{"id":14806,"date":"2017-07-07T10:00:05","date_gmt":"2017-07-07T15:00:05","guid":{"rendered":"http:\/\/www.robertfeder.com\/?p=14806"},"modified":"2017-07-13T22:12:58","modified_gmt":"2017-07-14T03:12:58","slug":"huge-payday-awaits-tribune-media-execs-sinclair-merger","status":"publish","type":"post","link":"https:\/\/robertfeder.dailyherald.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/","title":{"rendered":"Huge payday awaits Tribune Media execs after Sinclair merger"},"content":{"rendered":"<div id=\"attachment_14807\" style=\"width: 645px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/robertfeder.dailyherald.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/\"><img aria-describedby=\"caption-attachment-14807\" loading=\"lazy\" class=\"size-full wp-image-14807\" src=\"\/wp-content\/uploads\/2017\/07\/Tribune-Tower.jpg\" alt=\"\" width=\"635\" height=\"408\" srcset=\"\/wp-content\/uploads\/2017\/07\/Tribune-Tower.jpg 635w, \/wp-content\/uploads\/2017\/07\/Tribune-Tower-300x193.jpg 300w, \/wp-content\/uploads\/2017\/07\/Tribune-Tower-500x321.jpg 500w, \/wp-content\/uploads\/2017\/07\/Tribune-Tower-150x96.jpg 150w, \/wp-content\/uploads\/2017\/07\/Tribune-Tower-400x257.jpg 400w, \/wp-content\/uploads\/2017\/07\/Tribune-Tower-200x129.jpg 200w\" sizes=\"(max-width: 635px) 100vw, 635px\" \/><\/a><p id=\"caption-attachment-14807\" class=\"wp-caption-text\"><\/a> Tribune Tower<\/p><\/div>\n<p>The corporate bosses of <a href=\"http:\/\/sbgi.net\">Sinclair Broadcast Group<\/a> are claiming their acquisition of Chicago-based <a href=\"http:\/\/www.tribunemedia.com\">Tribune Media<\/a> \u2014 creating a television juggernaut with 233 stations in 108 markets \u2014 isn\u2019t just good for their company and their shareholders. They say it also will serve the public interest.<\/p>\n<p>But the people who\u2019ll benefit most from the deal may be executives of Tribune Media.<!--more--><\/p>\n<p>In a filing this week with the U.S. Securities and Exchange Commission, Sinclair disclosed plans for generous severance payments to top Tribune execs when they exit the company after the merger is completed. They include:<\/p>\n<ul>\n<li>Edward Lazarus, executive vice president and general counsel: <strong>$9,681,435<\/strong><\/li>\n<li>Chandler Bigelow, executive vice president and chief financial officer:<strong> $9,248,157<\/strong><\/li>\n<li>Larry Wert, president broadcast media: <strong>$7,760,566<\/strong><\/li>\n<\/ul>\n<div id=\"attachment_14808\" style=\"width: 160px\" class=\"wp-caption alignleft\"><a href=\"http:\/\/www.robertfeder.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/edward-lazarus\/\" rel=\"attachment wp-att-14808\"><img aria-describedby=\"caption-attachment-14808\" loading=\"lazy\" class=\"size-thumbnail wp-image-14808\" src=\"\/wp-content\/uploads\/2017\/07\/Edward-Lazarus-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"\/wp-content\/uploads\/2017\/07\/Edward-Lazarus-150x150.jpg 150w, \/wp-content\/uploads\/2017\/07\/Edward-Lazarus-57x57.jpg 57w, \/wp-content\/uploads\/2017\/07\/Edward-Lazarus-72x72.jpg 72w, \/wp-content\/uploads\/2017\/07\/Edward-Lazarus-114x114.jpg 114w, \/wp-content\/uploads\/2017\/07\/Edward-Lazarus-144x144.jpg 144w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a><p id=\"caption-attachment-14808\" class=\"wp-caption-text\">Edward Lazarus<\/p><\/div>\n<p>Gary Weitman, senior vice president of corporate relations at Tribune Media, declined to comment on the disclosure.<\/p>\n<p>Now that an FCC friendly to the politically connected Sinclair has <a href=\"https:\/\/www.recode.net\/2017\/5\/8\/15579014\/sinclair-acquire-tribune-media-company-fcc-merger-regulation\">relaxed its ownership rules<\/a> and a federal appeals court has <a href=\"http:\/\/variety.com\/2017\/tv\/news\/fcc-sinclair-tribune-uhf-discount-appeals-court-1202467351\/\">cleared the way, <\/a>the $6.6 billion deal for Tribune (including $3.9 billion in cash and the assumption of $2.7 billion in debt) appears to be going full speed ahead.<\/p>\n<div id=\"attachment_14811\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"http:\/\/www.robertfeder.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/chandler-bigelow\/\" rel=\"attachment wp-att-14811\"><img aria-describedby=\"caption-attachment-14811\" loading=\"lazy\" class=\"size-thumbnail wp-image-14811\" src=\"\/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"\/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-150x150.jpg 150w, \/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-57x57.jpg 57w, \/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-72x72.jpg 72w, \/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-114x114.jpg 114w, \/wp-content\/uploads\/2017\/07\/Chandler-Bigelow-144x144.jpg 144w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a><p id=\"caption-attachment-14811\" class=\"wp-caption-text\">Chandler Bigelow<\/p><\/div>\n<p>Despite objections raised by citizens groups that consolidation on such a vast scale would harm local broadcasting and journalism, Sinclair has argued that the acquisition \u201cwill increase the merged company\u2019s capability to serve the public by <a href=\"http:\/\/www.tvnewscheck.com\/article\/105285\/spin-offs-likely-in-sinclairtribune-deal\">increasing its operational efficiencies.\u201d<\/a><\/p>\n<p>For a company as notoriously cheap as Sinclair, \u201cincreasing its operational efficiencies\u201d is simply another way of saying mass firings. According to the SEC filing this week, Sinclair expects to realize \u201c$266\u00a0million of synergies\u201d \u2014 presumably through layoffs and other cutbacks.<\/p>\n<div id=\"attachment_14920\" style=\"width: 160px\" class=\"wp-caption alignleft\"><a href=\"http:\/\/www.robertfeder.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/larry-wert-6\/\" rel=\"attachment wp-att-14920\"><img aria-describedby=\"caption-attachment-14920\" loading=\"lazy\" class=\"size-thumbnail wp-image-14920\" src=\"\/wp-content\/uploads\/2017\/07\/Larry-Wert-1-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" srcset=\"\/wp-content\/uploads\/2017\/07\/Larry-Wert-1-150x150.jpg 150w, \/wp-content\/uploads\/2017\/07\/Larry-Wert-1-57x57.jpg 57w, \/wp-content\/uploads\/2017\/07\/Larry-Wert-1-72x72.jpg 72w, \/wp-content\/uploads\/2017\/07\/Larry-Wert-1-114x114.jpg 114w, \/wp-content\/uploads\/2017\/07\/Larry-Wert-1-144x144.jpg 144w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a><p id=\"caption-attachment-14920\" class=\"wp-caption-text\">Larry Wert<\/p><\/div>\n<p>\u201cSinclair\u2019s business model is going into a market, buying multiple stations, moving them all to one facility, and firing three quarters of the staff to get as much work with the fewest employees,\u201d one union official told <a href=\"https:\/\/www.mediamatters.org\/blog\/2017\/05\/22\/experts-and-tribune-media-unions-raise-concerns-about-sinclair-s-history-pushing-conservative\/216452\">Media Matters.<\/a><\/p>\n<p>\u201cOur employees are very nervous about the situation,\u201d said another. \u201cIt is a combination of political influence and that Sinclair is extremely anti-union in dealing with its employees. What is it going to mean?\u201d<\/p>\n<p>For the parent company of \u201cChicago\u2019s Very Own\u201d WGN-Channel 9 and WGN AM 720, the dismantling of Tribune Media will mark the final chapter in the destruction of what was the city\u2019s most <a href=\"http:\/\/www.adweek.com\/creativity\/why-the-disintegration-of-chicagos-most-iconic-media-brand-is-such-a-big-blow-to-the-windy-city\/\">iconic and powerful media brand<\/a> for nearly a century.<\/p>\n<p>Some trace the beginning of the end to the merger of Tribune Co. with Times Mirror Co., publisher of the Los Angeles Times, in 2000. Others point to the disastrous ownership of the company under Sam Zell in 2007, leading to four years of bankruptcy and the split of Tribune Media and Tribune Publishing (now tronc).<\/p>\n<p>Regardless of when it began, there\u2019s no doubt the wreckage culminated with the company\u2019s current board and leadership. With singleminded determination they cashed out everything they could \u2014 from the company\u2019s Gothic masterpiece <a href=\"http:\/\/www.tribunemedia.com\/tribune-media-agrees-to-sell-tribune-tower-to-cim-group\/\">Tribune Tower <\/a>headquarters, to its forward-looking digital and data business <a href=\"http:\/\/investors.tribunemedia.com\/2017-02-01-Tribune-Media-Completes-Sale-of-Gracenote-for-560-Million\">Gracenote,<\/a> to the <a href=\"http:\/\/www.robertfeder.com\/2017\/01\/31\/wgn-studios-sold-22-million\/\">very land<\/a> under its television stations. The biggest shareholders on the board reaped millions in short-term profits while company execs enriched themselves with extravagant payouts.<\/p>\n<p>All of which led up to the ultimate sell-out to some outfit from Baltimore <a href=\"https:\/\/www.youtube.com\/watch?v=GvtNyOzGogc\">you never heard of.<\/a>\u00a0Keep that in mind when Sinclair starts handing out pink slips to the working men and women who made WGN and Tribune Media the company it was.<\/p>\n<p>(<strong>Update:<\/strong> <em>Payment figures for Tribune Media executives have been corrected from the original post.<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The corporate bosses of Sinclair Broadcast Group are claiming their acquisition of Chicago-based Tribune Media \u2014 creating a television juggernaut with 233 stations in 108 markets \u2014 isn\u2019t just good for their company and their shareholders. They say it also will serve the public interest. But the people who\u2019ll benefit most from the deal may... <a class=\"more-link\" href=\"https:\/\/robertfeder.dailyherald.com\/2017\/07\/07\/huge-payday-awaits-tribune-media-execs-sinclair-merger\/\">Continue reading <span class=\"meta-nav\">&#8594;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/14806"}],"collection":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/comments?post=14806"}],"version-history":[{"count":9,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/14806\/revisions"}],"predecessor-version":[{"id":14921,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/14806\/revisions\/14921"}],"wp:attachment":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/media?parent=14806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/categories?post=14806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/tags?post=14806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}