Los Angeles Times Parent Company Proposes Golden Parachutes To Top Executives
Chicago-based Tribune Co., which owns the Los Angeles Times and KTLA News, is trying to hand out hefty severance packages to its top executives. While more and more reporters are being cut from its payroll, Tribune Co. filed a new plan Thursday that would give its top 43 executives hefty severance packages if they are asked to leave following the resolution of its bankruptcy and the possible installment of a new board.
According to Chicago Breaking Business, the company said that the package amounts to 2.5 times salary and bonus for Chief Executive Randy Michaels and Chief Operation Officer Gerry Spector. Nine other executives, including the publisher of the Los Angeles Times, would be entitled to 1.75 times salary and bonus.
The executives would also be entitled to 18-24 months of benefits if the deal goes through.
This all comes on top of a proposal filed in May that suggested paying top executives more than $15 million in bonuses.
The Chicago-based media company filed for bankrupty in December 2008 after real estate mogul Sam Zell led a buyout that dragged the company to debt.