Unions vote on harsh terms of Chicago Sun-Times buyout
Posted by Lisette García on October 5, 2009 at 9:56 AM
Today is shaping up to be a crucial day for Sun-Times Media Group Inc. (STMG), the Chicago Tribune observed Sunday.
By 5 p.m., the STMG and its unions will know whether other buyers have emerged to challenge Chicago financier Jim Tyree's US$26.5 million offer for the Chicago Sun-Times and more than 50 suburban newspapers, paidContent also reported.
By 5 p.m., the STMG and its unions will know whether other buyers have emerged to challenge Chicago financier Jim Tyree's US$26.5 million offer for the Chicago Sun-Times and more than 50 suburban newspapers, paidContent also reported.
Despite rumors that Tribune Co. (which owns Sun-Times rival the Chicago Tribune) might launch a surprise bid for Sun-Times Media's assets, sources say that isn't likely to happen, PoynterOnline reported Sunday.
Potentially holding up the sale is a split among unions as to whether to concede benefits bargained for over the years. Union and non-union workers favouring concessions argue that, without the buyout, they are sure to lose their jobs, rendering any bargained-for benefits moot.
A vote on whether to accede to Tyree's terms is scheduled for Wednesday.
Potentially holding up the sale is a split among unions as to whether to concede benefits bargained for over the years. Union and non-union workers favouring concessions argue that, without the buyout, they are sure to lose their jobs, rendering any bargained-for benefits moot.
A vote on whether to accede to Tyree's terms is scheduled for Wednesday.
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