Belo Paid Its Top Executive $2.4 Million
Monday, April 7th 2003, 12:00 am
By: News On 6
WASHINGTON (AP) _ Media giant Belo Corp. said Friday that compensation, excluding options, for its top executive rose to $2.4 million in 2002, from $1.1 million the year before.
Robert W. Decherd _ who holds the titles of chairman, president and chief executive officer _ received a $1.3 million bonus last year, compared to none in 2001, according to a filing with the Securities and Exchange Commission.
Decherd's 2002 base salary was $855,000, down slightly from $888,750 the previous year. His base salary remained frozen until January, as part of a cost-reduction effort, Belo said.
The company, which publishes The Dallas Morning News, one of the nation's largest newspapers, also paid Decherd $253,170 in other compensation in 2002.
Belo said it granted Decherd options on 200,000 shares for an estimated value of $1.2 million. The options expire Dec. 6, 2012, and are exercisable at $21.59.
Shares of the Dallas-based company were at $20.77 early Friday afternoon, down 8 cents, or less than 1 percent, on the New York Stock Exchange.
Belo also publishes The Providence Journal (Rhode Island) and The Press-Enterprise (Riverside, Calif.), as well as a handful of community papers serving the Dallas-Fort Worth area. The company also manages one and owns 19 television stations in 10 states, and runs six 24-hour cable news channels, including Texas Cable News and Northwest Cable News. Its burgeoning Internet division includes 34 Web sites.