Make an offer

Talk about your golden parachutes! Footnoted,org reveals this little gem deep in the filings on the purchase of Knight-Ridder by McClatchy (a/k/a the Best LittleBig Media Company On Q Street):

Earlier today, McClatchy & Co. (MNI) filed this amended S-4, which substantially upped the severance payments that Knight-Ridder’s (KRI) top executives will receive once the merger is completed. CEO Tony Ridder, which earlier news accounts estimated would receive $7.28 million in severance, would actually get $9.36 million in severance according to today’s filing, or nearly 10 times his annual salary of $980K last year. Other top executives also will clean up: as a group, they’ll collect nearly $30 million, with each of Knight-Ridder’s four other top executives collecting over $4 million a piece.

Haven’t been around here long, but I bet McClatchy could get the Rag folks to sell out for a fraction of the price.

One thought on “Make an offer”

  1. Welcome to the world of contributors, FauxPaws, and thanks for picking up the slack for those of us who are too swamped to post this week!

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