Update: About 80 percent of the 690 editorial, advertising and circulation union members voted, narrowly rejecting the concessions. Details here. Original:  As I write, members of the Boston Newspaper Guild are voting for their future in a 12-hour marathon. Will they roll the dice in the hopes the New York Times Co. (NYSE: NYT) is bluffing about imposing a 23 percent pay cut and possibly shutting the paper? Or will they take the still unpleasant, but less risky path and vote to cut their own pay? Others think they see clues—the NYT, the flagship paper of the company demanding $10 million in concessions from the one union out of a $20 million total, reports little support for passage; the Boston Globe quotes a 28-year-old staffer planning to vote for the 10 percent wage cut and other changes despite a very vocal opposition complaining about inequality between management cuts and those being demanded of the Guild. The Guild is the last of the Globe unions to vote, following the drivers’ approval of $2.5 million in cuts Sunday and the much smaller machinists union’s rejection of some concessions. The company told the Globe that wouldn’t affect the $20 million bottom line.—Guild says plenty without a yes or no: The latest message from Guild Executive Director Daniel Totten professes to take no sides in terms of how to vote—the Guild is not endorsing the deal, just taking it to a vote—but he leaves no doubt about his feelings towards the company and he stresses how some other companies are making management take equal or greater cuts. NYTCo got its concessions by being a “bully” and the problems have all been caused by “wretched” management decisions. It’s a very have-it-both-ways memo. —What would ‘no’ mean?: Nothing good. NYTCo already has promised a 23 percent pay cut at the least, with the closure threat still looming. The Guild likely would appeal the unilateral slashing via the National Labor Relations Board, a far from instant solution that would leave the pay cut in place indefinitely. A ruling against the company could cost it millions in back wages and fines. —Lasting results: Either way, the results from today’s vote, which ends at 8 p.m. eastern with results due late evening, will be lasting. Will they ripple across the industry? Lee Enterprises (NYSE: LEE) wants a 23 percent cut at the St. Louis Post-Dispatch on top of unpaid furloughs and layoffs. Other companies are seeking or imposing heavy cuts plus layoffs. Owners know employees have few options these days—and staffers know that disrupting operations at a serious cost to the company is a boomerang to be deployed with great care. In a sense, the Guild vote is only about one paper. In another, it’s about them all. Photo Credit: AP Images

Update: About 80 percent of the 690 editorial, advertising and circulation union members voted, according to Boston.com. Results expected around 10 p.m. eastern. More when we know it. Original:  As I write, members of the Boston Newspaper Guild are voting for their future in a 12-hour marathon. Will they roll the dice in the hopes the New York Times Co. (NYSE: NYT) is bluffing about imposing a 23 percent pay cut and possibly shutting the paper? Or will they take the still unpleasant, but less risky path and vote to cut their own pay? Others think they see clues—the NYT, the flagship paper of the company demanding $10 million in concessions from the one union out of a $20 million total, reports little support for passage; the Boston Globe quotes a 28-year-old staffer planning to vote for the 10 percent wage cut and other changes despite a very vocal opposition complaining about inequality between management cuts and those being demanded of the Guild. The Guild is the last of the Globe unions to vote, following the drivers’ approval of $2.5 million in cuts Sunday and the much smaller machinists union’s rejection of some concessions. The company told the Globe that wouldn’t affect the $20 million bottom line.—Guild says plenty without a yes or no: The latest message from Guild Executive Director Daniel Totten professes to take no sides in terms of how to vote—the Guild is not endorsing the deal, just taking it to a vote—but he leaves no doubt about his feelings towards the company and he stresses how some other companies are making management take equal or greater cuts. NYTCo got its concessions by being a “bully” and the problems have all been caused by “wretched” management decisions. It’s a very have-it-both-ways memo. —What would ‘no’ mean?: Nothing good. NYTCo already has promised a 23 percent pay cut at the least, with the closure threat still looming. The Guild likely would appeal the unilateral slashing via the National Labor Relations Board, a far from instant solution that would leave the pay cut in place indefinitely. A ruling against the company could cost it millions in back wages and fines. —Lasting results: Either way, the results from today’s vote, which ends at 8 p.m. eastern with results due late evening, will be lasting. Will they ripple across the industry? Lee Enterprises (NYSE: LEE) wants a 23 percent cut at the St. Louis Post-Dispatch on top of unpaid furloughs and layoffs. Other companies are seeking or imposing heavy cuts plus layoffs. Owners know employees have few options these days—and staffers know that disrupting operations at a serious cost to the company is a boomerang to be deployed with great care. In a sense, the Guild vote is only about one paper. In another, it’s about them all. Photo Credit: AP Images

As I write, members of the Boston Newspaper Guild are voting for their future in a 12-hour marathon. Will they roll the dice in the hopes the New York Times Co. (NYSE: NYT) is bluffing about imposing a 23 percent pay cut and possibly shutting the paper? Or will they take the still unpleasant, but less risky path and vote to cut their own pay? Others think they see clues—the NYT, the flagship paper of the company demanding $10 million in concessions from the one union out of a $20 million total, reports little support for passage; the Boston Globe quotes a 28-year-old staffer planning to vote for the 10 percent wage cut and other changes despite a very vocal opposition complaining about inequality between management cuts and those being demanded of the Guild. The Guild is the last of the Globe unions to vote, following the drivers’ approval of $2.5 million in cuts Sunday and the much smaller machinists union’s rejection of some concessions. The company told the Globe that wouldn’t affect the $20 million bottom line. —Guild says plenty without a yes or no: The latest message from Guild Executive Director Daniel Totten professes to take no sides in terms of how to vote—the Guild is not endorsing the deal, just taking it to a vote—but he leaves no doubt about his feelings towards the company and he stresses how some other companies are making management take equal or greater cuts. NYTCo got its concessions by being a “bully” and the problems have all been caused by “wretched” management decisions. It’s a very have-it-both-ways memo. —What would ‘no’ mean?: Nothing good. NYTCo already has promised a 23 percent pay cut at the least, with the closure threat still looming. The Guild likely would appeal the unilateral slashing via the National Labor Relations Board, a far from instant solution that would leave the pay cut in place indefinitely. A ruling against the company could cost it millions in back wages and fines. —Lasting results: Either way, the results from today’s vote, which ends at 8 p.m. eastern with results due late evening, will be lasting. Will they ripple across the industry? Lee Enterprises (NYSE: LEE) wants a 23 percent cut at the St. Louis Post-Dispatch on top of unpaid furloughs and layoffs. Other companies are seeking or imposing heavy cuts plus layoffs. Owners know employees have few options these days—and staffers know that disrupting operations at a serious cost to the company is a boomerang to be deployed with great care. In a sense, the Guild vote is only about one paper. In another, it’s about them all. Photo Credit: AP Images

As I write, members of the Boston Newspaper Guild are voting for their future in a 12-hour marathon. Will they roll the dice in the hopes the New York Times Co. (NYSE: NYT) is bluffing about imposing a 23 percent pay cut and possibly shutting the paper? Or will they take the still unpleasant, but less risky path and vote to cut their own pay? Others think they see clues—the NYT, the flagship paper of the company demanding $10 million in concessions from the one union out of a $20 million total, reports little support for passage; the Boston Globe quotes a 28-year-old staffer planning to vote for the 10 percent wage cut and other changes despite a very vocal opposition complaining about inequality between management cuts and those being demanded of the Guild. The Guild is the last of the Globe unions to vote, following the drivers’ approval of $2.5 million in cuts Sunday and the much smaller machinists union’s rejection of some concessions. The company told the Globe that wouldn’t affect the $20 million bottom line. —Guild says plenty without a yes or no: The latest message from Guild Executive Director Daniel Totten professes to take no sides in terms of how to vote—the Guild is not endorsing the deal, just taking it to a vote—but he leaves no doubt about his feelings towards the company and he stresses how some other companies are making management take equal or greater cuts. NYTCo got its concessions by being a “bully” and the problems have all been caused by “wretched” management decisions. It’s a very have-it-both-ways memo. —What would ‘no’ mean?: Nothing good. NYTCo already has promised a 23 percent pay cut at the least, with the closure threat still looming. The Guild likely would appeal the unilateral slashing via the National Labor Relations Board, a far from instant solution that would leave the pay cut in place indefinitely. A ruling against the company could cost it millions in back wages and fines. —Lasting results: Either way, the results from today’s vote, which ends at 8 p.m. eastern with results due late evening, will be lasting. Will they ripple across the industry? Lee Enterprises (NYSE: LEE) wants a 23 percent cut at the St. Louis Post-Dispatch on top of unpaid furloughs and layoffs. Other companies are seeking or imposing heavy cuts plus layoffs. Owners know employees have few options these days—and staffers know that disrupting operations at a serious cost to the company is a boomerang to be deployed with great care. In a sense, the Guild vote is only about one paper. In another, it’s about them all.

Two dozen newspaper publishers, including representatives from the New York Times Co. (NYSE: NYT), Gannett (NYSE: GCI), E. W. Scripps, Advance Publications, McClatchy (NYSE: MNI) Company, Hearst Newspapers, MediaNews Group, the Associated Press, Philadelphia Media Holdings, Lee Enterprises (NYSE: LEE) and Freedom Communications, quietly attended the Newspaper Association of America’s annual meeting in Chicago today to discuss ways of charging readers for online content. The Atlantic’s James Warren has the agenda for the “Models to Monetize Content” conference. The event was organized by the Newspaper Association of America, though it was not listed on its website. The private discussion was first mentioned back in April by Alan D. Mutter on his Reflections of a Newsosaur. CORRECTION: Mutter did not write about yesterday’s NAA meeting in any way; his post referred to an earlier NAA gathering held in San Diego last April. Warren, who oversaw the layoffs of 100 staffers at the Chicago Tribune last year as the paper’s managing editor, said that expects a large number of the publishers who attended to start charging for some online content because “they don’t know what else to do.” More after the jump Despite an appearance by NAA’s CEO John Sturm a few weeks ago on The Colbert Report, the NAA has put forward a less public face in the past year. In addition to no longer packaging quarterly revenues last year, the NAA no longer publicizes its annual meeting, considering that most of the industry’s news has become routinely grim. As for presentation, Warren noted that a few copyeditors could have been employed to avoid panel descriptions like the second session’s “Journalism Online: Presentation on proposed service to charge for access to newspaper content and to license that content that (sic) online aggregators.” Other topics included “Aggregating User Data” and “Fair Syndication Consortium/Attributor,” which looked at ways to track newspaper content across the web and get aggregators to pay up. —NiemanLabs: Why so hush-hush? Not because the newspaper executives are opposed to an open debate. It’s because they’re worried about possible antitrust violations. Alluding to a memo from NAA’s Sturm, NiemanLabs points out that an industry gathering to discuss setting up paywalls could have the appearance of an illegal cartel. Newspapers would like an antitrust exemption to build up paywalls across their sites and fashion some industry guidelines. NiemanLabs counts House Speaker Nancy Pelosi as a supporter, but the Obama administration is against it.

New evidence demonstrates that even in the bond markets, active managers have a hard time performing. by Larry Swedroe

New evidence demonstrates that even in the bond markets, active managers have a hard time performing. by Larry Swedroe

Visit StreetInsider.com at http://www.streetinsider.com/news.php?st=p&id=5254919 for the full story.

Market-lagging returns could be written in this stock.

Who will be next? And is the mating of banko companies the look of the next year? Dean Singleton bit the bitter bullet last week. After staving off bankruptcy for all of 2009, telling MediaNews execs that the company would not need to take that route, the company succumbed. MediaNews is following Morris into bankruptcy, both taking the neater, pre-packaged route, allowing quicker movement through the courts and, importantly, a continuity of leadership. Put together the long list of bankruptcies...

Highlights include The McClatchy Company (MNI), The New York Times Company (NYT), Washington Post Co. (WPO), Lee Enterprises (LEE), Gannett Co. (GCI) and Journal Communications (JRN). It’s an offer bondholders can’t refuse. The McClatchy Company (MNI) has announced an offer to exchange $1.15 billion in debt securities for cash and new notes in a move that extends ...

Highlights include The McClatchy Company (MNI), The New York Times Company (NYT), Washington Post Co. (WPO), Lee Enterprises (LEE), Gannett Co. (GCI) and Journal Communications (JRN). McClatchy: Expensive Debt Exchange Offer Extends Maturities It's an offer bondholders can't refuse. The[More...]

Two Veteran Wall Street Analysts Review the February 15, 2008 Edition of the Value Line Investment Survey