A week after it threatened to close if union concessions were not met, the Star-Ledger of Newark, New Jersey’s largest newspaper, is selling its building, publisher Richard Vezza said Thursday.
“It’s really not suited for us right now, and it’s awful expensive for us to maintain,” Vezza said. “We can save a substantial amount of money by moving out and leasing office space.”
In late June, the Star-Ledger threatened to shut down operations by year’s end if its production unions do not agree to contract concessions. Vezza said Thursday the sale of the building “is not connected to that at all.”
The newspaper lost $19.8 million last year and is on track do the same in 2013.