1988 UPI Reorganization Plan Upcoming

Here's a March 21, 1988, UPI story on Paul Steinle's announcement that a reorganization plan was expected within two weeks:

134m r a bc-upi-steinle 3-21 UPI Reorganization Plan Upcoming By THOMAS M. BURNETT COLUMBUS, Ohio (UPI) -- Paul Steinle, United Press International's new president, said the new management group would announce a reorganization plan for UPI within the next two weeks. Speaking Saturday night at the annual convention of the Ohio UPI Broadcasters Association, Steinle also said the group that bought management control of UPI last month has more than $100 million in assets. The group, WNW, bought a 10-year management proxy from Marion Vasquez-Rana, who purchased UPI in 1985. Steinle at that time was president of Financial News Network, which also was bidding for UPI. "Four weeks ago today we started with UPI and we've been working ever since," Steinle said. "We're not just looking inside; we're not going to tell the world what UPI will be. We're looking outside also." He said a team of 30 experts in editorial, finance, marketing and business and other areas has been working on a business plan to turn the 81-year-old wire service around. "We're two-thirds done. We'll be done in the next couple of weeks." He said one thing the new management group found out almost immediately was "the employees of UPI have been incredibly dedicated." "I think it's time for management to tell them what it's going to do." He said the new group also found some serious problems, among which was that the company was "poorly organized ... and had no marketing plan." He said, however, those problems are solvable. The chief task will be to convince the industry that the company is stable. "(WNW) has assets of more than $100 million," Steinle said. "We've never walked away from anything like this." He said the new management was close to going to the financial community for investors and that they would not expect investors to put any money into the company unless it had long-term prospects for success. "If we do get financing, and I think we will, it's a sign of stability," Steinle said. "Once the new plan is announced, he said, it will remain a flexible plan. He said the company will be market-driven and will respond to suggestions and requests from its clients. One way of doing this, he said, is to bring in newspaper editors and broadcasters to observe UPI operations in Washington and Chicago. "UPI has a dedicated staff and is a generally responsive organization," he said. "Some of the editors left last November and made some statements (questioning the integrity of the report). That was an insult to the 850 people who work for UPI. Steinle, a native of Chillicothe, Ohio, attended Ohio State University and later earned a master's degree from the Harvard School of Business. He's had a wide range of experience in the broadcast industry, including winning three Emmys in 1980, 1981 and 1982 at KING-TV in Seattle. UPI 03-21-88 10:50 acs