Tribune Publishing approves buyouts for 7% of employees
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Tribune Publishing has approved buyouts for about 7% of its eligible 7,000 employees across its media portfolio, according to a Thursday filing with the Securities and Exchange Commission.
The SEC filing did not include the specific number of buyouts at each newspaper or the job functions. The Chicago-based company owns 11 major newspapers, including the Los Angeles Times, Chicago Tribune and San Diego Union-Tribune, which it acquired in May for $85 million.
The separation plan, which will be funded through salary continuation extending through the first half of 2018, will result in a total charge of approximately $55 million for all related severance, benefits and taxes, the company said. Tribune Publishing will record a charge estimated at $47 million during the fourth quarter related to the buyouts.
The last day of work for most employees in the voluntary separation plan will be Nov. 25.
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