Alden Global Capital founder Randall Smith recently sold one of his many Palm Beach mansions for $5.5 million, according to the Palm Beach Daily News.
The $1.9 million profit on the sale – purchased in a mansion-buying binge that began in 2013, after Alden became majority owner of DFM – would cover an annual raise of more than $3,900 for the 487 Guild-represented employees at 12 DFM newspapers nationwide.
That’s a fact to keep in mind as the DFM Caucus begins the six-month countdown to full contract negotiations, which will begin next spring. All but one of 13 contracts will expire July 31. Leaders began intensive, joint strategy talks last month in Philadelphia to prepare.
There will be major issues to address in those negotiations, including escalating health care costs and DFM’s refusal to increase pay for its award-winning employees, despite industry-leading profits of $160 million in 2017.
Read more here.