LAT

Here's what Beutner will be paid as LA Times publisher

Thumbnail image for latimes-mirror-bldg.jpg
LAO file photo of Times building

The website Footnoted noticed a late-Friday SEC filing by the newly formed company Tribune Publishing that details the compensation package for new Los Angeles Times publisher Austin Beutner. While being paid $675,000 a year base salary plus an annual bonus with the target of the same amount, Beutner will also start to build up a little ownership stake — a head start in case he ever wants to buy the Times. The employment agreement is for three years and provides that Beutner gets a year's base salary (and more) as severance if he is terminated or leaves for good case — "which may include a change in control."

Beutner can participate in the employee benefit plans of the Times, but he also gets an annual $40,000 personal allowance "intended to cover certain other benefit costs."

Plus this from the Form 8-K:

Mr. Beutner’s employment agreement also contains certain restrictive covenants for the Company’s benefit, including his agreement not to solicit or hire Tribune Publishing or LA Times employees during his employment and during the 12-month period following termination of his employment. He is also required to maintain the confidentiality of Tribune Publishing and LA Times confidential information.

Beutner, the philanthropist and former deputy mayor under Villaraigosa, was named publisher last week. He previously had led an effort to look into acquiring the Times.


More by Kevin Roderick:
Standing up to Harvey Weinstein
The Media
LA Times gets a top editor with nothing but questions
LA Observed Notes: Harvey Weinstein stripped bare
LA Observed Notes: Photos of the homeless, photos that found homes
Recent LAT stories on LA Observed:
LA Times gets a top editor with nothing but questions
LA Observed Notes: Harvey Weinstein stripped bare
Why the LA Times' new theater column needs a new name
Helping in Houston, new lion cubs, Garcetti's back
Memo: New LA Times publisher drops web widget
Warren Olney leaving KCRW's radio lineup
LA Times purge 'capped a month of newsroom turmoil'
As the L.A. Times turns ...


 

LA Observed on Twitter