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‘Junk Value’ NYT CEO Got A $5.8M Bonus

A detail that is buried in this misleading piece from an understanding Reuters:

New York Times salaries hold steady in downturn

Wed Mar 11, 2009

By Robert MacMillan

NEW YORK (Reuters) – New York Times Co executives will get the same salaries they have been paid since 2006, even as U.S. newspaper advertising revenue declines worsen and the publisher tries to pay off millions in debt.

Chairman Arthur Sulzberger Jr, whose family controls the Times through a special class of shares, will earn about $1.09 million this year, according to a filing with the U.S. Securities and Exchange Commission on Wednesday. Chief Executive Janet Robinson will earn $1 million.

Executives at the Times, which owns the namesake newspaper, as well as other U.S. papers including The Boston Globe, have been making the same base salary since 2006, while ad revenue has declined and the company comes under more pressure to find a way to reverse its flagging fortunes.

More companies this year are freezing or cutting executive pay because they consider it fiscally prudent. It also shows employees and investors that executives are suffering along with them. Some financial institutions such as Merrill Lynch — now part of Bank of America Corp — have been burned for awarding lavish compensation to executives, even as share values plunged and thousands of workers lost their jobs

Sulzberger’s total compensation, including stock and option awards, as well as deferred compensation, fell to $2.4 million in 2008 from $3.4 million in 2007. CEO Robinson’s total compensation rose to $5.8 million from $4.1 million.

Sulzberger also received a one-time discretionary bonus of $38,045, which the Times said recognized "the impact of a multi-year salary freeze." Robinson received $35,000, according to the filing. Other executives received smaller amounts…

The Times also said it plans to sell its company jet, a Falcon 50EX, which is made by Dassault Aviation SA. On Dassault’s website, the 50EX’s solicit best offers. One, built in 1998, carries an asking price of nearly $13 million…

Of course this is no surprise. The New York Times is famous for its hypocrisy.

By the way, notice how The Times couldn’t even bring itself to buy an American-made corporate jet. (Dassault is French.)

This article was posted by Steve on Thursday, March 12th, 2009. Comments are currently closed.

5 Responses to “‘Junk Value’ NYT CEO Got A $5.8M Bonus”

  1. proreason says:

    The Slimes is the single most dangerous institution in the world. And I’m including Al Queda, Iran, Syria, Pakistan and North Korea in that statement.

    • cjokry says:

      Sorry, Pro, but I have to disagree. Nobody even reads that pile of kitty-litter tray liner anymore. The article is basically describing how a few of the higher-ups in the company are raiding the coffers as it spirals ’round the toilet bowl.

    • TwilightZoned says:

      Sorry, it’s not even good enough for my kitties litter tray! Give it to the WH as toilet paper.

    • proreason says:

      My point is that the media controls the message. And the Slimes sets the agenda for the liberal press for the entire world.

      And they won’t go out of business either. The gazillionaires who handle The Moron won’t let it happen.

      The Slimes is the most important part of the commie/socialist/oligarchy machine. It also establishes the agenda for universities (although there is considerable two-way going on there).

      1. The media. 2. Education. 3. The Demagogue.
      That was and is the Plan.

      What we need is more Murdoch’s….thank god for him.

  2. TwilightZoned says:

    As usual, your insight is correct Pro. It’s truly amazing how much “pull” this rag has. Mr. Murdock is my hero in combating leftist yellow journalism.

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