Tribune CEOs seek $70 Million in Bonuses as Company Sinks
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It’s not like we needed one more example of greedy corporate executives at a bankrupt company making a grab for big bonuses while axing hundreds of employees and freezing wages for many others.
But that’s what Tribune Co. executives are doing as the multimedia conglomerate sinks under the weight of $13 billion in debt incurred by its corporate leaders in 2007. And they want to keep the bonuses a big secret.
The company filed for Chapter 11 protection last December and, in its most recent action, is seeking court permission to dole out nearly $70 million in executive bonuses. The company also requested the court seal much of the request. The request was denied.
The Newspaper Guild-CWA and the Teamsters, which represent employees at the Tribune-owned Baltimore Sun and WPIX-TV in New York, has asked the U.S. Bankruptcy Court in Delaware to block the company’s plan to pay up to $69.9 million in executive bonus this year, including $20.6 million to the 10 top managers (about $2 million each). Some 700 other managers would share in the bonus booty.
Boston Globe Workers Reach Tentative Pact; Unions Offer Options for Media Jobs Crisis
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After weeks of intense negotiations, including a 10-hour session last night, The Newspaper Guild-Communications Workers of America (TNG-CWA) and the Boston Globe reached a tentative agreement early this morning that, if approved, would prevent the closure of one of the nation’s oldest newspapers. Meanwhile, in testimony today in the Senate, media unions highlighted strategies for addressing the industry’s finanical crisis.
The New York Times Co., which owns the Globe, had demanded a 23 percent pay cut and changes in job-guarantee language. Details of the tentative deal were not released, pending a meeting with Guild members scheduled for tomorrow.
The Globe deal comes as newspapers across the country are struggling through the recession, which has caused sharp declines in circulation and advertising revenue. Newspapers have laid off staff, eliminated sections, entered into bankruptcy or shut down.
