We have to thank Advertising Age for making us aware of this.
Back in 2007, when digital agency New Media Strategies was acquired by Meredith Corp., Pete Snyder, CEO, and the other founders set aside a stock pool to reward employees who stuck around for the inevitable changes
Three years later, that stock pool has appreciated to $2.5 million, meaning the 30 employees out of 50 that remained got cheques of between $80,000 and $105,000 last week. As AdAge put it, “Not a bad reward for helping Mr. Snyder and other shareholders make their earn-outs.”
Snyder told AdAge, “This is how it usually goes: A company gets sold, the owners do well, and all the employees get screwed. I wanted to do something really different.”
Snyder plans to stay on as CEO of New Media Strategies, even though he’s now fully paid for the deal. He’s adding the new title of president of emerging media for Meredith Integrated Marketing, reporting to unit Martin Reidy, president. Since 2006, Meredith has been building its agency unit through acquisition. It recently acquired mobile hot shop The Hyperfactory. (See DailyDOOH’s July 19. 2010, article.)