Thursday, October 19, 2006

Payback Time: Philadelphia Newspapers Owner Brian Tierney Rears His Ugly Head

"Remember that guy who said he was about to start the next great era in journalism? He was full of shit.”
You knew it would happen. Local rich guy swoops in to buy his city's newspapers and promises big things. Only thing: Rich guy paid a lot of money and there's that little matter of the $350 million in debt he rang up in the process.
So, to no one's surprise, he's rattling union cages, threatening layoffs, pension freezes and other calamities.
Such is the situation faced by the staffs at the Philadelphia Inquirer and Daily News, the Philadelphia Weekly reports.
It's good to be the king, but Tierney somehow forgot he has to make the monthly installments on his crown. Right now, he thinks his serfs should help pick up the tab. Grab those pitchforks now.
Yet another reason why employees at The Los Angeles Times should stop pining for one of the billionaires who's been sniffing around the property to become their savior. They won't. They can't. Newspapers are a business, not vanity projects. You become a valuable public commodity only after you break even -- and pay off the bankers.

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