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LA Times Employees Sue Their New Owners
When Sam Zell bought the Tribune Company, including the LA Times , he only invested $315 million. The $8.2 billion arrangement burdened the company with $13 billion in debt, in a so-called Employee Stock-Ownership Plan. But that ESOP also made the employee pension plan the majority owner, and that may come back to haunt Zell.
By Warren Olney • • 1 min readWhen Sam Zell bought the Tribune Company, including the LA Times, he only invested $315 million. The $8.2 billion arrangement burdened the company with $13 billion in debt, in a so-called Employee Stock-Ownership Plan. But that ESOP also made the employee pension plan the majority owner, and that may come back to haunt Zell.
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Is the Terminator Being Terminated?- 0:00LA Times Employees Sue Their New OwnersYou’re reading this
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The full episode
1 of 2Is the Terminator Being Terminated?- 0:00LA Times Employees Sue Their New OwnersYou’re reading this
- 0:00A Budget Finally Passes, but Schwarzenegger Says He'll Veto It