(Corrects fifth paragraph of story published yesterday to show 2006 stock grants.)
Tribune Co., the newspaper company considering a sale or breakup, granted top managers including Chief Executive Officer Dennis FitzSimons $12.4 million in restricted stock.
Fitzsimons received 135,000 shares worth $4.13 million, the most of any executive, according to regulatory filings today. The shares vest over three years starting Feb. 13, 2008.
The grants were made two days ago, when Tribune's board met to review strategic options. FitzSimons put the company up for sale in September under pressure from the largest shareholder, the Chandler family, after a decline in the stock price. The Chandlers are among those who have submitted a bid.
Shares of Chicago-based Tribune, the second-largest U.S. newspaper publisher after Gannett Co., fell 13 cents to $30.59 today in New York Stock Exchange composite trading. They have declined 4.6 percent since Sept. 21, when the company said it would seek buyers.
Tribune also gave top managers restricted stock in 2006 after not giving it in 2005 to executives whose pay is listed in the annual proxy statement, including FitzSimons, 56. The company said in its March 2006 proxy it may change the policy to reflect changing market practices or strategic priorities.
FitzSimons received pay of $3.46 million in 2005, including $1.2 million in salary and bonus as well as stock options valued at $2.1 million, according to the proxy.
Tribune spokesman Gary Weitman didn't return a phone message left after business hours.
Donald Grenesko, senior vice president of finance, received $1.6 million in grants this week. Timothy Landon, president of the company's interactive unit, also received shares, as did Chicago Tribune Publisher Scott C. Smith.
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