Pssst! Want a cushy news corporation CEO job?

The Journal Register Co., a media corporation hitting the skids because of flagging ad revenues, just hired a new CEO. James W. Hall, 60, inked a one-year deal for a base pay of $650,000 (I know, mere peanuts) with a lovely set of perks.

He replaces Robert Jelenic, acting CEO since June, who is battling cancer.

Mr. Hall’s compensation agreement (oh my gawd, wait’ll you see it) leaves me speechless considering the company’s financial condition. But first, we must eat our spinach and look at the finances of Journal Register. Then you get dessert. (Teaser: He gets a company-owned 2007 Chevy Envoy, which the company will sell him for $1 in November 2010, and up to $5,500 for lodging near the company’s headquarters.)

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