Remember when United Airlines was acquired by their 3 main labor unions… that worked out really well didn’t it? Apparently a union representing newspaper employees wants to buy the SF Chronicle from Hearst in order to preserve the jobs that would be lost if the newspaper was shut down, which is a very real possibility. Their master stroke of strategy includes raising revenues rather than cutting costs… I wonder why nobody thought of that before?
The request was made in a written set of suggestions for keeping the paper alive that the California Media Workers Guild submitted to Hearst earlier this week. “It is our intention to form a public-labor partnership to explore the possibility of acquiring the Chronicle should the paper be offered for sale,” the Guild proposal states. “If necessary, we will keep the paper going on borrowed funds and volunteer labor.”
According to local news sources, there is some kind of tentative deal between the union and Hearst, but if it’s like my proposed acquisition of Citibank, well it’s contingent upon necessary financing… which will no doubt be coming in the form of a no-doc, no money down, interest rate only ARM that I can pawn off on the government at some future point in time. Too big to fail!