Connect with us

Pennsylvania

Newspaper chain owned by hedge fund buys 4 Pennsylvania dailies

Published

on

Newspaper chain owned by hedge fund buys 4 Pennsylvania dailies


SCRANTON, Pa. — A Pennsylvania media conglomerate sold its four daily newspapers, including The Times-Tribune of Scranton, to publishing powerhouse MediaNews Group on Thursday, ending nearly 130 years of local ownership.

Times-Shamrock Communications CEO Jim Lewandowski made the announcement to staff, The Times-Tribune reported.

The other papers in the sale are The Citizens’ Voice of Wilkes-Barre, the Republican Herald of Pottsville, and the (Hazleton) Standard-Speaker, as well as Times-Shamrock’s weeklies, commercial printing business and other divisions.

Times-Shamrock retained control of its radio and billboard operations as well as the landmark Scranton Times building downtown, the Scranton paper reported.

Advertisement

The terms of the sale were not disclosed.

MediaNews Group’s parent company is Alden Global Capital, a New York hedge fund that has been buying up newspapers across the country and faced criticism for slashing budgets and cutting jobs.

A majority of Times-Shamrock’s shareholders approved the sale, but some members of the family that controls the company and published the Scranton Times since 1895 expressed their opposition.

“We remained confident and hopeful that our current board of directors and management team would have been able to lead us through the industry’s headwinds more effectively and humanely than a hedge fund like Alden,” said the statement by former publisher George Lynett and his children, all of whom are shareholders.

Selling“to a company with such a devastating reputation in the industry runs against everything we believe in,” the dissident family members wrote.

Advertisement

A memo from Lewandowski to the staff called the sale “an exceptionally difficult decision” that was driven by “numerous factors including the changes in the newspaper industry.”

A message was sent to MediaNews Group seeking comment.

It wasn’t clear how many layoffs were planned. But a document given to Times-Shamrock employees said the new owner is “offering employment to virtually of the employees, except for a few crossover team members who serve both print and radio.”



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Pennsylvania

A Pa. utility shutoff law is expiring. Here’s what you need to know

Published

on

A Pa. utility shutoff law is expiring. Here’s what you need to know


Have a question about Philly’s neighborhoods or the systems that shape them? PlanPhilly reporters want to hear from you! Ask us a question or send us a story idea you think we should cover.

A Pennsylvania law that lays out how and when utility companies can shut off customers’ electricity, gas or water expires Dec. 31.

But the state’s ban on shutoffs for low-income customers during the winter months and other protections will continue uninterrupted.

“The message that we’ve been hoping that people really hear is not to panic,” said Elizabeth Marx, executive director of the Pennsylvania Utility Law Project.

Advertisement

Utility shutoffs are an experience many Pennsylvania households deal with. In the first 10 months of 2024, utilities in the state disconnected more than 300,000 households and reconnected fewer than three-quarters of them.

In Philadelphia, one in four low-income households spends at least 16% of its income on energy bills — an energy burden that’s considered severe. Black and Hispanic households in Philadelphia spend more of their income on energy than households overall, and national surveys have shown non-Hispanic Black and Hispanic households are disconnected from utility service at higher rates than non-Hispanic white households.

Here’s what you need to know about the sunsetting statute. 

Pa.’s ban on shutoffs for low-income customers during the winter continues

Pennsylvania’s winter shutoff moratorium will continue even after the law expires, because this and other protections are duplicated in another part of state code.

Between the frigid months of December through March, public utilities in Pennsylvania are restricted from terminating low-income customers’ service for nonpayment without permission from the Public Utility Commission.

Advertisement

Water utilities cannot terminate heat-related service during this time period.

Gas and electric utilities cannot terminate service for households earning below $3,137 monthly for an individual or $6,500 for a family of four, based on the 2024 federal poverty guidelines.

“We understand the importance of these protections to Pennsylvanians and remain committed to balancing the needs of consumers and utilities,” said Stephen DeFrank, Pennsylvania Public Utility Commission chairman, in a statement.

There is a partial exception for city gas utilities, which can terminate service for households earning $1,882 to $3,137 monthly for an individual or $3,900 to $6,500 for a family of four, during part of the winter under certain circumstances.

If you can’t pay your utility bills in full, Marx recommends making at least some payment, because utilities consider a positive payment history when setting up payment plans.

Advertisement

“Paying what you can, when you can, is very important, especially even through the winter, when the winter moratorium is in place,” she said.



Source link

Continue Reading

Pennsylvania

Ice-cold temperatures overnight, Impact Day Sunday

Published

on

Ice-cold temperatures overnight, Impact Day Sunday


Bitter cold weather has been the theme throughout the evening into tonight. Breezy winds will produce wind chill values in the teens overnight, then single digits to teens for our Sunday, prompting an Impact Day. Find out when we may have a chance at warming back up next week in the full forecast.



Source link

Continue Reading

Pennsylvania

$1M winning Mega Millions ticket sold in Pennsylvania

Published

on

M winning Mega Millions ticket sold in Pennsylvania


Check your tickets! Someone in Pennsylvania won big in Friday’s Mega Millions drawing.

While the jackpot is still rolling, someone in Pennsylvania matched all five winning numbers drawn Friday night— 2-20-51-56-67, but not the Mega Ball, 19, to win $1 million. The Megaplier was 2X.

Three other Pennsylvania Mega Millions players matched four of five numbers drawn, winning $10,000.

Click here for more information from the Pennsylvania Lottery and to check if your ticket won anything.

Advertisement

The Mega Millions jackpot is estimated to be worth $944 million for the next drawing on Christmas Eve.

The Mega Millions odds are 1 in 302.6 million. Winners can choose an annuity with annual payments over 29 years, but most almost always take the cash option.

Download the FREE WPXI News app for breaking news alerts.

Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW





Source link

Advertisement
Continue Reading
Advertisement

Trending