Payday for Pruitt
McClatchy's chief dealmaker makes a tidy bonus
McClatchy Co. will pay Chief Executive Gary Pruitt a bonus of $950,000 for 2006, bringing his total compensation package to $2.5 million, the Associated Press reports. Local media watchers will recognize Pruitt as the architect of a series of deals that have turned the Twin Cities newspaper industry on its head in the last year: McClatchy's purchase of rival Knight-Ridder; the quick resale of Knight-Ridder's Pioneer Press to Hearst to be managed by Dean Singleton's Media News group; and finally last month's unexpected fire sale of the Star Tribune to a private equity firm.
In the wake of the first transactions, some 40 longtime PiPress newsroom staffers took buyouts; a number of employees in other departments were laid off--those who lacked union protection with precious little in the way of notice or cushion. Shoes have yet to drop at the Strib.





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