Hundreds Of Tampa Tribune, WFLA-TV Staff Offered Buyouts

 

TAMPA, FL (April 14, 2008) – The ongoing bad economic news in television and newspaper staff layoffs and buyouts continued today, this time in Central Florida.

Half of the 1,326 employees at the The Tampa Tribune, WFLA-TV Channel 8, Tampa Bay Online, CENTRO (the Tribune's Spanish-language paper), Hernando Today, Sunbelt Newspapers and other properties owned by Florida Communications Group will be offered buyouts, FCG president John Schueler told the St. Petersburg Times today.

Schueler told the Times's Eric Deggans the move was "an alignment" of the Media General-owned company that will "meld" responsibilities of staff members across the various media platforms, much in the same way the properties have shared news material in a "convergence" effort.

Denise Palmer, the president and publisher of The Tampa Tribune, is now responsible for content across all of the FCG platforms, and the president and general manager of WFLA-TV, Mike Pumo, is responsible for revenues across all the platforms.

According to the news report, staff members can ask to be part of the "Voluntary Reduction in Force Program," the name FCG has given the buyout offer. The offer is one week of salary per year worked (up to 26 weeks) or two weeks of salary per year worked (up to 39 weeks), and is dependent upon their position with the company. Requests will be consider for up to two weeks before FCG tells employees whether their request has been accepted or rejected.

In the past few weeks there has been a proxy fight between a hedge fund, Harbinger Capital Partners, and Media General. Harbinger has sought to force three directors of their choice onto Media General's board of directors. Harbinger has an 18.2 percent stake in Media General. Media General has repeatedly said the three candidates Harbinger wants to place on the board are "unqualified."

The two companies are headed for a showdown at Media General's annual shareholders meeting on April 24. Media General's stock is now down 31.5 percent since the beginning of 2008, closing today at $14.48.

 

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