FAQ for NYT Regional Media Group employees

The New York Times Co. announced this afternoon that it’s selling its Regional Media Group newspapers to Halifax for $143 million. (Earlier post.) From NYT RMG’s FAQ:

4. What is the process for determining who will be hired?

Halifax has decided who it will hire. Again, you will be notified within the next 48 hours whether the buyer will be offering you employment. The New York Times Company has not been involved in that decision.

Here’s the letter that Regional Media Group employees received along with the FAQ:

December 27, 2011

Dear Regional Media Group Colleague,

Today The New York Times Company announced that it intends to sell the properties within the Regional Media Group. Since it is understandable that this change can be cause for concern regarding your future employment with The New York Times Company, we prepared this letter and the attachment, Frequently Asked General Questions for Regional Media Group Employees, to assist you. Please review the attachment and feel free to contact the Shared Services Center with your questions by calling 800-900-8698.

You and your family members may also contact the Company’s Work/Life Assistance Program through Corporate Counseling Associates by calling (800) 833-8707, 24 hours a day, seven days a week and speak with a professional counselor confidentially.

Sincerely,
Susan Murphy

December 27, 2011

Frequently Asked General Questions for Regional Media Group Employees

1. Why are you selling the Regional Media Group?

While it was not planned, we were approached by Halifax Media Holdings LLC. We are pleased that the newspapers will be sold as a unit and that Halifax Media Holdings anticipates offering employment to the vast majority of employees. The sale of our Regional Media Group will enable The New York Times Company to continue our transformation to a multi-platform media company and further sharpen our focus on the development of our brands nationally, globally and in the northeastern U.S./CONTINUED

2. Does Halifax currently have any newspaper assets?

Yes, Halifax Media Holdings owns the Daytona Beach News-Journal.

3. How many employees will be retained by Halifax?

That decision will be made by Halifax, but they have committed to making offers of employment to the vast majority of employees. You will be notified within the next 48 hours whether the buyer will be offering you employment.

4. What is the process for determining who will be hired?

Halifax has decided who it will hire. Again, you will be notified within the next 48 hours whether the buyer will be offering you employment. The New York Times Company has not been involved in that decision.

5. Will all employees be given their same jobs?

That decision will be made by Halifax, but the requirement is that the job be comparable.

6. Will there be any changes made to the properties?

That decision will be made by Halifax.

7. Will the buyers reduce headcount?

That decision will be made by Halifax.

8. Will the RMG employees receive severance?

Those benefits-eligible employees not offered comparable jobs by the buyer will be eligible to receive severance from The New York Times Company. The severance will be one week for every six months of service, with a cap of 26 weeks.

9. Will employees who do not become employees of Halifax Media Holdings be eligible for other jobs at The New York Times Company?

You are free to apply for any open positions with The New York Times Company, but overall the Company has reduced its staffing. Please note that if Halifax Media Holdings offers any benefits-eligible employee a comparable job by the closing of the sale and you reject it, you will not be eligible for severance.

10. When will we meet the buyer?

An exact date has not yet been determined, but we anticipate they will soon be providing information about employment and benefits.

11. Should I plan to look for another job?

We cannot advise employees on their personal, professional decisions.

12. What was the sale price?

$143 million, subject to certain adjustments.

13. When is the sale expected to close?

It is expected to close in a few weeks.

14. Are you planning to sell other Times Company properties?

As you know, it is our long-standing policy not to comment on acquisitions and divestitures.

Except for the historical information contained herein, the matters discussed in this document are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include national and local conditions, as well as competition, that could influence the levels (rate and volume) of retail, national and classified advertising and circulation generated by the various markets, material increases in newsprint prices and the development of digital businesses. They also include risk factors detailed from time to time in The New York Times Company’s publicly filed documents, including its Annual Report on Form 10-K for the year ended December 26, 2010. The New York Times Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Comments

comments

2 comments
  1. Joy said:

    And, also “that decision will be made by Halifax.”

  2. 15. Will the door hit me in the ass on my way out?

    We cannot advise employees on whether the door will hit their ass on the way out. You are free to move your ass in such a way as to avoid letting the door hit it.