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American Media and its 80 percent majority owner Chatham Asset Management have still not sold the beleaguered National Enquirer some nine months after they said they had an agreement to sell to Hudson News Distributors boss James Cohen for $100 million.
“It’s all in the hands of Mr. Cohen,” said one source.
Meanwhile, labor unrest has surfaced at Cohen’s Hudson News operation, which was the target of an unfair labor practices complaint by the International Brotherhood of Teamsters Local 707.
The teamsters in August ratified a contract that was seemingly company-friendly, including no pay hikes and a freezing of severance for downsized employees, according to sources. Then, bizarrely, the company refused to sign, fueling speculation that Cohen is trying to delay signing with the hope that a new owner, who would negotiate a new contract, materializes for Hudson News.
Cohen declined to comment on the labor dispute, and Teamsters lawyer Christopher Baluzy did not return a call.
“Deal still on,” Cohen told Media Ink via text message of American Media, which owns the National Enquirer. “Price still the same … still on track just taking longer than I expected to work out details.”
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