Associated Press buys out veteran staff

Word that the Associated Press is offering buyouts got out Monday. The buyouts were offered three weeks ago with little publicity. The News Media Guild said the move was part of AP's attempt to reduce its labor costs by 10 percent.
The news organization is offering $500 for each year of service and pension benefits increased 14 to 16 percent.
The offers target hundreds of veteran staff. Employees who take the buyout must be at least 55 years of age, have worked at the AP at least 10 years, and their age and years of service must total up to 75.
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Financier trying to buy Sun-Times Media Group

A Chicago businessman is trying to attract investors in an effort to put together a bid to buy the Sun-Times Media Group, according to Crain's Chicago Business.

Mr. [James] Tyree, CEO of Mesirow Financial Inc., told Crain's he has reviewed Sun-Times' books and discussed a possible bid with CEO Jeremy Halbreich and other company executives. Though his plans are still at a "very early stage," Mr. Tyree says he has talked with several potential co-investors, including a private-equity firm, about forming a group of four to 25 "to keep this great institution in Chicago."

Tyree acknowledged the challenging position facing the industry as a whole, and the Sun-Times Media Group in particular, hinting that he thinks the company needs to become smaller if it hopes to regain profitability.
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Baltimore Sun cuts 61 from newsroom

The Baltimore Sun this week laid off 61 newsroom employees, or nearly a third of the total newsroom, according to an article on the paper's website.

The reductions hit nearly every type of job in the 205-person newsroom, including top editors, news photographers, critics, columnists, sports reporters, copy editors, page designers and graphic artists, according to The Newspaper Guild, which was notified of the union-represented layoffs. One news reporter was laid off as well, after leaving voluntarily. Most employees were notified Wednesday, with others laid off late Tuesday.

According to Poynter's Rick Edmonds, Ted Venetoulis, who has been trying to buy the Sun for years, thought that a deal was close at hand. However:

[...] by ditching so many experienced print editors, Tribune Co. could be signaling that it plans to continue running the operation itself rather than selling it.

A Baltimore Sun Media Group representative said the cuts were part of the paper's transition to a 24-hour multimedia news operation.
Click here for the article on the cuts, and here for the Poynter article.

Murdoch tells Dow Jones employees he will set an even "higher bar"

Rupert Murdoch spoke to Dow Jones employees at their Manhattan headquarters several hours after he bought their company, according to a report from The Wall Street Journal's Sarah Ellison.
Murdoch acknowledge that change creates nervousness and is sometimes difficult, but said Dow Jones must be the essential source of financial information and comment in the world.
Ellison reports says that Murdoch told employees he understood the value of Dow Jones and in particular The Wall Street Journal.
"If anything, you will find us trying to set a higher bar," Murdoch said.
Shareholders approved the more than $5 billion sale of Dow Jones & Co. to Murdoch's News Corp. on Thursday.
To read Ellison's full report click here.

Approval likely for Wall Street Journal sale

The Wall Street Journal reports that a count of proxy votes indicates Dow Jones shareholders will approve a News Corp. takeover tomorrow.
Rupert Murdoch's News Corp. has offered to buy the company for more than $5 billion, which would end the Bancroft family long ownership of the newspaper.
For the full report click here.