Chicago Tribune staff declines buyouts amid looming layoffs

The big picture: Tribune owner Alden Capital had offered buyouts, hoping newsroom union workers would take them to avoid layoffs.

• It's unclear how much money Alden is trying to save with this move.

What they're saying: "The company's offer didn't respect the many years of hard work our journalists have put in," reporter and guild leader Jake Sheridan tells Axios.

• "Our owners should have done more to avert layoffs."

Zoom in: The offers were reportedly more like regular severance packages rather than incentives to voluntarily leave the job early.

By the numbers: There are 75 union newsroom employees at Chicago's preeminent newspaper. Alden and the guild agreed to a contract in late 2024.

• When Alden took over the paper in 2021, it gutted over 10% of staffing.

Reality check: Now, the union is bracing for what could be swift cuts from the investment firm that has a reputation for slashing costs at local papers.

• The union also told members in an email that they were disappointed in communication from management, especially about how many cuts they should expect and when they may happen.

The other side: Alden and Chicago Tribune management did not respond to Axios' requests for comment.

What's next: The union says it is preparing for a round of layoffs that could come as early as next week.