob is 76 years old she is 78 and his hearing has gotten worst that the Tribune Co. wrote a letter telling them they no longer will pay for his hearing aids or batteries.They are walking distance to a market,shopping center and close to their doctor,their son Neil ? lives 5 miles away,he used to be a paper pusher now is a geologist working for a Canadian company.
Bob and Gerda are driving to Lake Tahoe next week to visit friends and will return in October.They used to live in Gardnerville,Nevada but the altitude was bothering her as she has asthma.She will call me when they get back so we can get together for lunch.
They are happy living in Lynnwood,Wa. and thought about moving to San Diego but the prices of homes made them change their mind.They would like to attend the next 20yr club dinner if they can get the flyer in time (Ed Padgett,can you let them know a little early of the time and date ?)
Thought you guys might want to know a little of a fellow LATimes employee and how they are doing.

Take care of Yourselves
Emmett Jaime

Thanks Emmett, we always enjoy hearing about former co-workers. Especially good news.

That's it folks, I'm off to the LA Times for another shift. Ed

Olympic Facility Moving in Right Direction

A short two months ago I did a photo shoot of the condition of our plant, as you may remember the grass was allowed to die from the lack of water, the palm trees had not been trimmed in years, and the weeds were taller than myself.

The changes at the Los Angeles Times Olympic Facility have been no less than dramatic, palm trees have been trimmed and one palm tree completely removed. The grass is watered, and the six foot tall weeds at the north side of the building have been chopped down.

Sure makes for a better way to pull onto the property, a neat and well kept facility equals better employee moral.

Thursday, September 28, 2006

Tribune Night Cap

Tribune Co. shareholders suit dropped (Registration required)
Tribune Co. shareholders dropped a lawsuit claiming that directors of the second-biggest U.S. newspaper publisher failed to maximize share value, after a federal judge spotted a defect in the case.

The case against Tribune Chairman Dennis FitzSimons and seven other directors was dropped yesterday, U.S. District Judge Milton Shadur said today. Three days ago, Shadur issued an order questioning his jurisdiction over the case and scheduling a hearing for today to resolve the issue.

``It appears highly likely that the Tribune itself (as contrasted with the management-affiliated directors who are targets of this action) should be aligned with the plaintiff rather than the defendants,'' Shader said in his Sept. 25 order.

Tribune Co. hires bankers to mull 'strategic alternatives'
SAN FRANCISCO (MarketWatch) -- Tribune Co. (TRB) late Thursday said it has named Merrill Lynch and Citigroup as financial advisers to help it explore "strategic alternatives to create additional shareholder value."

Tribune Names Financial Advisers
Tribune Co. (TRB) late Thursday said it has named Merrill Lynch and Citigroup as financial advisers to help it explore "strategic alternatives to create additional shareholder value."

The Chicago-based media company said it will focus on finding the best options for the company as a whole before evaluating alternatives for its individual units. The company added that it expects to finish the review process before the end of the year.

SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Friday's session are Tribune Co., Ford Motor Co. and Research In Motion Ltd.

NEW YORK, Sept 28 (Reuters) - Tribune Co. jolted the media world last week when it said it was looking at ways to create shareholder value -- shorthand, many analysts say, for putting itself up for sale.
Source: asia.news.yahoo.com

LA Times - To cut or not to cut
LA Times has been in the news a lot lately. Its editor and publisher refused to carry out staff cuts ordered by the parent company. The Tribune company (which owns LA times) had gone in for budget and staff cuts just last year cutting hundreds of jobs. This time, however, the editor as well as publisher of LA Times stood their ground and simply refused to go along with the management. What's more, they even said so publicly; in their own newspaper to be precise. There is a very interesting article in the NY Times titled The Newspaper Publisher Who Said No to More Cuts .

Take Back the Times: Tension, Speculative Reports, Mount On L.A. Times Future

Privatization is the way to go for Tribune

CHICAGO (MarketWatch) -- Tribune Co. may learn what a few cable companies have discovered: going private during a time of uncertainty for your industry can have major benefits.

Newspaper publisher and broadcaster Tribune (TRB) said last week that it has established an independent committee to help it explore a number of possible strategic alternatives. Those alternatives could include the sale of specific newspapers or television stations or the entire company.

Another possibility is that Tribune could take itself private, and that appears to be the smartest play.

If you follow newspaper earnings on any kind of regular basis, you're aware that most of the problems that brought Tribune to this point are issues shared by all of its peers.

Full Story

Avoiding LAX Today

You have been warned, stay away from Century Blvd near Los Angeles International Airport today, there will be a sit down strike by workers from LAX hotels and their supporters as reported by LAObserved.

Baquet's Billionaire Boys' Club

Not long after Dean Baquet became editor of the Los Angeles Times, influential entertainment mogul Jeffrey Katzenberg sought a meet-and-greet. It was during this lunch that Katzenberg purposefully let slip big news: His DreamWorks partner David Geffen really wanted to buy the newspaper. Baquet was shocked. “How’s he going to feel the first time we review a movie or music produced by a friend of his?” Baquet asked. Katzenberg just laughed.

That was a year ago, and, since then, Geffen’s pursuit of the Tribune Co.’s troubled outpost not only hasn’t flagged, it has fired up, and not just because the paper’s 20 percent profit margin is so much better than the 6 percent earned on bonds. I’m told he’s “very serious” and “pretty confident” about purchasing it someday soon. “He believes that he’s going to be the owner,” an insider explains. That, even though there’s a growing list of fat-cat Angelenos lining up, including Eli Broad and Ron Burkle. But anyone familiar with Hollywood knows how relentless Geffen can be: What David wants, David gets. Says another source: “He has never stopped doing anything until he’s done.”

But the Times’ most pressing problem isn’t whether Geffen or someone else buys it, or Tribune sells it, or Baquet gets fired. Instead, the widespread media coverage has ignored the dangerous game being played with the paper’s integrity between this billionaire boys’ club and Baquet or his surrogates behind closed doors. I’ve even looked into accusations that the Times buried an investigation into one of the potential buyers. It’s all so unseemly: There, in August, was the Times’ own West magazine’s Power Issue giving high placement to every past and present rich guy who’s ever expressed interest in owning the paper: Eli Broad (No. 2, fortune valued at $5.6 billion), Philip Anschutz (No. 6, $6.4 billion), Haim Saban (No. 10, $3.1 billion), Ron Burkle (“who just missed our Top 10,” $2.5 billion), David Geffen (“another enormous name who barely fell out of our Top 10 list,” $4.6 billion) and even Peter Ueberroth (the poorest of the bunch, worth only $50 million). To top it off, Baquet’s name was included on that exclusive roster, thus giving the disturbing impression that he’s playing on their polo field.

Read entire article at LA Weekly

News-Press journalists vote to join Teamsters Union

Newsroom employees at the Santa Barbara News-Press voted overwhelmingly today to be represented by the Graphics Communications Conference of the Teamsters Union.

The employees, engaged in a months-long public battle with News-Press owner and co-publisher Wendy P. McCaw over journalistic ethics and independence, voted 33-6 to join the union, according to a source who declined to be identified.

A spokesperson for the employees and the union was not immediately available for comment on the results.

The election was conducted by the National Labor Relations Board.

More than 20 news staff members at the paper have quit on been fired since early July. The journalists have charged that McCaw, who bought the newspaper five years ago, has meddled in newsroom operations.

Read entire story at Santa Maria Times

Mark Kurtich to Visit Olympic Facility

Mark Kurtich will spend this Friday at the Los Angeles Times Olympic Facility to say hello and answer any questions employees may have.

Private meetings can be schedueled by calling Leonora at extension 75505.

If I can get a better photograph of Mark for displaying on the blog I will have my camera at hand.

The Newspaper Publisher Who Said No to More Cuts

Less than a year ago, the Tribune Company told The Los Angeles Times to cut millions of dollars from the paper’s budget and get rid of hundreds of jobs. The top editor and the publisher complied.

But when Tribune came calling last month to seek a new round of cuts, Jeffrey M. Johnson, the publisher, and Dean Baquet, the editor, had had enough. They refused to make what they considered drastic cuts and said so publicly.

In that space of time, Mr. Johnson — who has worked for Tribune for more than 20 years — seemed to many Los Angeles Times employees to transform himself as dramatically as Clark Kent does when he removes his glasses, steps into a phone booth and turns into Superman.

“Jeff has really emerged as a hero to a lot of us in the newsroom,” said Mark Z. Barabak, a reporter who covers state and national politics. “You’d expect your editor to stand up and fight for the editorial integrity of the paper, but it was and is surprising and inspiring and courageous that the publisher stood alongside of him.”

In reality, Mr. Johnson, 47, is a modest, unassuming family man with a wife and three sons who lives in a suburb of Los Angeles near Pasadena. “He’s a very clean-cut, wholesome Midwestern boy,” Mr. Baquet said. “He looks like the father on ‘Leave It to Beaver.’ ”

This ordinary man now finds himself in extraordinary circumstances. Because of their refusals to go along with the cuts, Mr. Johnson and Mr. Baquet are in a showdown with their corporate parent, one that could cost them their jobs and could reverberate throughout the newspaper industry.

(Excerpt) Read more at nytimes.com ...

Wednesday, September 27, 2006

Wealthy family interested in Tribune's Hartford paper

The daughter of a wealthy Connecticut businessman says her family is interested in assembling a group to buy the Hartford Courant, which is owned by Chicago-based Tribune Co.

Relatives of David Chase said Tuesday they would consider assembling a group of local investors to buy the Courant if the numbers make sense.

Fire damages house once owned by Chandler family

SAN MARINO - A three-alarm fire Monday evening did serious damage to a 6,000-square-foot San Marino home that once belonged to the Otis Chandler family, former owners of the Los Angeles Times, fire officials said.

San Marino fire Chief John Penido said the home at 1048 Oak Grove Place had recently been sold and was vacant and the owners, whom he did not identify, were out of town. The house is surrounded by heavy vegetation and is not visible from the street.

Click on title to read entire story

Take Back the Times: Baltimore Sun Staff Steps Up; Michael Kinsley Steps Down To Foolishness

Newspaper News

Courant In Rumor Mill
The sale of The Courant, which has emerged as a possible element in the radical shake-up of its parent, Tribune Co., could dramatically alter the media landscape in Connecticut. But newspaper analysts say the sheer breadth of Tribune's options as it redefines itself - spinning off TV stations, taking the company private, retreating to its core assets - makes it difficult to divine the fate of the nation's oldest newspaper.

Sun owner's chief says 'all options ... are on the table'
The chief executive of The Sun's parent company declined yesterday to specify whether the newspaper is being considered for sale as part of an assessment of restructuring moves, saying only that 'all options ... are on the table.'
'We're looking at this on an entire company basis, and it just may not be possible to determine what's best for any one part of the company without first determining what's best for the whole company,' Tribune Co. Chief Executive Officer Dennis J. FitzSimons said.

Tribune Interactive Gets Creative in Fight for National Advertisers
In their struggle against the portals, newspaper sites are trying all sorts of ways to attract national ad dollars, and Tribune Interactive is no exception. The publisher is running innovative campaigns from national advertisers with very different approaches and goals on sites including LATimes.com and the Chicago Tribune Web site. Each, however, reflects the local presence of the online newspapers.

Journal Register To Cut Jobs As Auto Slowdown Hits Michigan
Journal Register said remaining employees at its Michigan papers, as well as senior executives in the company's corporate office, will not receive wage increases in 2007. "We will also seek a moratorium on wage increases for 2007 in our upcoming union negotiations in the Michigan Cluster," the company said in a statement.

FCC Announces Details For Public Hearing On Media Ownership
The purpose of the hearing is to involve the public in the process of the 2006 Quadrennial Broadcast Media Ownership Review that the FCC is currently conducting. The hearing is open to the public, and seating will be available on a first-come, first-served basis. This hearing is the first in a series of media ownership hearings the Commission intends to hold across the country.

Newsprint's Still Smudging
The newspaper industry has its share of challenges, and the last couple weeks have provided a few more headlines that support that perspective. New York Times (NYSE: NYT) warned about earnings in its coming third quarter, and Tribune (NYSE: TRB) said it is mulling a restructuring and possibly a sale.

Toledo Blade Talks Resume As Lockout Continues
In a battle over union rights that other newspaper unions may eventually have to fight, The Toledo Council of Newspaper Unions has launched an all-fronts boycott of The Blade in Ohio. Talks resume this week between the Blade and five locked out unions. Hundreds of workers have been locked out since August 28th.

Calling in Sick

Retired pressroom supervisor Rex Hart (pictured on left next to Charlie Coleman) is confined to a wheelchair due too complications from an illness.

According to his son (Chuck Hart Oly machinist) Rex may have to miss our upcoming dinner in October.

Lets hope Rex is back on his feet soon.

Tuesday, September 26, 2006

Baltimore Sun staffers letter to Tribune CEO

Sept. 26, 2006

Dear Mr. FitzSimons,

Welcome to Baltimore!

This is a wonderful city with a rich history that includes The Sun, a newspaper that has been published since 1837 with a legacy of excellence that we hope to continue. To do that, we need your help.

We need you and your colleagues in Tribune management to understand that the way to provide a viable product in the information age that is the 21st century is not to cut back on the essential resources of this institution.

We stand with our colleagues at the Los Angeles Times, both management and workers, in saying to you that you cannot cut your way to prosperity, that sometimes you have to make the tough decisions and forgo short-term returns for long-term gains. You need to maintain and increase your investment in these newspapers if they are going to make a successful transition to the new age of journalism that is upon us.

We also ask that you respect those of us in Baltimore who have made this a successful and profitable cornerstone of Baltimore life for these many decades. You did not do this in 2003 in the negotiations with the Guild for a new contract. You spent $3 million of your shareholders’ money to launch a blitzkrieg on your employees that included the disruptive presence of so-called “replacement workers” training in our building, as well as the demeaning comment at the bargaining table that the Pulitzer Prize-winning Sun does not have a “high performance culture.”

A well-run company does not spend its money attacking its loyal employees. No one wants The Sun to be successful more than those of us who work here, who raise our families here, who have invested our careers in this institution. We ask that Tribune treat those of us who work here with the respect we deserve and make sure that The Sun has the resources it needs to maintain the quality that has allowed it to thrive.

Either that, or sell The Sun to someone who will.

Sincerely,

The Sun unit of the Newspaper Guild

Tribune in the News

Tribune Co. to end mag for baby boomers
Little more than a year after its launch, Tribune Co.’s free magazine for upscale Chicago-area baby boomers will cease publication, said John Twohey, vice-president of editorial and operations at Tribune Media Services, publisher of Satisfaction.

Tribune Co. stock slips on overhaul uncertainty
(AP) — Shares of Tribune Co. slipped Monday as the media company faces uncertainty over plans to overhaul itself by the end of the year.
Last week Tribune directors said they were looking at various options, including a sale, breakup or buyout, to help satisfy shareholders after a three-year stock slide.

Tribune Still Faces Unrest at L.A. Times
Tribune Co. took a big step toward easing shareholder anger this week when it opened the door to a broad restructuring of the company, but it still faces unrest at its biggest and most important property _ the Los Angeles Times.
The publisher and editor at the newspaper, the fourth largest in the country, have so far pulled off what few would dare attempt: A public refusal to implement corporate-mandated cost cuts. So far, they haven't been fired.

Change in this year's EPS estimate
The current fiscal year consensus EPS estimate for this stock has changed from 2.01 to 2.00.

Change in next year's EPS estimate
The next fiscal year consensus EPS estimate for this stock has changed from 2.22 to 2.21.

TRB trades on unusually high volume
This stock has experienced unusually high trading volume of 3,598,000 shares today; its average daily volume over the previous 30 days was 1,763,577 shares.

The Media World Is In Convulsions
What the hell is going on in the media world?
A: Put simply, the media are going through convulsions A lot of the headlines these days make very little sense to me.

Tribune Empire Could Crumble
Imagine buying the most expensive house on a good-looking block that appears to be on the upswing. Within three years, the neighborhood craters, your oldest kid starts backtalking and your spouse pesters you to sell the house and get out. Meanwhile, you're stuck with a fat mortgage.

Postpress best hope for newspapers' future?
As newspapers continue to search for ways to forge new revenue streams, distribution and packaging are attracting a lot of interest by publishers and production executives.
“Mailrooms are being turned upside down,” said Bill Bolger, vice president of production at The Indianapolis Star, at Inland Press Association’s press and mailroom seminar.
Twin forces of burgeoning insert volume, combined with more stringent verification of insert performance by the Audit Bureau of Circulations, are forcing a sea of change in mailroom operation.

Tribune CEO Asked To Maintain Quality At Baltimore Sun
BALTIMORE (AP)--Members of the union that represents newsroom staff of The ( Baltimore) Sun asked Tribune Co.'s (TRB) CEO Dennis J. FitzSimons on Tuesday to either make sure the newspaper gets the resources it needs to maintain quality or "sell The Sun to someone who will."
FitzSimons attended a forum in Baltimore with members of the newspaper's staff to talk about possible changes amid plans for the company to overhaul itself by year's end.

Take Back the Times: At A Gathering Of L.A.'s Legal Elite, Broadbased Sentiment Against Tribune Co.

Monday, September 25, 2006

What's Normal

A story about autumn on Easy Writer

And now! Those Pressmen!

Hey readers, look what I discovered while searching the web for Tribune related stories.

Nice to meet you, Ed Padgett.

We've known some mighty fine Pressmen in our day.

Without the Pressmen, no PAPER!This is harder than being a mailman, really it is!

These guys have been known to stay up all through the night to make sure it comes out if the press malfunctions.

Our hat is off to you, your fabulous paper The Los Angeles Times and the two courageous men who are true leaders down there. Your publisher, and Dean Baquet.

posted by SBStarFreePress @ 9:59 AM

Thank you Santa Barbara Star Free Press,
Edward

Monday Night Linkage

L.A. Times Stops Auto-Delivering T.V. Listings
We still get the print edition of our local paper, the Los Angeles Times, although increasingly I find it hard to justify killing the rain forests in order to do so. Since I was a child here in Los Angeles, a linchpin of my experience of the Sunday L.A. Times has been TV Times, the paper’s facsimile of TV Guide.

Tribute Company Meltdown
The board of the Tribune Company voted unanimously on Thursday to restructure two partnerships that may lead the way for a possible sale or breakup of the company. The decision comes on the heels of a protracted dispute between shareholders and the editorial side of two of the company’s most high-profile assets: the Chicago Tribune and the Los Angeles Times.
Staff writers at the Los Angeles Times report that Thursday’s board meeting named a committee whose purpose would be to study “alternatives for creating additional value for shareholders.”

L. A. Times Continues Its Rebellion Against Tribune Owners
The Tribune Company, which has been trying to cut costs at its newspapers around the country, including the Baltimore Sun, Newsday and the Los Angeles Times, is still facing intense opposition from the editor and publisher at the Times, but is so far not taking that final step--removing the management at that paper. The Tribune' is responding to demands from shareholders unhappy with the company's performance, but the Times has already cut a number of positions in the past few years and the newspaper's management team fears that more cuts would damage the paper irreparably.

Nerves rattle down the chain (Chicago Tribune, 23 Sep 2006, Page 13)

Nerves rattle down the chain
By Barbara Rose Tribune staff reporter
Chicago Tribune
23 Sep 2006

In Tribune Co.’s cafeteria Friday, the day after a big board meeting set the company on course for a possible sale or breakup, the talk was about the Chicago Cubs, the weather, weekend plans. But beneath the usual chatter at headquarters, and at... read more...

Denim Day

I've started an additional blog to document my office's participation in Lee National Denim Day. I hope the pressmen will join me in showing support for breast cancer awareness, treatment and support. In order to participate, just donate $5 and wear denim to work. The forms are even online! Anyway, I'll be documenting what we're doing in our office in order to show our support.

Just a few facts:
In 2006, nearly 2000 men will be diagnosed with breast cancer.
Over 250,000 women will be diagnosed with an invasive form of breast cancer this year.
Over 40,000 women will die from the disease this year.

My other blog Easy Writer will continue as well.

Sunday, September 24, 2006

Sunday Morning Linkage

To access each article, click on the title above the story and jump to the complete body of text.

Murder! Terror! Customer Service!
Maybe it's just me, and maybe I'm overreacting, but I think the Tribune Company of Chicago has just driven the coffin-nail home in the case for its being an unfit owner of the Los Angeles Times.

Upheaval at the Tribune Company
On Thursday evening in Chicago, the board of the Tribune Company voted unanimously to restructure two partnerships that may lead the way for a possible sale or breakup of the company. The decision comes on the heels of a protracted dispute between shareholders and the editorial side of two of the company’s most high-profile assets: the Chicago Tribune and the Los Angeles Times.

Tribune Co. Joins Reversal of Media Consolidation
The nascent but distinct and ongoing reversal of the corporate consolidation of the U.S. media received another boost yesterday with the Tribune Co.'s announcement that it is willing to sell any or all of its 11 newspapers and 25 television stations.

Board Signals Major Changes For Tribune Co.
Tribune Co., under pressure from shareholders to boost its stock price, is signaling it may sell, break up or take private the company that owns the Chicago Tribune, the Los Angeles Times, television stations and the Chicago Cubs.The company is targeting potentially transforming changes by the end of the year following a five-hour meeting of its board of directors on Thursday.

Advice to Tribune Co.: Keep Chicago, Dump the Rest
With the Tribune Co. edging closer to a possible breakup or sale, one veteran analyst said the company's best bet is to keep its dominant Chicago holdings and sell everything else.

Start the cuts at the LA Times at the top
The Tribune Company is under pressure to sell its largest paper, the Los Angeles Times, as you’ve read here and in the business press. The major trouble was coming from the Chandler family, the former owner of the L.A. Times and one of the company’s largest share holders in the stock and cash deal.

Sunday Blog Weekend : At This Moment

1. Are you craving anything and if so, what?

2. What is the weather outside, and do you wish it would change?

3. What two websites do you think you will go to next after you are finished here?

4. Do you wish you were somewhere else and if so, where?

5. Do you wish you were someone else, and if so, who?

TRIBUNE: Pressure for profits won’t disappear (Chicago Tribune, 24 Sep 2006, Page 14)

TRIBUNE: Pressure for profits won’t disappear

Chicago Tribune
24 Sep 2006

analyst at Barclays Capital Research, points out that Tribune is already trading near the multiple of cash flow paid by McClatchy Co. for Knight Ridder Inc. earlier this year. Goldman Sachs analyst Peter Appert said in a report Friday that the... read more...

Tech Tags: Chicago Tribune newspaper Business

Saturday, September 23, 2006

The Big Carnival

When you see Citgo...

...think Hugo. From The Peoples Cube:

Michelle Malkin

Santa Barbara Star Free-Press: Rethinking what a newspaper means!

Tribune's overhaul plan wins plaudits

CHICAGO - Tribune Co.'s decision to radically overhaul itself by year's end pleased its largest shareholders and Wall Street Friday, helping send the media company's stock to its best two-day performance in four years.

Directors of the embattled newspaper and TV station owner said they are reviewing options that include a sale, breakup or buyout.

That amounts to an acknowledgment by the parent of the Chicago Tribune, Los Angeles Times and the Chicago Cubs that a stock buyback strategy it implemented in May isn't paying off fast enough and more action is needed to satisfy frustrated shareholders after a three-year stock slide.

Full story here.

Tribune Co. Puts All Options On The Table, As It Must

Under shareholder pressures, a high-profile feud with the major-stakeholder Chandler Family, and resistance from the Los Angeles Times, the Tribune Company is between a rock and a hard place right now — a predicament which has resulted in capitulation from management, which finally agreed to put all options on the table at Thursday's landmark board meeting.

These options include breaking up the company into individual assets, including broadcasting assets, the sought-after Los Angeles Times, and the Chicago Cubs baseball team (not a key media asset, obviously, but one that Tribune CEO Dennis Fitzsimmons had been reluctant to release into the wild).

Click on Title for full story.

Friday, September 22, 2006

Standing up to Corporate Bean Counters

L.A. Times media reporter Jim Rainey and veteran industry-watcher Phillip Meyer (author of The Vanishing Newspaper) join us for a talk about the unprecedented rejection of cost-cutting at The L.A. Times, as well as what cutbacks and ownership changes remain on the horizon.

Saturday's "Deadline L.A." on KPFK deals with the L.A. Times situation and the future of editor Dean Baquet and publisher Jeff Johnson. Hosts Barbara Osborn and Howard Blume.
90.7 FM, noon.

The Chandler clause

By Mark Lacter
LA Biz Observed

Getting relatively little attention in today's stories about the Tribune announcement was a sentence buried in the press release. It relates to the terms of the Chandlers restructuring those two partnerships and it could become important as the company considers a sale. As part of the restructuring, the Chandlers own an additional 11.8 million shares of Tribune common stock, which gives them close to 20 percent ownership of the company. Here's the key point: the Chandlers have agreed to vote the additional shares in the same way as all other shareholders for 12 months from the date of distribution.

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Take Back the Times: As Tribune Co. Explores Sale of Assets, L.A. Times Is In Limbo

Tribune Co. to Explore Sale or Breakup of Firm (Los Angeles Times, 22 Sep 2006, Page A1)

Tribune Co. to Explore Sale or Breakup of Firm
By Thomas S. Mulligan, James Rainey and Michael A. Hiltzik
Los Angeles Times
22 Sep 2006

CHICAGO — In a pivotal board meeting Thursday, Tribune Co. named a committee of directors to explore options that could include a breakup or outright sale of the venerable media company that owns the Los Angeles Times, the Chicago Tribune, KTLA-TV, and... read more...

Tech Tags: Los Angeles Times newspaper Front Page

Major Tribune Shareholder Would Support LBO

One of Tribune Co.'s (TRB) largest shareholders said it could get behind a leveraged buyout of the media conglomerate, the Financial Times reported on its Web site Friday.

Ariel Capital, which owns about 6% of Tribune stock, believes a buyout would be "the cleanest" outcome for shareholders. On Thursday, Tribune's board assigned a committee of independent directors to oversee potential options for creating additional value for shareholders.

"If (a buyout is) what the board did decide, we'd be in favor of that," the FT quoted John Miller, an Ariel portfolio manager, as saying.

Tribune expects strategic changes by yearend

(AP) — Tribune Co., under pressure from shareholders to boost its stock price, is signaling it may sell, break up or take private the company that owns the Chicago Tribune, the Los Angeles Times, television stations and the Chicago Cubs.

The company is targeting potentially transforming changes by the end of the year following a five-hour meeting of its board of directors on Thursday.

Wall Street reacted positively. A day after Tribune shares rose 4.4%, they had gained another $2.02, or 6.3%, to $34.07 early Friday afternoon on the New York Stock Exchange.

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Tribune shares jump on strategic review

LOS ANGELES (MarketWatch) - Shares of Tribune Co. jumped by more than 6% at one point Friday after the newspaper and television company said it would consider strategic options such as selling itself, breaking the company up or taking it private.

The stock's rise follows gains on Thursday that were triggered by rumors the company would take significant action at a board meeting.

The company said late Thursday it created a special committee on the board to examine different strategic scenarios. The move follows months of agitation by investors, including the Chandler family, the leading shareholders in the company. The Chandlers called in June for the company to consider breaking itself up.

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Tribune Faces Hurdles In Selling Or Splitting Itself

At a meeting Thursday, board members of the newspaper publisher and broadcaster assigned a committee of independent directors to consider options for "creating additional value for shareholders." The possiblities include a management-led buyout, separating the company's television and newspaper assets, or an outright sale. However, any move is complicated by the company's intricate ownership structure, high debt load and diverse holdings.

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Tribune leads media shares in early trade

09-22-06 09:41 AM EST

NEW YORK (MarketWatch) -- Media stocks were mixed in Friday morning trading, with shares of Tribune Co. (TRB) leading the gainers, after the company said its board voted to explore options for the media company. Leading the decliners was New York Times Co. (NYT) , which warned that third-quarter profits would fall from last year's levels, citing ongoing weakness in the print advertising market and the impact of job cuts.

Johnson and Baquet Remain

Jeff Johnson (publisher LAT) and Dean Baquet (Editor LAT) have reached a temporary understanding with the CEO (Dennis FitzSimons) of the Tribune Company, and neither will be terminated -- at least for the time being.

More than 400 editorial employees have signed a letter showing their support for Johnson and Baquet, out of 940 strong editorial department at the Los Angeles Times.

Appears the disagreement will not be resolved any time soon.

Ed

S&P cuts its Tribune ratings to junk level

(Reuters) — Standard & Poor's on Friday cut its ratings on Tribune Co. into junk territory and said it may cut them again, citing the media company's statement that it is exploring alternatives to increase value for shareholders.

Tribune, under rising investor pressure to sell divisions or go private, said after a board meeting on Thursday that it would consider strategic alternatives to create value with the support of its largest shareholder.