April 20, 2014
PHILADELPHIA (AP) - Bankruptcy lawyers say three Philadelphia newspaper executives will roll back their 2008 raises while the company tries to shed debt and stay afloat.
Chief Executive Brian Tierney's 38 percent pay hike in December has boosted his salary to $850,000.
It has raised eyebrows when it was disclosed in this week's filing by owners of The Philadelphia Inquirer and the Philadelphia Daily News to seek bankruptcy protection. The raises have come as two newspapers shed staff amid declining circulation and revenues.
Lawyers in court Tuesday say Tierney and two other executives will roll back their recent raises as the case proceeds in Philadelphia.
Another newspaper publisher, Journal Register Co., has its opening hearing later Tuesday in a bankruptcy court in New York.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.