Bankruptcy Court Denies Granite Boss Bonus

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Granite Broadcasting CEO Don Cornwell won’t be getting a $460,000 bonus, ruled U.S. Bankruptcy Court in Manhattan. Granite filed for Chapter 11 protection in December, and emerged from it earlier this month with help from Silver Point Capital. The plan forgives a $3.3 million loan from Granite to Cornwell, according to the AP, along with a $2.5 million tax liability on that loan.

Cornwell, a former Goldman Sachs investment banker, earns $629,200 a year from Granite. Last summer, he pushed for investors led by Harbinger Capital Partners, not Silver Point, to buy out the struggling broadcaster. That plan included a $3.6 million severance payment for the CEO, as well as several other high-priced perks.

Michael Malone
Michael Malone

Michael Malone is content director at B+C and Multichannel News. He joined B+C in 2005 and has covered network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television, including writing the "Local News Close-Up" market profiles. He also hosted the podcasts "Busted Pilot" and "Series Business." His journalism has also appeared in The New York Times, The L.A. Times, The Boston Globe and New York magazine.