Leaders of The Times' parent firm will receive deferred compensation immediately should a new owner take control.
By Thomas S. Mulligan, Times Staff Writer
October 25, 2006
Tribune Co., preparing for a possible sale or major restructuring, has taken steps to make deferred pay and benefits for its top officers and other "highly compensated employees" payable immediately in case of a change of ownership, the company said in a filing Tuesday.
Tribune is the parent of the Los Angeles Times, the Chicago Tribune, the Chicago Cubs baseball team, KTLA-TV Channel 5 and other media properties.
On Oct. 18, according to the filing, Tribune's board approved amendments to supplemental retirement, supplemental defined contribution and bonus deferral plans to add language relating to a possible takeover of the company.
Complete story here (Registered users)
Wednesday, October 25, 2006
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2 comments:
Looks like the "Big Boys" are starting to cover their rear ends. If the Tribune or the Los Angeles Times gets sold,what's going to happen to our wages and benefits?Do you have families that depend on your income and benefits? How many years do you have invested at the Los Angeles Times? Maybe we should think about covering our asses! Do my fellow presspeople see what's going on here or are you so far up their " Comfort Zone " to see. Union anyone?
I agree anonyous 100 % some of us know that " they are gonna get theirs "
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