The Minneapolis Star Tribune, which was bankrupt just three short years ago, is now on its second year of paying out profit-sharing checks to employees, David Brauer reports.
The award is $300 per full-time employee, or about a fourth of what it was last year ($1,163). That’s because the Strib’s pension contribution tripled.
But the fact that the company had enough money to fully fund its pension obligations, match everyone’s 401(k), and still share $300 with each of the paper’s 1,000 full-time employees is pretty encouraging.
Circulation revenue was up, newsroom staffing has remained steady, and the paper says it has more than 12,000 brand-new digital subscribers.
The downside: Ad revenue is still slipping, and newsroom staffers haven’t received a raise in three years. But if business continues this way, perhaps employees will receive some good news when their contract goes up for negotiation next January.