Fisher follies, KATU and McOmie

Submitted by Zamboni on Fri, 05/02/2008 - 2:56pm.

So, as KATU is blowing out Grant McOmie, the home office was trying to plunder - er, enhance compensation for executives - until major stockholders blew a gasket.

From Portland Business Journal:

Quote:

Fisher Communications Inc.'s shareholders Wednesday approved a scaled-back plan to issue new stock to reward executives after an original plan drew strong opposition from two of the Seattle-based media company's largest investors.

About 52 percent of about 7.9 million shareholder votes supported the plan, the company announced at its annual shareholders meeting in Seattle. Company executives say the incentive plan should last three years, based on current company practices.

Investors Daniel Tisch and Mario Gabelli blasted the plan to issue more than 1 million new shares of stock to create a 10-year stock incentive plan for executives. The plan replaces a similar stock-incentive plan that expired recently. Tisch and Gabelli, who together own about 30 percent of Fisher's common stock, said the plan would dilute the value of their shares.

In response to protests from Tisch and Gabelli, Fisher announced earlier this week that it was reducing the size of the stock incentive plan from 1,060,000 shares to 300,000 shares.

So Colleen Brown and the other Fisherites get spanked - but still make off with shares - while KATU drops McOmie after 20+ years with (allegedly) NO SEVERANCE.

I get that he was on contract. I get that there's a standard 30-day out. But just 'cuz you CAN do it doesn't make it right.

I don't even believe in karma - but I think I might change my mind after this.

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( topics: KATU-TV )

That's really too bad, as

Submitted by Jenni Simonis (not verified) on Fri, 05/02/2008 - 7:03pm.

That's really too bad, as McOmie was one of my favorite parts about KATU news. It was one of the things that really set them apart.

I have to say that lately ABC/KATU has been giving me more and more reasons NOT to watch them. And that's saying a lot, as I've been a committed ABC viewer since I was a kid. All we watched in our house was KTRK-Houston in our house. The shows we watched in primetime were all on Channel 13. Saturday morning cartoons? Channel 13.

After moving to Oregon, I switched right to KATU and am a very loyal viewer. Almost all my shows are on KATU, with the exception of the CSI shows (which I watch on On Demand), Battlestar Galactica, and Monk.

But stuff like this makes me want to watch another channel, even if some of my favorite shows are on their channel.

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And you still don't think

Submitted by Anonymous Source (not verified) on Fri, 05/02/2008 - 7:29pm.

And you still don't think the people at the top are crooks?

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Zamboni wrote:I don't even

Submitted by Anonymous Source (not verified) on Sat, 05/03/2008 - 8:24am.

Zamboni wrote:

I don't even believe in karma - but I think I might change my mind after this.

Don't worry. The Internet will act as cosmic justice bringer, eventually disrupting all of these old-school media companies.

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OK, but wouldn't it be great...

Submitted by Zamboni on Sun, 05/04/2008 - 7:50am.

... if the people responsible behaved responsibly and used the businesses they lead for the greater good and not just for personal gain?

(Eyes rolling)

O tempora! O mores!

(There now, a little Latin/Greek oughta class up da joint. Thanks, Cicero.)

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Out of touch executives.

Submitted by TALPDX on Sat, 05/03/2008 - 7:30pm.

This is just another example of executives with an inflated sense of self worth. Executives with firms of all stripes pack their compensation committees with friends and find ways to help one another reach obscene heights of compensation largesse. Just look at the sub-prime mess as an example. Firms which have lost billions continue to pay their executives outrageously high sums while losing money hand over fist. Another Seattle based firm, Washington Mutual, is a prime example. Even with huge losses, its executives seemed more interested in maintaining executive compensation rather than taking it in the chin. Speaks volumes about how greedy many in the executive class have become.

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Belo Honcho Prime Example of Overpay

Submitted by Anonymous Source (not verified) on Sun, 05/04/2008 - 8:48am.

Just before Belo split into two companies, print and broadcast, chairman Robert Decherd made sure he'd be able to take the money and run
Last year - one of the worst ever for the company and plummeting stock price, he took home a total of $10 million. (see page 36 of this year's Executive compensation report.)

A 100% raise from the year before!

Of course, now he's only head of the print company and it's in the toilet. It was his last chance at the fattest paycheck and he made sure he got it.

All the more reason KGWers are proud I'm sure, to work for Belo.

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Don't kid yourself

Submitted by shifty on Wed, 05/07/2008 - 8:13am.

You'd do the same thing, if you could.

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