Recent Blog Posts
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AOL, Period
Nov 23 200912:55 pm EDT -
If News Breaks and Google Can't See It, Did It Happen?
Nov 23 20097:49 am EDT -
Death by a Thousand Cuts
Nov 20 200912:35 pm EDT -
Oprah, Exit; Exit, Oprah
Nov 20 20097:20 am EDT -
Vivendi Could Complicate Comcast's NBC Universal Bid
Nov 19 20094:08 pm EDT -
Project Everest Brings Avalanche of Layoffs to AOL
Nov 19 200910:58 am EDT -
'Reader's Digest' May Be Moving to Manhattan
Nov 19 20098:03 am EDT -
100 Layoffs Coming to 'BusinessWeek'
Nov 18 20098:43 am EDT -
'BusinessWeek' Names Josh Tyrangiel Editor in Chief
Nov 17 200911:56 am EDT -
The End of the Affair
Nov 17 200911:23 am EDT
Links
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- Jim Romenesko, Poynter Institute
- Michael Calderone, Politico
- Jeff Bercovici, AOL Daily Finance
- The New York Observer Media Vertical
- Press Box, Slate's Jack Shafer
- Memo Pad, Women's Wear Daily
- Don't Quote Me, The Boston Phoenix's Adam Reilly
- Media Decoder, The New York Times
- Media Memo, All Things Digital's Peter Kafka
- The Media Guy, Ad Age's Simon Dumenco
- L.A. Observed
- Fine on Media, BusinessWeek
- Deadline Hollywood Daily
- Tuned In, Time Magazine
- TV Tattle
- TV by the Numbers
- Gawker
- The Huffington Post Media Vertical
- Editor and Publisher
- PaidContent
How Golden is Mary Berner's (Possible) Parachute?
Reader's Digest has moved one step closer to filing for Chapter 11 bankruptcy protection today. According to the Associated Press, 80 percent of the magazine company's senior lenders have agreed to let the filing go ahead. The filing would reduce the company's debt to $550 million down from $2.2 billion.
Those creditors include JPMorgan Chase, GE Capital, Merrill Lynch, and others. Folio sifted through the filing and finds that CEO Mary Berner will be taking a pay cut, bringing her salary to $1.5 million. Folio's Jason Fell also notes that if Berner should lose her gig in the course of he restructuring, she'll walk away with $2.2 million in severance and whatever unpaid salary, vacation days, and unpaid expenses she has.
Looks like someone will do just fine come what may.
Matt Haber is the media blogger for Portfolio.com.
