Real estate mogul Steve Witkoff is still hard at work negotiating with the New York Daily News’ labor unions in an effort to eventually purchase the paper. The New York Post reports that Witkoff is hoping to cut labor costs by as much as 30 percent.
That’s a steep cut, but the unions are discussing a deal. Not because they are cool with taking such drastic measures, but because they fear the alternative:
The unions are negotiating because Zuckerman is determined to sell, and union leaders are said to fear even bigger cuts if the paper were to fall into the hands of the two other suitors: Gristedes owner and sometime Republican candidate for mayor John Catsimatidis and Jimmy Finkelstein, owner of the Washington, DC, paper, The Hill.
Of the suitors, only Witkoff has been willing to negotiate a new deal with the unions. Still, despite Witkoff’s discussions, a source told the Post “Everything is still up in the air.”