Economy Briefs: Glenn Beck signs five-year radio deal

LOS ANGELES — Conservative talk show host Glenn Beck has signed a five-year, $100 million contract to continue his morning radio show with syndicator Premiere Networks Inc.

The details were confirmed Monday by a person with direct knowledge of the deal. The person was not authorized to speak publicly about the deal and requested anonymity.

The contract was earlier reported by the New York Times.

It marks a big pay bump for Mr. Beck. His last contract with the Clear Channel subsidiary was reportedly for $10 million a year in 2007.

The Glenn Beck Program is the nation’s third-highest rated radio show behind The Rush Limbaugh Show and The Sean Hannity Show. Those two shows are also syndicated by Premiere.

Over the past five years, Mr. Beck’s audience has grown nearly 50 percent and the number of stations carrying his show has doubled to more than 400.

Forbes magazine estimates that Mr. Beck, 48, makes $80 million a year. He parted ways with Fox News Channel last year after his TV show’s audience size shrank and advertisers staged a boycott following his comment that President Obama had “a deep-seated hatred for white people.

NEW YORK

City pension funds sue Wal-Mart execs

NEW YORK — A group of New York City pension funds is suing current and former Wal-Mart executives, saying they mishandled an alleged bribery scheme at the world’s largest retailer.

The group filed a lawsuit Monday on behalf of the company itself against the executives.

The goal in such cases, known as “derivative actions,” is not to reap big financial rewards but to change the way a company is run. The funds own 5.6 million shares of Wal-Mart Stores Inc.

This is the latest of at least a dozen such lawsuits filed against Wal-Mart since the New York Times reported in late April that Wal-Mart’s Mexican unit allegedly paid millions of dollars in bribes to win favors.

The Times said executives didn’t notify authorities even after Wal-Mart found evidence of the scheme.

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