Nobody expected this, right? Executives never make obscene profits after a merger. Well, except for every time.
Payout a plus for CEO, top executives :
When Tribune Co. goes private at the end of the year, its five highest-ranking executives stand to reap more than $50 million from their equity holdings alone, filings show.Presuming the deal with billionaire investor Sam Zell concludes as scheduled, the biggest share of the payday would go to Dennis FitzSimons, Tribune's chairman, president and chief executive, according to Securities and Exchange Commission filings. FitzSimons, who has worked for Tribune since 1984, controls about 673,000 shares of common stock, which would be worth $22.9 million at the $34-per-share price offered by billionaire Sam Zell.
Like FitzSimons, many Tribune executives have significant stock holdings, the result of long stints at a media giant that granted large numbers of stock options to its top brass for much of the past decade. Scott Smith, president of Tribune Publishing Co., holds stock and options worth at least $10.2 million; Donald Grenesko, senior vice president for finance and administration, controls equity worth $10.8 million, filings show.
like Ted Rall says:
the rest of the group gets the golden showers.
