1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

The Scum That Wrecked The Business - Part XVIII

Discussion in 'Journalism topics only' started by Fenian_Bastard, Mar 29, 2009.

  1. Tierney sounds like a real prize.

  2. budcrew08

    budcrew08 Active Member

    Every fucking one of them is a fucking crook. period.
  3. DanOregon

    DanOregon Well-Known Member

  4. "The bonuses ... were awarded just two months after the company’s unions voted to postpone $25-a-week raises for each of its members at the request of PMH."
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    I can't speak with full knowledge, but I do know that Tierney wasn't just a hired-hand CEO -- he was the one who put together PMH to buy the Inquirer, Daily News and Philly.com when McClatchy was selling. They paid more than $500 million for the papers, and I do know the group has taken a beating on their investment. The question for me is how much money has Tierney personally lost on the investment (assuming millions of dollars of his own money has been at stake, but I don't know that for sure. Someone please fill me in with specifics, if you know), because that gives some context for a bonus he might take as the CEO. It changes everything in my mind. If he has lost $100 million as an owner of the papers, but he took a $350K bonus as the CEO, it's a bit more understandable why he is trying to take some money out of a company he lost his shirt on. But we'd really need to know how much money he has personally lost in PMH to evaluate that. The reason these guys are sitting on the board of directors (which would oversee bonuses to employees) as employees, is probably that they are part owners of the papers. And if they are, they there is a very good chance they have lost way more money than they just took in bonuses.
  6. Notepad

    Notepad Member

    It should read:

    The Scum That Who Wrecked The Business - Part XVIII
  7. Double J

    Double J Active Member

    There. NOW it's fixed.
  8. JayFarrar

    JayFarrar Well-Known Member

    As to Ragu's point, and after a little interweb digging, it appears that Tierney put up about $30 million of his own money to the purchase of the two papers.

    In one article, from Philadelphia Magazine, he said this...
Draft saved Draft deleted

Share This Page