Jump to content

TEGNA Broadcasting and Digital General Discussion


ABC 7 Denver

Recommended Posts

Now that's a funny idea...

Take the Tegna buyout...and bolt across the street!

 

Oh you hope Tegna thought of that scenario right???

 

They probably did...but what could can the really do unless they include a no compete clause in the buyout terms....and is that realistic?

My old pal Homey the Clown used to say...

 

"I don't think so" (whack)

Link to comment
Share on other sites

I wonder if anybody from other Seattle stations will come to KING. Marni Hughes from Q13FOX would do well in the early evening newscasts.

 

Doubtful they are definitely going to hire someone from outside the Seattle area to fill the left over anchor chair a result of the shuffling.

  • Like 5
Link to comment
Share on other sites

 

They're jumping the sinking ship that is KSDK. TEGNA knows how to run decent stations but KSDK is not one of them.

Link to comment
Share on other sites

One interesting tidbit: The people who take the buyouts can NEVER work for a TEGNA station again. Seems rather extreme.

I guess that makes sense as they bought out their contract and I assume they start early retirement?

  • Like 3
Link to comment
Share on other sites

So how do these buyouts work for the talent with time remaining on their contract? Do they get paid the remainder of their contract AND the 2 weeks/per year worked pay?

Link to comment
Share on other sites

I assume the buyout includes a non compete clause?

 

Then it's a real sweet......deal.

People have been radio silent on this because the no compete is the obvious first question.

Are buyouts being offered in the non no compete states? I'm sure somebody here keeps track of that.

 

Nobody seems to be talking.

Link to comment
Share on other sites

KSDK is actually pretty good.

 

Compared to the 90s they aren't. KSDK and KMOV always used to be neck and neck in the ratings and usually KSDK was the winner more often than KMOV was. That changed in the mid 2000's as mismanagement drove the station further down in the ratings allowing KMOV to establish a more solid foothold as the dominant station in the market. Now that KMOV is starting to be mismanaged, both KSDK and KTVI are taking advantage of the situation and now all 3 stations are in a deadheat.

 

This is a bit of a surprise! Could Mike Bush or maybe Kay Quinn be next?

 

From what I heard, Mike Bush was also eligible for the buyout. Some reason he didn't take it, I guess since he's the lead anchor he feels he's in a good spot there.

 

BTW: Here is video of the announcement they made during Friday's 6pm newscast: http://www.ksdk.com/weather/announcement-from-cindy-and-mike/135678263

  • Like 1
Link to comment
Share on other sites

One interesting tidbit: The people who take the buyouts can NEVER work for a TEGNA station again. Seems rather extreme.
Where'd you get that information? And anyway, can any TEGNA employee that takes the buyouts work for any of the other station groups?
Link to comment
Share on other sites

That would probably be true of any buyout is that technically you are taking an early retirement from the company buying out your contract which would explicitly mean you couldn't work for said company again since in the eyes of the company you are technically retired

Link to comment
Share on other sites

How long did they know in advance that they were going to take the buyout?

The offers were made a little over 6 weeks ago. By law employers must give workers over age 40 at least 45 days (when offers are made to a group) to consider an early retirement offer under the Older Workers Benefit Protection Act. Employees also have 7 days to revoke an agreement after signing it.

 

So, it's possible they could have known approximately 5 weeks ago some of the employees that would be taking the offer(s). On the flip side it's possible that they didn't know some of the employees that would be taking the offer(s) until approximately a week ago. In any event they knew who offers were made to several weeks ago and could plan accordingly in the event offers were accepted.

 

Sorry for not paying attention here, but what if someone is on the buyout eligible list, but chooses not to take the buyout?

They remain employed. Although, (as rkolsen posted) Early Retirement Offer(s)/Buyout(s) tend to be a prelude to layoffs. So, if you are given an offer and refuse you could possibly be laid off with a less favorable severance down the road.

 

However, it is also worth noting that employers can't just lay off employees based on age (or, race, gender, etc). And, disparate impact prevents protected classes from being disproportionatly impacted. So, it's possible for an older employee to weather potential layoffs even after rejecting an early retirement offer.

 

Most (but not all) employers will usually state if layoffs may occur in the event there are not enough takers of the early retirement buyouts. This way they can "juice" participation in the buyouts and protect themselves a bit from any future litigation by being up front about the possibility of layoffs.

 

IMO I believe TEGNA is simply trying to reduce their payroll (and, pension) obligations. So, I personally don't expect any mass layoffs shortly thereafter.

 

Now that's a funny idea...

Take the Tegna buyout...and bolt across the street!

 

Oh you hope Tegna thought of that scenario right???

 

They probably did...but what could can the really do unless they include a no compete clause in the buyout terms....and is that realistic?

My old pal Homey the Clown used to say...

 

"I don't think so" (whack)

I assume the buyout includes a non compete clause?

I can almost guarantee you they have a non-compete agreement... Especially, the on air talent. I'd be shocked if they didn't.

 

One interesting tidbit: The people who take the buyouts can NEVER work for a TEGNA station again. Seems rather extreme.

The point is to get them off the payroll. And, more importantly not add more years of service thereby increasing any future pension obligations.

 

It might be harsh but, the company trying to create some certainty around it's payroll, pension (and other benefits) obligations for these employees. By rehiring them it would essentially negate any (or, most of the) benefits received from the employee taking the early retirement offer.

 

So how do these buyouts work for the talent with time remaining on their contract? Do they get paid the remainder of their contract AND the 2 weeks/per year worked pay?

No, they don't get both. They are trading any future earnings in exchange for the buyout offer.

 

So, if employee A has 2 years left on an agreement they would be forgoing that in exchange for the 2 weeks/per year (plus, some continuation of benefits I'm sure.) The same would apply for an employee without an agreement. They'd be forgoing continued employment in exchange for the buyout offer.

 

Then it's a real sweet......deal.

People have been radio silent on this because the no compete is the obvious first question.

Are buyouts being offered in the non no compete states? I'm sure somebody here keeps track of that.

 

Nobody seems to be talking.

I'd bet money that the on-air talent (if not all employees) are getting non-compete agreements. That includes the "No non-compete" States. You write the agreement as so it is entered into and governed by the laws of your principal place of business. In this case that would be Virginia where non-compete agreements are legal and enforceable...so, problem solved.

  • Like 1
Link to comment
Share on other sites

The offers were made a little over 6 weeks ago. By law employers must give workers over age 40 at least 45 days (when offers are made to a group) to consider an early retirement offer under the Older Workers Benefit Protection Act. Employees also have 7 days to revoke an agreement after signing it.

 

So, it's possible they could have known approximately 5 weeks ago some of the employees that would be taking the offer(s). On the flip side it's possible that they didn't know some of the employees that would be taking the offer(s) until approximately a week ago. In any event they knew who offers were made to several weeks ago and could plan accordingly in the event offers were accepted.

 

 

They remain employed. Although, (as rkolsen posted) Early Retirement Offer(s)/Buyout(s) tend to be a prelude to layoffs. So, if you are given an offer and refuse you could possibly be laid off with a less favorable severance down the road.

 

However, it is also worth noting that employers can't just lay off employees based on age (or, race, gender, etc). And, disparate impact prevents protected classes from being disproportionatly impacted. So, it's possible for an older employee to weather potential layoffs even after rejecting an early retirement offer.

 

Most (but not all) employers will usually state if layoffs may occur in the event there are not enough takers of the early retirement buyouts. This way they can "juice" participation in the buyouts and protect themselves a bit from any future litigation by being up front about the possibility of layoffs.

 

IMO I believe TEGNA is simply trying to reduce their payroll (and, pension) obligations. So, I personally don't expect any mass layoffs shortly thereafter.

 

 

 

I can almost guarantee you they have a non-compete agreement... Especially, the on air talent. I'd be shocked if they didn't.

 

 

The point is to get them off the payroll. And, more importantly not add more years of service thereby increasing any future pension obligations.

 

It might be harsh but, the company trying to create some certainty around it's payroll, pension (and other benefits) obligations for these employees. By rehiring them it would essentially negate any (or, most of the) benefits received from the employee taking the early retirement offer.

 

 

No, they don't get both. They are trading any future earnings in exchange for the buyout offer.

 

So, if employee A has 2 years left on an agreement they would be forgoing that in exchange for the 2 weeks/per year (plus, some continuation of benefits I'm sure.) The same would apply for an employee without an agreement. They'd be forgoing continued employment in exchange for the buyout offer.

 

 

I'd bet money that the on-air talent (if not all employees) are getting non-compete agreements. That includes the "No non-compete" States. You write the agreement as so it is entered into and governed by the laws of your principal place of business. In this case that would be Virginia where non-compete agreements are legal and enforceable...so, problem solved.

 

Thanks for the concise breakdown.

  • Like 1
Link to comment
Share on other sites

Perhaps TEGNA is still trying to burn off the debt from all of the spinoffs and mergers...

When Belo split into two...the TV side sucked up all of the newspaper's debt.

When Gannett purchased Belo...the debt was at $715 million.

When TEGNA split from Gannett....the debt load was a staggering $4.4 BILLION...eclipsing even Sinclair, who stands at $3.89 billion.

 

Each time, the newspaper spinoff has been the winner of being debt-free while the TV side has shouldered the burden.

Link to comment
Share on other sites

Perhaps TEGNA is still trying to burn off the debt from all of the spinoffs and mergers...

When Belo split into two...the TV side sucked up all of the newspaper's debt.

When Gannett purchased Belo...the debt was at $715 million.

When TEGNA split from Gannett....the debt load was a staggering $4.4 BILLION...eclipsing even Sinclair, who stands at $3.89 billion.

 

Each time, the newspaper spinoff has been the winner of being debt-free while the TV side has shouldered the burden.

 

They banked on TV ad revenues continuing to grow. I'd almost say their bet paid off, considering the election season this is turning out to be.

  • Like 1
Link to comment
Share on other sites

Perhaps TEGNA is still trying to burn off the debt from all of the spinoffs and mergers...

When Belo split into two...the TV side sucked up all of the newspaper's debt.

When Gannett purchased Belo...the debt was at $715 million.

When TEGNA split from Gannett....the debt load was a staggering $4.4 BILLION...eclipsing even Sinclair, who stands at $3.89 billion.

 

Each time, the newspaper spinoff has been the winner of being debt-free while the TV side has shouldered the burden.

 

I don't think this 'voluntary' early retirement package is going to help in eliminating their debt. Even a possibility of a string of layoffs won't alleviate any of the mountainous amount of debt.

  • Like 1
Link to comment
Share on other sites

I don't think this 'voluntary' early retirement package is going to help in eliminating their debt. Even a possibility of a string of layoffs won't alleviate any of the mountainous amount of debt.

The layoffs are a drop in the bucket. I'm guessing they'll make a decent dent if they sell their duopoly channels in the spectrum auction.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue. By using TVNewsTalk you agree to the Terms of Use and Privacy Policy.