Thursday, April 23, 2009

Philly Newspapers chief Tierney made $1.175M in '08 before bankruptcy; $233K Rome trip noted

The company that owns The Philadelphia Inquirer and Philadelphia Daily News hosted a $233,000 trip to Rome for about 70 people a year before filing for bankruptcy protection.

The six-day Philadelphia Newspapers trip was an incentive for advertising managers and major advertisers, Executive Vice President Richard Thayer told a U.S. bankruptcy trustee Thursday. The three top executives — Chief Executive Brian Tierney, Thayer and Executive Vice President Mark Frisby — and their wives also attended, he said.

"It was at a time when the financial situation was very different, but I think this is a fairly typical and standard type of advertising sales program," newspaper spokesman Jay Devine said of the March 2008 trip.

Philadelphia Newspapers LLC filed for bankruptcy protection in February 2009, citing $395 million in debt.

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