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Pulitzer’s big payday

On top of the highly discounted stock options — around 264,000 shares at last count — and other goodies Pulitzer (PTZ) Chairman Michael E. Pulitzer will receive as part of Lee Enterprises’ (LEE) $1.46 billion deal to acquire the company, Pulitzer (the man) will also cash in on his hefty consulting contract. According to the merger agreement, Lee will be required to pay what’s left of Pulitzer’s $58,000 a month consulting contract in one lump sum. The consulting contract runs through May 2006, so depending on when the merger closes, this could turn out to a tidy little payday. Meanwhile, the AP is reporting that Pulitzer shareholders have filed a suit to stop the deal because they believe it is unfair to existing shareholders.