Freedom Communications Heading Toward Bankruptcy
Freedom Communications, owner of 30 daily newspapers and eight TV stations, owes about $770 million; the company now makes just $50 million a year down from $200 million half a decade ago.
The company will file for Chapter 11 protection this week, TVNewsCheck reports.
This comes after a company-wide weeklong furlough that was implemented between April 1 and June 30 this year, and a 5% across-the-board pay cut, as well.
The company employs approximately 5,000 people, we think (super-recent figures aren’t available, so that’s a bit of a back-of-the-envelope calcuation).
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