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February 14, 2008
TV station owner awards bonuses
LIN TV paid four of its top employees a total of $1.9 million in salary and bonuses last year, the company said in a filing with the U.S. Securities and Exchange Commission.
The Providence-based television station owner said that the bonuses ranged from 33 percent to 52 percent of the four executives’ base salaries.
“The bonuses for 2007 were determined based upon the achievement of certain strategic objectives including performance targets, as well as other subjective factors,” LIN TV said in the filing.
Shares of LIN TV (TVL:NYSE) started 2007 at $10.14 a share, and ended the year at $12.17 a share, an increase of 20 percent. Shares rose as high $19.87 on June 15.
The top earner was Gregory M. Schmidt, executive vice president of digital media. His base salary was $400,000 and was awarded a bonus of $207,813, for total earnings of $697,813.
Scott M. Blumenthal, executive vice president of television, was paid $375,000 and given a bonus of $125,500 for a total of $500,500.
Denise M. Parent, vice president and general counsel, earned $275,000, plus a bonus of $137,625 for a total of $412,625.
Bart W. Catalane, senior vice president and chief financial officer was paid $250,000, plus a bonus of $112,875 for a total of $362,875.
Altogether, the executives’ salaries were $1.3 million, with bonuses of $583,813, for total compensation of $1.88 million.
The company also said that these executives base salary would rise by 3 percent for 2008.
LIN TV said that the salary and cash bonus paid to Vincent L. Sadusky, the company’s president and chief executive officer, will be calculated based on its annual audited financial results, which will be available later in the first quarter.
The company said it will report its fourth quarter and 2007 full year earnings results before the market opens on Feb. 27.
By Timothy C. Barmann
Posted by John Kostrzewa at 8:43 AM | Permalink
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