Tribune Publishing approves buyouts for 7% of employees
The Los Angeles Times operates out of this building at 1st and Spring streets in downtown Los Angeles. The Times is owned by Tribune Publishing.
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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