Most Freedom Communications employees probably have never heard of the company’s MBO bonus program, but the higher-ups know all about it. The program paid out more than $3.7 million to Freedom’s top executives during the past year, not to mention ...

It’s a familiar story these days: Top executives reaping disproportionately large salaries and mind-boggling bonuses while executing poor business strategies and laying off hordes of employees. It’s happened in the finance industry, construction, automobile manufacturing, computer software and beyond. But now, we can count the newspaper industry among them.