THE LEX COLUMN: Pensions are sinking old-school publishing companies

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

Canada News News

US newspaper group McClatchy becomes the latest to file for bankruptcy

Working at a US regional newspaper used to be quite a good job, we are told. The perks included high salaries, a generous expense account and a decent pension programme. The first two are long gone but retirement benefits are long-dated liabilities.

As the fortunes of local journalism have withered, pension obligations have become an albatross around the necks of publishing companies. On Thursday, newspaper group McClatchy announced it will file for a long-expected bankruptcy. McClatchy is carrying $800m in debt but it is the $500m of pension liability that proved too much to bear.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines