Union pleased by House approval of stimulus bill containing pension reforms Mar. 1, 2020 | The Teamsters are applauding the House’s passage of a $1.9 trillion COVID-19 stimulus bill today that includes language granting relief to hundreds of endangered multiemployer pension plans that would protect the hard-earned retirements of more than 1 million American retirees and workers. Under the Butch Lewis Emergency Pension Plan Relief Act of 2021 language inserted into the legislation, more than 50 Teamster pension plans – including its largest, the Central States Pension Fund – will be eligible for assistance at the outset of the bill’s enactment, with more of the union’s plans becoming eligible in 2022…. Continue reading
Tribune Publishing, which plans to be taken private, posts small income in 4th quarter Mar. 5, 2020 | Tribune Publishing on Thursday reported fourth-quarter net income of $263,000, after reporting a loss in the same period a year earlier. The Chicago-based company, publisher of the Chicago Tribune and other major newspapers, said it had net income of 1 cent per share. Losses, adjusted for restructuring gains… Chicago Tribune
New on Teamsters Podcast: Promises made - promises kept Mar. 12, 2020 | Listen to this special edition of the Teamsters Podcast and hear how President Biden and Congress delivered pension relief to more than one million Americans after years of lobbying on the issue by the Teamsters.
Baltimore Sun deal may be off as Md. businessman looks to buy all of Tribune Publishing Mar. 15, 2021 | A deal for a nonprofit backed by a Maryland businessman to buy The Baltimore Sun and it affiliates may be off — or at least stalled. According to a report in The New York Times, negotiations for Steward Bainum Jr. to acquire Baltimore Sun Media from Alden Global Capital “has run into complications.” Bainum may be organizing a competing bid for all of Tribune Publishing… Baltimore Sun
Will Baltimore Sun buyer Stewart Bainum go all in? Mar. 17, 2021 | A New York Times report Sunday evening is likely raising hopes in Tribune Publishing newsrooms that an impending takeover by hedge fund Alden Global Capital can be averted. In an anonymously sourced story, the Times suggests that Stewart Bainum Jr., who has agreed to buy The Baltimore Sun for $65 million, may be putting together a bid for all 10 of the company’s papers. That’s possible, but not all that likely… Poynter Institute Media Business Analysis
Teamsters hint at a combative national project to organize Amazon Mar. 19, 2021 | The Teamsters, who see Amazon as a direct threat to their historic work organizing the trucking industry, are engaged in a concerted project targeting Amazon — and though they’re tight-lipped about the details, they appear committed to a long-term, nationwide effort that could make them one of the company’s most formidable union foes. The 1.4 million-member Teamsters are more than ten times bigger than the RWDSU… Continue reading here.
Bainum hopes to offer $650 million for Tribune Publishing Co. Mar. 25, 2021 | Maryland business executive Stewart Bainum Jr. wants to purchase Tribune Publishing Co. for $650 million — 10 times the amount he agreed last month to pay for one of its newspapers, the Baltimore Sun. It’s an effort to edge out an already agreed-upon $630 million offer for Tribune from Alden Global Capital, an investment fund known for acquiring and slashing newspaper operations… Continue reading
Swiss billionaire teams up with Bainum to acquire Sun, Tribune Mar. 29, 2021 | An octogenarian Swiss billionaire who has donated hundreds of millions to environmental causes has entered the bidding for Tribune Publishing, the New York Times reported Saturday afternoon. Hansjörg Wyss, 85, the former CEO of medical device manufacturer Synthes, told the Times Friday that he had agreed to join with Maryland hotelier Stewart W. Bainum Jr.'s previous effort to buy Tribune, an offer that could upend Alden's plan to take full ownership of the company… Crain’s Chicago Business