The new owners of the Philadelphia Inquirer and the Philadelphia Daily News have sent a letter to all employees warning of possible layoffs, but the letter also says that it’s just a technicality and nobody’s going to actually lose their job.
It’s only a “procedural move,” reports the Inquirer, required when the papers transfer to new ownership–NY hedge funds that bought the paper at auction last week for $139 million.
“There will be no massive layoffs when we take over the company,” added Robert J. Hall, former publisher of the Inquirer and Daily News and now the new chief operating officer.
The two newspapers combined employ 4500 people.