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July 30, 2010 at 11:47 a.m.
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Filed under: Bankruptcy, Chicago executives, Media, Updated

Tribune Co. asks for golden parachutes for top execs

By Michael Oneal

Tribune Co. proposed paying its top 43 executives a severance package of cash and benefits if they are asked by a new board to leave the company after the Chicago-based media conglomerate emerges from bankruptcy.

The company didn’t put a price tag on the package, but said it amounts to 2.5 times salary and bonus for Chief Executive Randy Michaels, and 2.25 times salary and bonus for Chief Operating Officer Gerry Spector. Both would be entitled to 24 months of the company’s group health benefits.

Nine other top executives, including Tony Hunter, the publisher of the Chicago Tribune, and Eddy Hartenstein, publisher of the Los Angeles Times, would get 1.75 times salary and bonus plus 24 months of benefits. A list of 32 others would get 1.5 times salary and 18 months of benefits.

Tribune Co. filed the plan late Thursday as part of a supplement to its plan of reorganization.
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June 23, 2010 at 11:58 a.m.
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Filed under: Chicago executives, Media

Chicago Tribune Media Group promotes two execs

By Tribune staff report

The Chicago Tribune Media Group, the Tribune Co. division that includes the Chicago Tribune, on Wednesday announced the promotion of newsroom executives Joycelyn Winnecke and Jane Hirt.

Chicago Tribune Editor Gerould Kern, a senior vice president, said in a memo to staff that Associate Editor Winnecke and Managing Editor Hirt each are adding the title of vice president after 22 months in their current posts in recognition of “their exceptional accomplishments and growing responsibility for the company.” Get the full story »

June 7, 2010 at 11:13 a.m.
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Filed under: Bankruptcy, Media

Tribune expected to begin polling creditors

Reuters | Tribune Co modified the description of its reorganization plan on Friday
to add language requested by a bankruptcy judge, likely clearing the
way for the media company to put the proposal to a vote by creditors.

The owner of the Los Angeles Times, Chicago Tribune and New York
television station WPIX was directed by Delaware Bankruptcy Judge Kevin
Carey on Friday to change the description of how it treats holders of
bridge loans.

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