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New owners of Tampa Tribune institute pay cuts, buyout program

Two weeks after taking control, the new California owners of the Tampa Tribune announced cost-cutting measures at the newspaper, including pay cuts and a voluntary severance program.

A call to the Tribune's office Monday was directed to publisher William Barker, who could not be reached directly. However, a memo from him to Tribune employees posted on media blog on Monday afternoon, said eligible staffers have until Friday to apply for the severance package. Senior management will let them know if they qualify by Nov. 2.

"In addition to the severance program to help us re-align costs to revenue, we will also be adjusting individual pay rates, effective immediately," the memo read. "... I will meet with your departments this week to answer additional questions and explain in detail why this is important and necessary."

Revolution Capital Group, a Los Angeles private equity investment firm, bought the Tribune from Media General for $9.5 million. A spokesman for Revolution Capital could not be reached for comment Monday morning.

In December, Media General laid off 165 staffers at the Tribune and smaller publications it owned in Tampa, leaving it with 675 employees in print operations here. When ownership was transferred to Revolution Capital, the newly named Tampa Media Group (which includes some smaller publications in addition to the Tribune) had 618 employees.

New owners of Tampa Tribune institute pay cuts, buyout program 10/22/12 [Last modified: Monday, October 22, 2012 6:50pm]
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