CMP announces employee bonus plan

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Manhasset, N.Y. -- CMP Media announced Friday that the company will pay bonuses totaling $50 million to employees, sharing the proceeds of the company's sale for $920 million to United News & Media, the parent company of Miller Freeman, San Francisco. CMP employees will receive $4,000 for each full year of service plus 20% of their 1998 compensation. The average bonus will be more than $25,000 per person. "CMP's success has been built on the creativity, resourcefulness, hard work and loyalty of our people," said President-CEO Michael Leeds, whose family founded CMP more than 25 years ago. "My family wanted our people to share in that success in a very meaningful way, and we're delighted to be in a position to provide this bonus to what we believe is the finest work force anywhere." Miller Freeman is to officially take over CMP in early June.
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