Scripps merging with Journal Communications

Do any of the Scripps papers still have defined benefit pension plans? The article said the broadcasting company will get the pension fund debt that will leave the papers debt free. Which leads me to wonder if the newspapers had a pension liability problems and will not want to jettison the pension plans.

 

I also beg to differ, for the same reason in a different state....

 

A tv friend says this is all about Scripps buying up tv stations where they couldn't because of the cross ownership rules.

Said that stations in Fort Meyers/Naples, Memphis and Knoxville would be bought sooner rather than later.

 

I guess my perception was wrong.

 

This may give the new newspaper enterprise a better chance than the soon-to-be Tribune newspaper publishing spinoff, which will be saddled with $300 million-plus in debt that will go toward paying a cash dividend to the "old" company.

 

That would make sense. Which leads me to wonder if Gannett, which is increasingly a local television company, will spin off newspapers.

 

No, the pension benefits went away 6 or 7 yrs ago (maybe longer) when they did the pay cuts across the company, they also had temporarily stopped the 401k match, but it got reinstated. Those vested in the pension stopped earning time when they stopped the pension.

 

My guess is that Scripps will buy Raycom, which they couldn't before but can now.

Check the maps.

http://www.raycommedia.com/locations/

http://www.scripps.com/brands/television

 

I also beg to differ, for the same reason, X2.....

 

Training ground for future copy editors. If it weren't for child labor laws, most of those kids would be taking our jobs right now.

 

The Scripps merger is now taking its toll on the Milwaukee Journal Sentinel. I'm told there were two buyouts of very senior writers in the sports dept. and there are supposedly layoffs to come. They were already razor-thin on the sports staff. They didn't really have anyone who isn't already on a major beat. I would think they have to replace at least one of the two bought out, as he was on a pretty major beat. The only way they can get away without replacing him would be to make one of the two Brewers beat guys (Tom Haudricourt and/or Todd Rosiak) or one of the three full-time Packer beat guys (Bob McGinn, Tom Silverstein or Tyler Dunne) split time between the two beats. And this is before any feared layoffs.