The New York Daily News

[UCFWayne]

http://www.foxnews.com/entertainmen...rump-covers-axes-half-its-newsroom-staff.html

“We are reducing today the size of the editorial team by approximately 50 percent and re-focusing much of our talent on breaking news."

- New York Daily News

 

[rediceknight]

"Politico reported in 2017 that some members of management felt the anti-Trump direction of the paper was having a negative impact on the paper’s bottom line by “costing the News subscriptions in places like Brooklyn, Queens and Staten Island.”

Tronc acquired the paper from Mort Zuckerman in 2017 for only $1, assuming liabilities and debt in the process."

Hilarious!

 

[EweSeaEff]

How Is This Shit Legal

This past spring, Michael Ferro resigned as chairman of publicly traded media-looting hell-company Tronc, Inc., just ahead of the publication of sexual harassment allegations against him. As a parting gift, Tronc paid him $15 million, voluntarily bundling up the total value of a three-year consulting contract into one lump payment expensed against the company’s earnings and putting itself $14.8 million in the red for the first quarter. Today, Tronc gutted the New York Daily News, laying off at least half of its editorial staff to cut costs. In a society not crippled and driven completely insane by capitalism, mother****ers would go to prison for this.

 

[UCFWayne]

its shady as hell but nothing illegal about it currently

 

[sk8knight]

How Is This Shit Legal

This past spring, Michael Ferro resigned as chairman of publicly traded media-looting hell-company Tronc, Inc., just ahead of the publication of sexual harassment allegations against him. As a parting gift, Tronc paid him $15 million, voluntarily bundling up the total value of a three-year consulting contract into one lump payment expensed against the company’s earnings and putting itself $14.8 million in the red for the first quarter. Today, Tronc gutted the New York Daily News, laying off at least half of its editorial staff to cut costs. In a society not crippled and driven completely insane by capitalism, mother****ers would go to prison for this.

To be fair, the 15 million payout and the layoffs may not be directly correlated.

 

[EweSeaEff]

To be fair, the 15 million payout and the layoffs may not be directly correlated.

They may not be, but I think it's borderline Occam here.

 

[sk8knight]

They may not be, but I think it's borderline Occam here.

Probably. It's just that news media in general is in trouble and has been for awhile and so the reductions may have been justified and planned even if you didn't have to show a nearly $15mil loss.

 

[1ofTheseKnights]

Yet another efficient market. Why you hate capitalism?