RCN's McCourt gets $2M stock bonus

It's been a pretty tough year for overbuilder RCN Corp. and its
shareholders, but chairman David McCourt nevertheless received $2 million in
restricted stock.

The shares, which can be sold in three chunks over three years, were given in
lieu of the $2 million cash bonus McCourt received in 1999.

RCN shares have dropped about 90 percent in the past year, and the
company acknowledged that it was becoming overextended and is cutting back plans
to construct new cable/telephone networks.

McCourt got his shares Feb. 21, a day when they were valued at $8.37
each. RCN's stock closed at $6.06 Friday.

John Eggerton

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.