In its 8K filing 11/18, Clear Channel noted that on 11/16 Clear Channel Broadcasting (CCB), the subsidiary of CC Media Holdings, entered into an aircraft lease agreement with Yet Again Inc,. a Delaware corp. controlled by CC Media CEO Bob Pittman. CCB will lease on an exclusive basis a Dassault-Breguet Mystere Falcon 900 aircraft owned by Yet Again in exchange for a one-time upfront rental payment equal to $3,000,000 to Yet Again.
In addition to the Lease Payment, CCB will pay all taxes or fees which may be assessed or levied as a result of the leasing or operation of the Aircraft by CCB or the payment of the lease payment by CCB. CCB will be responsible for all costs of operating and maintaining the plane for six years, unless, of course, Pittman leaves the company.
Also, on 11/14, the Executive Performance Subcommittee of the Compensation Committee of the board approved an additional bonus opportunity for John Hogan, CC Media Holdings’ President and CEO of CC Radio, of between $0 and $1,000,000, based on criteria relating to operational performance during 2011 that will be established and approved by the subcommittee at a later date.
On 11/14, the Subcommittee also approved an increase in the base salary of Robert Walls, Jr., EVP/General Counsel and Secretary of CCMH and CCU, from $550,000 to $750,000, effective 10/1. Pursuant to the terms of his employment agreement, the increase in Walls’ base salary also results in a corresponding increase in Walls’ target bonus amount for 2011.
RBR-TVBR observation: What can we say, $3M jet leases, bonuses of up to $1M dollars—these are obviously typical corporate perks, but at the expense of how many Clear Channel jobs? Where’s the austerity here?–not in San Antonio.
Publisher note: Anyone reading this report we highly recommend you to view and post your comment on this report: If Steve Jobs ran your broadcast station-#1. Remove the bozos.