Tribune Awards Execs With Restricted Stock
February 19, 2007 at 5:40 AM (PT)
TRIBUNE CO., still mulling the disposition of the company's assets, quietly awarded $12.4 million worth of its restricted stock to 10 of its executives, according to a late-FRIDAY filing at the SEC. Chairman/CEO DENNIS FITZSIMONS was given 135,000 shares worth $4.1 million, more than double the amount he was awarded last year.
The embattled company, which has been discussing the sale of all or part of the operation, is expected to continue to cut back other executive bonuses as it has in recent years; the increased restricted stock grants make up in part for the bonus cuts and the cessation of other stock grants.