Tribune Publishing, owner of more than a half dozen newspapers, including The Sun, is starting the new year offering company-wide buyouts, president and CEO Tim Knight announced in an email to employees.
Workers with eight years of service or more are eligible for the buyout package, and Knight wrote that those employees will be notified by the human relations department this afternoon.
Today’s announcement comes two months after Alden Global Capital, a New York-based hedge fund once dubbed a “destroyer of newspapers,” bought a 32 percent stake in Tribune Publishing. As part of the acquisition, Alden received two seats on Tribune’s board and is eligible to up its stake in the company beyond 33 percent after June.
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