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Can We Trust the TIPS Spread?   The Semiotics of Stock Tickers
Apr 23 2008 12:18PM EDT

Murdoch in Welcomed-by-the-Union Shocker

This might be a first: has an acquisition by Rupert Murdoch ever before been welcomed by a newspaper's unions?

"We'd appreciate anybody coming in here that has a newspaper background, that knows New York, whether it's Zuckerman or Murdoch or anybody, to put this paper back on track," said Dennis Grabhorn, president of Local 406 of the Graphic Communications Conference, the union that represents more than half of Newsday's employees.

Note that Newsday is very profitable, by newspaper standards: it had ebitda of $80 million last year on $500 million of revenue. What does Grabhorn expect Murdoch to do which would benefit the union and improve profitability?

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