Daily News Cost: $1 Plus…..

According to the New York Times article:

The Chicago Tribune reported on Monday that Tronc purchased The News for just $1, plus the assumption of liabilities.

….

Under the terms of the deal, Tronc assumes control of The News’s operations, its printing plant in Jersey City and its pension liability. Tronc will also receive a 49.9 percent interest in the 25-acre property overlooking Manhattan where the printing plant is. It was not immediately clear what The News’s pension liabilities were; however, previous reports indicated that they were worth more than $30 million.

As of the end of 2015 the Daily News itself sponsored a 401(k) plan for 1,371 of its employees (1,082 of whom participated) who made total 401(k) deferrals of $6,315,775 which were matched by modest company contributions of $453,476. There was also a Cash Balance Plan with a funded ratio of 105.23% that was closed to most new employees after 1992 and only had 184 active participants. Not much of a pension liability there.

But then it gets murky since it was reported that there were 10 separate unions covering Daily News employees who likely were in multiemployer plans with massive unfunded liabilities. In a prior blog we came up with a list of multiemployer plans sorted by name taken from 5500 filings for 2014. Contributing employers to multiemployer plans are listed in Part V of Schedule R which would make it easy to search efast data except for the fact that Schedule R – Part V information, for some reason, is excluded from what you can download. You have to go to each plan filing individually, guessing at which union Daily News employees might be in, and then seeing if they appear in Part V. Here is the best I could come up with:

If anyone out there has information as to any other multiemployer plans with Daily News employers I can update the spreadsheet but, for now, here are links to the latest 5500 filings for the three plans above:

6 responses to this post.

  1. Posted by Tough Love on September 7, 2017 at 2:55 am

    Public Sector Unions AND the Elected Officials that do their bidding are a CANCER inflicted upon civilized society.

    http://www.eastbaytimes.com/2017/09/06/editorial-california-labor-bill-would-devastate-counties-non-profits/

    Reply

  2. Posted by Anonymous on September 7, 2017 at 4:46 am

    • Posted by Tough Love on September 7, 2017 at 1:19 pm

      No, SMH (or is it SMD or SMA or EARTH today?).

      America is overloaded with WAY too many Federal, State, County, City, and Municipal Public Sector workers ………. and as such, is burdened by not just FAR too much in wages, but also by their ludicrously excessive (under any and every reasonable metric) pension & benefit promises. Our children and grandchildren will HATE YOU.

      A GREAT DEAL of what they do COULD and SHOULD be done in the Private Sector, both with a FAR lower headcount,far more efficiently, and at FAR lower cost.

      Reply

  3. Posted by Earth on September 7, 2017 at 2:05 pm

    Earth to TL:

    Very booring.

    Reply

  4. Posted by Tough Love on September 7, 2017 at 6:45 pm

    A MUST-READ for anyone interested in being educated on the devastating impact of Public Sector Unions on the 85% of all Americans whjo work in the Private Sector.

    https://capitalresearch.org/article/government-unions-after-wisconsin/

    Indeed ….. Public Sector unions are a CANCER inflicted upon civilized society.

    Reply

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