Law Newz reports:
Conservative television and radio host Glenn Beck has filed a lawsuit in Texas against the man who used to run his entertainment and news network, TheBlaze, according to sources close to Mr. Beck. The petition, obtained by LawNewz.com, was filed on behalf of Mercury Radio Arts, which serves as Beck’s production and operating company over TheBlaze‘s outlets. The complaint accuses Christoper Balfe of breach of contract, general mismanagement, breach of fiduciary duty, and fraud.
Balfe served as the COO of Mercury Radio Arts and was CEO of TheBlaze until he left in December 2014 to start his own company, Red Seat Ventures. Balfe had worked for Beck for more than 10 years, and was credited with helping to grow Beck’s business. Beck’s lawsuit comes amid reports of internal financial turmoil at TheBlaze. The complaint alleges between 2009 and 2014, Balfe’s compensation totaled in excess of $13 million.
“This is a shockingly excessive amount that far exceeds appropriate compensation for companies of Mercury and TheBlaze’s size and financial performance,” Eliot Burriss, an attorney for Mr. Beck, wrote in the complaint, adding that Balfe never submitted his executive compensation to Mercury’s board of directors.
Beck posted a link to the above story on The Blaze this morning with this message:
You have all heard me over the last couple of years describing how hard a time it has been. Between being sick, turning over my company, etc… It culminates in a lawsuit that we filed Friday in Dallas between MRA and the former President. I am embarrassed and saddened it has come to this. It is an ongoing legal matter so you will not hear me speak of this often but as always, I want you to hear it from me.