Tribune Co. agrees to pay former CEO up to $725K

Tribune Co., which is working to emerge from bankruptcy protection, has agreed to pay former CEO Randy Michaels up to $725,000 to settle a dispute over a bonus.

Michaels had demanded to be paid a $900,000 bonus when he resigned 13 months ago. His resignation was triggered by reports airing Tribune Co. employees' complaints about allegedly raunchy behavior by Michaels and his inner circle.

Tribune Co. disclosed the settlement agreement in documents filed Tuesday in Delaware bankruptcy court, where it has been trying to reorganize its finances for nearly three years.

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