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• • FCC
Denies Tribune Request To Buy TV Station
• • April
14, 2005 / Regulators said Wednesday that they had denied
Tribune Co.'s request for a permanent waiver of U.S.
media-ownership rules that would let the company hold a
newspaper and television station in the same area in
Connecticut. The Federal Communications Commission extended
Tribune's temporary waiver.
• • Tribune, based in Chicago, owns both
the Hartford Courant and the WTXX TV station in Waterbury,
Conn. The company has been trying unsuccessfully to sell the
TV station, the FCC order said.
• • There is a "significant possibility
that either the station might go dark or service to the
community would be reduced without additional time for
Tribune to divest," FCC Democratic members Michael Copps and
Jonathan Adelstein said in a joint
statement.
• • Tribune spokesman Gary Weitman declined
to comment.
• • The temporary waiver would extend until
the FCC completes its review of renewal applications by WTXX
and another Tribune-owned TV station, WTIC in Hartford, the
order said. This interval would give Tribune time to improve
the stations' performance and their chances for sale, it
said.
• • Tribune shares fell 10 cents to $39.25
on the New York Stock Exchange, before the
news.
• • FCC rules forbid a company from owning
a newspaper and TV station in the same
market.
• • Tribune also owns The Times and TV
station KTLA.
• •
///
• • 102 Googles Larry Page and Sergey Brin will be
paid $1 for the year
2005.
• • SAN
FRANCISCO -- Larry Page and Sergey Brin each asked for
annual salaries of $1. Saying "no, thanks" to a raise must
be easier when you're a
billionaire.
• • Google Inc.'s two founders turned down
a salary hike offered by the board of directors for a job
well done in 2004 -- a year in which they took the Internet
company public and watched the stock price soar as high as
$216.80 a share.
• • Even as other Google executives
received hefty bonuses, CEO Eric Schmidt and Presidents
Larry Page and Sergey Brin each asked for annual salaries of
$1. They also earned holiday bonuses of $1,556, according to
a proxy filed with the Securities and Exchange Commission on
Friday.
• • Even so, they're not hurting for money.
• • As of March 28, Schmidt owned 13.9
million shares, Page owned 36.5 million and Brin owned 36.4
million. On Friday, Google's stock fell $1.71 to $192.05 on
Nasdaq, leaving the CEO worth $2.7 billion and each founder
worth $7 billion.
• • Schmidt had been drawing an annual
salary of $250,000, and Page and Brin had each been earning
$150,000 a year. They stopped taking a salary in the second
quarter of last year.
• • Eschewing a regular paycheck isn't
unprecedented. Corporate chiefs who have taken $1 salaries
include Oracle Corp.'s Larry Ellison, PepsiCo Inc.'s Roger
Enrico and Apple Computer Inc.'s Steve
Jobs.
• • But it's mostly done as a symbolic
gesture at struggling companies to encourage investors that
the CEO believes better times are ahead.
• • And it's often accompanied by other
perks, such as the private jet Apple gave Jobs, the bonuses
and stock Pepsi gave Enrico and the 40 million stock options
Oracle awarded Ellison in 2000.
• • At Google, where revenue doubled to
$3.2 billion and profit soared to $399 million last year,
executives seemed to be sending a different message: Who
needs the money?
• • "These guys could command -- or demand
-- multimillion-dollar salaries and nobody would question
it," said Bill Coleman, senior vice president of
compensation for Salary.com Inc., a Needham, Mass.-based
consulting firm. "But in their subtle little Berkeley kind
of way, they're saying, 'Hey, corporate America, follow our
lead.' Good for them."
• • Avon Wins OK to Test Direct Selling in
3 Chinese Areas
• • Ding-dong! The Avon lady is coming back
to China.
• • Ding-dong! The Avon lady is coming back
to China.
• • Cosmetics giant Avon Products Inc. said
Friday that it had won Chinese government approval to test
direct selling in three regions beginning this month,
seeking a stronger presence in the world's seventh-largest
economy.
• • "The objective of the test is to help
the government find a suitable direct selling model that
would fit the needs of Chinese consumers, promote social
stability and help protect consumers against illegal
practices," Avon Chief Executive Andrea Jung said.
• • China closed the door on Avon's direct
selling in 1998, confining the company to selling through
retail outlets.
• • The ban, which was mainly aimed at
domestic pyramid schemes, sparked rioting and looting in
central China.
• • New York-based Avon said it would begin
testing direct selling in Beijing and Tianjin and the
southern province of Guangdong, but Jung declined to give
details of how many salespeople would be involved or the
expected effect on growth.
•///
• •
102Google Give The Founders Stock Awards
• • April
15, 2005
• • Google Inc., the most-used Internet
search engine, will give more stock to teams of employees to
reward performance and retain and motivate
workers.
• • Stock grants worth about $12 million
have already been given to two teams of employees, and
Google will make awards of a similar size to two or three
other groups, co-founders Larry Page and Sergey Brin wrote
Wednesday in their annual letter to shareholders that was
posted on the company's website.
• • Google, based in Mountain View, Calif.,
said Feb. 9 that it was having difficulty finding qualified
job candidates. By giving employees so-called Founders'
Awards of stock worth millions, Google intends to match the
income that workers could make by starting their own
companies.
• • "The Founders' Award is designed to
give extraordinary rewards for extraordinary team
accomplishments," Brin and Page said in their first letter
to shareholders. "A general rule of thumb is that the team
accomplished something that created enormous value for
Google."
• • The company's shares fell $1.48 to
$191.45 in Nasdaq trading. The stock has more than doubled
since Google's initial public offering in
August.
• • ///
ByLines:
Editors Note
More Articles
• Converging
News 162005 / TeleCom Buy Outs and Asset Seizure
Boom
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