Tribune Co. to Pay Ex-CEO Randy Michaels $675,000 in Settlement
NEW YORK - Media firm Tribune Co., which operates TV stations and the LA Times, among others, agreed to pay former CEO Randy Michaels $675,000 in a settlement tied to his departure from the company last fall, the Chicago Tribune reported.
Michaels left in October under controversial circumstances after charges that he created a "frat house" atmosphere at the company.
Tribune, the parent of the Chicago Tribune, will also cover $50,000 in Michaels' legal fees, the paper said, citing documents filed in U.S. Bankruptcy Court in Delaware.
It said that Michaels had demanded $900,000, the pro-rated potion of his planned 2010 bonus, arguing that he was effectively "terminated without cause."
Tribune disagreed, but settled to avoid extended litigation, the paper said citing court documents.
Tribune, which has been in Chapter 11 bankruptcy for three years, is looking to finally emerge from bankruptcy next year. http://www.hollywoodreporter.com/news/tribune-push-expedited-approval-new-264438
Meanwhile, Michaels this summer teamed with private equity firm GTCR to buy majority stakes in three radio stations in Chicago and New York. The new firm, called Merlin Media, focuses on all-news FM formats.