Despite a state of near perpetual uncertainty for Tronc, things are quite a bit rosier for executives at the media company, according to a new report for Harvard’s Nieman Lab by Ken Doctor.
Buried at the end of a lengthy analysis of the company’s woes, Doctor reported that a number of top executives secured cushy golden parachutes in the event the company sold itself. Among the biggest winners was former Los Angeles Times publisher Ross Levinsohn, who landed $10.4 million secured payment in the event of a “change of control” of company management.
Other executives, including Tronc CEO Justin Dearborn and CFO Terry Jimenez, would receive a $4.8 million and $2.8 million respectively under the same change of ownership circumstances.
Reps for Tronc did not immediately respond to request for comment from TheWrap.
Tronc execs would cash out big time were company to be sold or control otherwise change – Ross Levinsohn alone would get $10M+. From detail rich analysis by @kdoctor pic.twitter.com/9feF58RxzF
— David Folkenflik (@davidfolkenflik) June 1, 2018
After his brief and tumultuous tenure as publisher of the Los Angeles Times, Levinsohn returned to Tronc’s corporate offices as an anonymous executive. Levinsohn’s reign at the Times was marked by general staff uncertainty. He faced accusations of sexual harassment and was a named defendant in two lawsuits, though he was cleared in an internal investigation. The newsroom unionized in January, leaving things further unsettled.
The millions in job security suggests that Tronc honchos have considered the possibility of a sale themselves in addition to the sale of the company’s subsidiary Los Angeles Times to billionaire Patrick Soon-Shiong.
The deal, which also included the San Diego Union-Tribune, is expected to close for roughly $600 million. Tronc has faced questions (and its stock has tumbled) over concerns the deal may be in jeopardy. The company has steadfastly insisted that everything is on track.