This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AFL-CIO, Wary of Koch Money, Presses Tribune to Shelve Newspaper Sale

Nonetheless, Rees is pressing Tribune to hold off on an auction for its newspapers, valued in the company's 2012 reorganization plan at $623 million.

"Oaktree as short-term investors may want this transaction now whereas their clients, the pension plans, are longer-term investors who may benefit from continued ownership of these newspapers as they continue to adjust to market realities," Rees said in an interview on Thursday. "If the Kochs, who are certainly smart investors, were to be buyers here, that demonstrates there's still value to these media properties. From our standpoint, there may be greater profits to be had later on."

At a gathering Wednesday in Washington hosted by the Communications Workers of America-Newspaper Guild, union activists and critics of media consolidation stopped short of painting a sky-is-falling picture were the Koch brothers to buy Tribune's newspapers. Guild President Bernie Lunzer said he's refraining from Koch bashing, adding that there may even be opportunities to organize workers at these newspapers. (Currently, the Baltimore Sun is the only Tribune newspaper represented by the Guild.)

Nonetheless, John Nichols, the MSNBC personality and author of The Death and Life of American Journalism, argued that newspapers need owners who are committed to independent locally-focused reporting. A Koch buyout could result in newsrooms that either practice self-censorship to avoid conflict with their bosses, or newsgathering operations working lock-step with political organizations, he warned.

"I would much prefer that these great daily newspapers be sold to different people, and that they would all want to be out there competing with one another," Nichols said. "When one person can own all of those newspapers, we are looking at consolidation that hurts news gathering where it's needed most, at local and state levels."

More than 25,000 jobs have been cut at newspapers since 2008, Nichols said, citing the Web site PaperCuts. Online publications and cable-TV haven't come close to filling that void, he said.

The filmmaker Tia Lessin was also on hand to describe the Koch's purported effort to derail her film Citizen Koch, which follows a group of working-class Republicans in Wisconsin dismayed by the efforts of Koch-funded groups such as Americans for Prosperity to eliminate bargaining by public-sector labor unions.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
TRBAA $55.84 0.27%
AAPL $130.28 0.00%
FB $79.19 0.00%
GOOG $532.11 0.00%
TSLA $250.80 0.00%

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs