Saturday, September 26, 2009

Tribune exec defends bonus plan in Ch. 11 hearing

Still mired in Chapter 11 protection, the Tribune Co. said Friday it needs authority to dole out up to $70 million in bonuses as motivation for top managers working in a difficult environment for the media industry.

Testifying before a federal bankruptcy judge, Chief Financial Officer Chandler Bigelow III said the bonuses would help "incentivize our key managers to battle all of the intense challenges that unfortunately our local media businesses are facing."

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