|Jody Lodovic and Dean Singleton|
Lodovic will receive:
- • a base salary of $1,006,000;
- • 3% of the new stock of MediaNews;
- • is eligible for a bonus of as much as $500,000;
- • has already been paid $250,000 this fiscal year for work related to The Denver Post;
- • and will get possibly $500,000 depending on how the bankruptcy goes.
- • LA Observed points out that Singleton's newspapers aren't printing his salaries.
- • The Seattle Times rails against the idea that banks will own 88% of MediaNews. The Seattle paper discusses Singleton's latest business model:
- If there ever was a way to kill the American people's appetite for newspapers, it is this. Make the paper non-local. Make it the same everywhere. Treat it as a "property," like a telephone-company bond or a share of stock.
- Don't sweat the long run because in the long run, as the economist said, we are all dead. That is not the way to save newspapers.
- Newspapers need to be in the hands of people who care about them. Those are almost always investors with a strong local connection. The San Jose Mercury News ought to be owned by people from San Jose — not by a company in Denver owned by another company in Denver owned by a bank in Charlotte, N.C. The banks taking over MediaNews should dismember the chain and sell the newspapers to local owners who will do right by them.