Tribune shareholders OK move to go private

first_img“We’re going to continue to push for employee representation on the board and the ESOP,” Teamsters representative Louis Malizia said afterward. “These are future owners of the company now, and they deserve a fair shake.” Tribune, which owns 11 daily newspapers – including the Chicago Tribune, the Los Angeles Times, Newsday and The (Baltimore) Sun – 23 TV stations and the Chicago Cubs, needs the FCC to grant it waivers from rules banning same-market ownership of television and newspapers. After that, it will have to navigate the turbulent newspaper industry while under a $13 billion debt burden.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Zell skipped the anticlimactic 40-minute meeting, which was attended by only a few dozen shareholders. Chief Executive Dennis FitzSimons, who will cede the chairman’s role to Zell when the deal is complete, said the real estate mogul had a prior commitment. Zell later issued a statement through the company reiterating his commitment to the deal: “I believe Tribune Co. is reasserting itself as a national leader in news generation and distribution. Despite the recent upheaval in the credit markets, my view of the company as an investment has not changed.” FitzSimons told shareholders the company still anticipates receiving approval from the Federal Communications Commission in the fourth quarter, with the deal closing soon afterward. He said Tribune expects its operations to remain in compliance with its creditors, as required to hold lenders to their commitment for an additional $4.2 billion in financing. He also assured employees that their retirement benefits are “safe and secure,” calling some union claims to the contrary “a blatant misrepresentation of facts.” Several representatives of the International Brotherhood of Teamsters, which represents about 2,000 Tribune employees, objected to the lack of clout that Tribune workers will have under the employee stock ownership plan and raised other questions about the deal. They were unimpressed by FitzSimons’ statement that employees will be represented by a trustee, the GreatBanc Trust Co., which will vote on board directors. CHICAGO – Tribune Co. shareholders consented to the $8.2 billion buyout of the media conglomerate on Tuesday, an expected but noteworthy milestone in a drawn-out transaction that still awaits federal approval and billions of dollars in promised financing. The shareholder meeting in Tribune Tower, the last scheduled for the 160-year-old company, was marked by unions’ complaints that employees of the soon-to-be employee-owned firm will have no formal role in running it. Some shareholders also voiced concerns about its ability to operate in a struggling newspaper industry under a mountain of debt. But Tribune easily secured the backing of shareholders for the deal to take the company private under an employee stock ownership plan – a foregone conclusion since the $34-a-share transaction will pay them significantly more than the current value of the languishing stock. Preliminary results indicated 97 percent of those casting votes, representing a majority of shares, had approved the April 1 deal led by billionaire Sam Zell. last_img read more

Stratford takes title at Bi-State Wrestling Classic, wins next two dual meets

first_imgPhotos by Bryce Ford/Stratford WrestlingBy Paul LeckerSports ReporterLA CROSSE — Stratford won three individual titles and had two others finish in the top three as it rolled to its third-straight Division 3 title at the Bi-State Wrestling Classic on Dec. 29-30 at the La Crosse Civic Center.A.J. Schoenfuss won the title at 120 pounds with a 6-3 win over Veliko Kochiu of Wausau West, Jeremy Schoenherr took the 126-pound championship with a 5-1 victory over Trenton McManus of Adams-Friendship, and Mason Kauffman beat John Maki of Mauston 5-3 to take the 145-pound title for Stratford.The Tigers finished with 321 ½ points to win the Division 3 championship by nearly 200 points over second-place New Lisbon (122).Stratford’s Mason Kauffman, right, battles during a 145-pound match at theBi-State Wrestling Classic in La Crosse on Dec. 30. Kauffman won the 145-pound title as Stratford took first in the Division 3 team standingsfor the third-straight year.Hudson won the Division 1 title with 338 ½ points, and Marshfield took 18th out of 21 teams. Ellsworth won the Division 2 team crown. If the three divisions were scored together, Stratford would have finished second only behind Hudson, which is ranked No. 2 in Division 1 by Stratford is ranked first in Division 3.Stratford’s Jake Drexler lost the 113-pound title match 7-5 to Drew Klabon of Hudson, and Kam Bornbach finished third at 182 pounds for the Tigers.“We were really pleased on how the kids wrestled,” Stratford coach Joe Schwabe said. “We lost some close matches but sometimes forget about the close matches we won. It was very neat getting a large amount of kids to place, with four in the finals.”Other top-10 finishes for Stratford came from Macey Kilty, who was fifth at 106 pounds; Derek Marten, seventh at 132; and Tyson Kauffman, seventh at 285.“We also won our third-, fifth-, and both seventh-place matches, which is a great way to end your tournament,” Schwabe said. “We had a close second and three champs, so obviously we’re very pleased with those guys. Hopefully we can build on this as we enter into the second phase of our season.”Stratford won a Marawood Conference dual against Edgar on Tuesday, Jan. 5, 70-3, taking six matches by pin and four others by forfeit.Drexler (113 pounds), Schoenfuss (120), Schoenherr (126), Sam Wenzel (145), Dylan Schoenherr (170), and Kyle Giebel (195) all won by pin for the Tigers.Stratford had its closest match of the season but was able to prevail on the strength of three pins and two forfeits as it beat Athens 41-31 in a Marawood Conference wrestling dual meet on Thursday at Athens High School.Manny Drexler (106 pounds), Jeremy Schoenherr (126), and Wenzel (145) won by pin for the Tigers, who improve to 4-0 in the Marawood.Bornbach added an 18-3 technical fall at 182, and Tyson Kauffman and Mason Kauffman won by decision for Stratford.Stratford will compete at the D.C. Everest Invitational on Saturday.(Hub City Times Sports Reporter Paul Lecker is also the publisher of 41, Athens 31106: Manny Drexler (S) pinned Gabe Weiks in 0:53.113: Jake Drexler (S) won by forfeit.120: A.J. Schoenfuss (S) won by forfeit.126: Jeremy Schoenherr (S) pinned Jonathan Alberecht in 2:35.132: Kevin Alberecht (A) won by disqualification.138: Klay Ellenbecker (A) def. Jordan Becker 15-7.145: Sam Wenzel (S) pinned Andy Nowacki in 3:02.152: Mason Kauffman (S) def. Austin Engel 5-4.160: Nate Morse (A) def. David Marquardt 6-3.170: Marshall Westfall (A) pinned Dylan Schoenherr in 1:49.182: Kam Bornbach (S) won by technical fall over Tannor Frahm 18-3.195: Jordan Zinkowich (A) pinned Kyle Giebel in 1:53.220: Dakota Venzke (A) pinned Jon Aguirre in 2:42.285: Tyson Kauffman (S) def. Tyson Sommer 7-5.last_img read more

Cloud Computing: Businesses Prefer Hybrid Cloud Approach with strong Private Cloud Component

first_imgAs businesses move towards a cloud architecture, private clouds appear to have the edge.  While businesses said that internal cloud solutions were their preference, 80 percent said that they’re considering adopting a hybrid cloud approach.  The Open Data Center Alliance (ODCA) surveyed their members in late 2014 to track adoption of the cloud services.Other results from the ODCA cloud adoption survey are as follows:Nearly two-thirds of businesses expect 40 percent or more of their operations to be in a private cloud by next yearBusinesses are showing greater interest in private cloud infrastructure rather than public cloudsBusinesses say that they’re keenly interested in software-defined networks (SDN) and hybrid cloud solutionsWhen businesses do move to a private cloud, a majority move more than half of their serviceslast_img read more