The Tribune Co. continues to prepare for a possible sale.
In filings with the Securities & Exchange Commission, the beleaguered media company amended its bonus deferral plan, defined contribution plan and supplemental retirement plans to factor in a possible sale of the company. “In the event of a change in control of the company as defined in Section 3.1 (of the plan), all account balances, whether or not currently in pay status, shall become immediately due and payable and distribution shall be made in a lump sum as soon as practicable thereafter,” the company said in its filing referring to the defined contribution plan.
Tribune senior vice president for corporate relations Ruthellyn Musil told the Los Angeles Times that these changes were “normal business practices for companies in our situatin,” adding that no new benefits were added. Private equity firms and wealthy individuals have expressed interest in Tribune’s assets, media reports say.
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