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Posts Tagged ‘Tom Gores’

Motown Tries to Make Sense of Prospective Pistons Owner

Peter Guber may soon have a Hollywood hardwood doppelganger. Joining the Golden State Warriors co-owner within the NBA team owner ranks will soon be, by all accounts, Platinum Equity billionaire Tom Gores (pictured).

In honor of today’s second biggest sports story (behind the forced retirement of Manny Ramirez), the Detroit Free Press has republished a February 13th profile of Gores by sports reporter Vince Ellis. It offers some interesting hints as to how the LA magnate may be perceived in Motown as proprietor of the Pistons:

Maybe you’ve never heard of potential Pistons buyer Tom Gores. But if you think he would be one of those anonymous business owners who never, ever make news, think again: he bankrolled a slasher film starring Lindsay Lohan.

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Revised Vacation Order Has Union-Tribune Employees Scrambling

At the beginning of the year, a memo went out to employees of the San Diego Union-Tribune, instructing those who had accumulated a large amount of vacation days that they should start taking some, so as to eventually whittle down the buffer to a maximum of five weeks. Then, another memo asked that they lock in this action by April.

According to San Diego Reader reporter Don Bauder, this, along with news of employee pension checks being issued by a different bank, has employees rushing to take those vacation days. He also notes how hard it is to predict what the newspaper’s owner, Platinum Equity, might do next:

Platinum is run by Tom Gores, who is worth a reported $2.2 billion. A similar company, Gores Group, is run by his brother Alec, who is worth $1.6 billion… The brothers failed in a joint attempt to buy Miramax and Platinum failed trying to buy the Boston Globe and Business Week Magazine.

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What The Globe Can Expect If Platinum Equity Buys

gores.jpgLast week, The Boston Globe revealed that its owner, The New York Times Co., had been approached by a third group of potential buyers interested in purchasing the beleaguered New England paper.

According to the Globe, the potential buyer is investment firm Platinum Equity, run by billionaire Tom Gores. The firm has already delved in to the news business with the purchase of The San Diego Union-Tibune earlier this year. And what Platinum and Gores did at that paper may come to bear if they get a stab at the Globe.

In a profile of Gores and Platinum this weekend the Globe said the purchase of the Union-Tribune resulted in aggressive cost-cutting, a Platinum signature:

“Platinum has replaced or laid off six of the Union-Tribune‘s top eight managers since taking over, and it cut 18 percent, or 192 people, of the staff three days after the deal was completed. It has also hired consultants to monitor the productivity of reporters and editors and is looking to rent out the top two floors of the newspaper’s headquarters.

“There are fewer news pages, a stand-alone Sunday opinion section has been eliminated, and some of the paper’s most seasoned journalists are gone. Newsroom staffing is about 200 employees, down from 250 at the time of the sale, and another round of layoffs is expected next week…”

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Police Union Wants Union-Tribune Editorial Writers Sacked

uniontribune33.jpgJoel Rubin at LAT’s LA Now writes:

The union representing Los Angeles police officers is pressuring the owner of San Diego’s main newspaper to change the paper’s editorial stance on labor issues or to fire its editorial writers.

The feud is rooted in the recent purchase of the San Diego Union-Tribune by Platinum Equity, a private Beverly Hills firm.

Platinum relies on a $30-million investment from the pension fund of Los Angeles police officers and fire fighters, along with large sums from other public-employee pension systems around the state, to help fund its acquisitions of companies. As League President Paul M. Weber views it, that makes the League part owner in the flagging Tribune and League officials are none to happy with the paper’s consistent position that San Diego lawmakers should cut back on salaries and benefits for public employees in order to help close gaping budget deficits.

“Since the very public employees they continually criticize are now their owners, we strongly believe that those who currently run the editorial pages should be replaced,” Weber wrote in a March 26 letter to Platinum CEO Tom Gores.

It just occurred to us how weird it is that the Union-Tribune is anti-union. Just as weird if Paste falls apart.

Previously on FBLA: SD Union-Tribune Bought by Investment Firm with Tom Jones Look-a-Like CEO, Union-Tribune, Co-Winner of Worst Person in the World, 192 Jobs Cut At San Diego Union-Tribune

SD Union-Tribune Bought by Investment Firm with Tom Jones Look-a-Like CEO

gores_t180.jpgPlatinum Equity Founder, Chairman and CEO is Tom Gores (pictured). Much easier on the eyes than Zell. Much.

Anyway, the family owned San Diego Union-Tribune is now the property of a Beverly Hills investment firm. The purchase has now been finalized.

Thomas Kupper reports:

In the statement, Paul Bridwell [new Union-Tribune's chief restructuring officer] said his immediate priorities would be to improve the newspaper’s financial performance and to work with senior management to develop a long-term plan for growth.

The deal brings to a close more than 80 years of San Diego newspaper ownership by the Copley family of La Jolla. Former Union-Tribune parent The Copley Press Inc. had been seeking a buyer for the paper since July amid a nationwide decline in newspaper advertising.

Platinum has not publicly spelled out its plans for the Union-Tribune.

But we won’t be shocked if it’s layoffs. Layoffs are how fixers fix newspapers. We’re just guessing.

Now we’re going to have “Why oh why! Delilah!” in our head all day.