McClatchy Wants Tax Dollars to Pay for the Pension Funds
Yahoo News reported that “McClatchy Co., the fifth-largest newspaper company in the U.S. by circulation according to Statista last year, is looking for a bailout of its pension fund.”
“McClatchy is in talks with the federal government about possibly taking over its pension fund as it is unable to make a $124 million contribution due through 2020.”
The Pension Benefits Guaranty Corporation, which was set up by Congress, would keep the promises the chain of newspapers made to its employees.
McClatchy said, “The IRS has declined to grant the company’s three-year waiver request. Management continues to explore other means of pension relief including working productively with many members of Congress in search of legislative relief that would mitigate the burden of the minimum required contributions. The company and its advisers are exploring all available options to address these liquidity pressures.”
The anti-Trump paper wants its handout from the Trump administration. They are big on reporting fake news like Michael Cohen allegedly traveling to countries he never visited.
They are corrupt and people know it. They are going down unless Democrats decide to fund them at some point.
ANOTHER BIG MERGER & LAYOFFS
At the same time, The New York Times reported, “It’s a go. Shareholders voted on Thursday to approve a deal that would join the two largest newspaper chains in the United States, all but guaranteeing the creation of a newspaper colossus that is likely to result in thousands of layoffs.
“The combination of GateHouse Media and Gannett — already the two largest newspaper owners in the country, by both number of papers and print circulation, according to researchers at the University of North Carolina — means that more than 260 dailies and 300 weekly newspapers will be run by the same company. The merger is expected to reach formal completion on Tuesday, the companies said in a statement.”
They keep getting bigger and offering more limited opinions while silencing people who disagree. That’s why the fake news media will go the way of the horse and buggy.