The purpose of this article is to qualitatively describe and critically explain the discursive construction of employee co-operation negotiations in Finland as an arena for management-by-fear. The article consists of a theoretical review, covering the legislative basis of co-operation negotiations and recent research on management-by-fear. The empirical study consists of media texts and company media releases in Finland in 2012–2013. The main conclusions are that there are distinctive features in the co-operation negotiations that enable and enforce the possibility of management-by-fear, (...) and thus destructive leadership. The process, supported by law and very much against the original aim, enhances authoritative leadership, objectification of employees, distortion of information and misleading, and the negative consequences thereof. The process is an employer-invited discursive dance where the employee has to follow through the set steps and in the set rhythm, with the media orchestrating the tune and managing the fear. The study adds a valuable element to the research areas of downsizing, bad management, and the discursive construction of these phenomena. (shrink)