Saturday, August 10, 2019

SHAME!!! KANSAS CITY STAR PARENT COMPANY DISCOUNTING PENSIONS AMID STOCK FREE FALL!!!

Earlier this week, some of our smarter readers warned us that the newspaper chain reported losing $42 million, or $5.34 per share, compared to its $17.5 million loss, or $2.62 per share.

Now, it's looking to workers in order to make up the loss. Here's an important peek at the damage:

McClatchy seeks IRS waiver to reduce pension payments - The Sentinel

McClatchy, the newspaper conglomerate that owns the Kansas City Star and the Wichita Eagle, lost $17.5 million last quarter, has less than $20 million in cash-on-hand, and is requesting an IRS waiver that would allow it to delay payments to its pension fund.

6 comments:

Silvestor orgalthorp said...

One example of the times we live in: nobody keeps their word

Anonymous said...

They did a good job leading so many lemming reporters to the edge of the cliff.

Anonymous said...

They worked for a worthless newspaper and they knew it but chose to gamble by working there, they lost. The owner never gave a damn about them anyway, he only cared about his racist hate filled lyin cheatin narrative, he sacrificed them for a personal agenda.

Anonymous said...

Certainly The Star will honor the employess retirement pensions.



(Spits coffee out laugh laughs and laughs)

Anonymous said...

EXCELLENT article from Danedri Herbert!

I especially enjoy using people's own words against them.

When it was KS Governor Brownback proposing a similar plan, the Falling Star Editorial Board was aghast! Now that their own employer is reaching once again to drastic financial measures they are patiently optimistic.

Anonymous said...

We should return to the days of political papers. Notion of an unbiased reporter isn’t fooling anyone anyway. Maybe would be more viable business model if the parties sponsored papers.

Sad to think of all the livelihoods lost in demise of published newspapers. The copy people. Classified ads. Reporters. Advertising. Cartoonists. Delivery and distribution. Etc etc. and now pensions gutted.

But hey now we can use our smartphones to look at pornos and take picture of our feet and be mean so that’s progress ...

-Radish