Chief executive John Paton writes on his blog that “the soon-to-be-merged media company (we expect the deal to close in the next 30 days) will this year make more EBITDA [earnings before interest, taxes, depreciation and amortizationthan the combined companies did four years ago but it has been one very bumpy road. Very bumpy.”
The Employee FAQ is after the jump.
What does the merger mean?
MediaNews Group and 21st Century Media have been operating as separate companies managed by Digital First Media. Going forward they will now be one company. This will provide a more effective and efficient structure to allow us to pursue the Digital First strategy.
What changes, if any, can employees expect to see and how soon?
As stated in the sale announcement, the Companies expect to close the deal within 30 days, and as early as December 31. It is still too early in the process to provide specifics on any operational changes because those decisions are still being made. 21st Century Media leadership will continue to communicate with employees during the process.
Are there changes to the MediaNews Group’s leadership?
The leadership team in place will remain and will continue to lead the merged company through its ongoing digital transformation.
How does the merger impact MediaNews Group’s strategic plans?
Digital transformation will continue with a focus on providing news and information on the platform of the audience’s choosing. The merger provides operational opportunities to accelerate this transformation.
How soon will the merger be completed?
The Companies are targeting a less-than 30-day closing to complete the sale.
Where will the merged Company’s headquarters be located?
The company’s leadership team works in multiple offices across the country and that will continue.
Will there be any changes to my health benefits or pay schedule?
The combining of the companies will be seamless to employees in terms of payroll and health benefits. The merged Company expects that the larger organization will provide opportunities to optimize employee benefits in the future. Employees will be kept informed of any potential changes.
What will the new Company be called?
Since the deal still is not closed that issue is still being discussed.