Plain English Breakdown
The official summary does not provide information about what happens if a notice is not given on time or any other potential consequences of non-compliance with this requirement.
Notice Requirements for Local News Organizations Selling
This law requires long-established local news organizations to notify their employees at least 120 days before selling their business, including details about the sale and who will buy it.
What This Bill Does
- Requires a legacy local news organization to provide notice of intent to sell at least 120 days before final execution of any transaction agreement.
- Specifies that the notice must include information such as the name of the proposed buyer.
- Does not apply if the news organization would still be independently owned after the sale.
Who It Names or Affects
- Legacy local news organizations
- Employees of legacy local news organizations
Terms To Know
- Legacy local news organization
- A long-established news company in a specific area that provides local news.
- Notice of intent to sell
- A message sent before selling a business, telling people about the planned sale and important details.
Limits and Unknowns
- Does not specify what happens if the notice is not given on time.