Wednesday, May 09, 2007

Teamsters to question Tribune board about ESOP

By James P. MillerTribune staff reporter
Published May 8, 2007, 2:49 PM CDT

The International Brotherhood of Teamsters union said Tuesday that representitatives intend to attend Tribune Co.'s annual meeting Wednesday, to question board members about what the union characterized as "major flaws" in the plan under which Tribune is to be taken private for $8.2 billion.The complex $8.2 billion accord announced recently will transfer ownership of the Chicago media company to real estate financier Sam Zell and an employee stock ownership plan.The Teamsters "want to ensure that Tribune workers, shouldering both the financial and operational burden of Zell's proposed plan, will have a voice in governming the ESOP and the company," said Teamsters general president James P. Hoffa."The board must ensure that Sam Zell assume adequate risk to align his interests with those of the company and the worker-owners," Hoffa said.The Teamsters represent drivers, press operators and some editorial staffers at a number of Tribune Co. papers, including Newsday, the Allentown (Pa) Morning Call, the Baltimore Sun, the Los Angeles Times, and the Chicago Tribune.

Copyright © 2007, Chicago Tribune

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