CHICAGO, Jan. 17, 2013—Tribune Company today announced that its Board of
Directors has elected Bruce Karsh as Chairman of the Board and Peter
Liguori as Chief Executive Officer. The appointments are effective
immediately. The company also announced that former Chief Executive
Officer Eddy Hartenstein will continue to serve as Publisher of the Los
Angeles Times and CEO of the Los Angeles Times Media Group, and will act
as special advisor to the Office of the CEO.
“The Board is very optimistic about Tribune’s future,” said Karsh. “The
company is well-positioned across its markets and now has a strong
balance sheet, significant liquidity and low debt, so there is a lot of
opportunity ahead.”
Since 1995, Karsh has served as President and co-founder of Oaktree
Capital Management, L.P., formerly Oaktree Capital Management, LLC, a
Los Angeles-based investment management firm. Prior to co-founding
Oaktree, Karsh was a Managing Director of the TCW Group and the
portfolio manager of its Special Credits Funds for seven years.
“Peter is the ideal choice to be Tribune’s next Chief Executive
Officer,” said Karsh. “He has the talent and experience to lead the
company forward, and has a track record of success. The Board has every
confidence in him.”
Liguori most recently served as Chief Operating Officer of Discovery
Communications. Before joining Discovery in 2009, he served as Chairman
of Entertainment for the Fox Broadcasting Company. Prior to assuming
that position in 2005, Liguori was president and CEO of News Corp.’s FX
Networks since 1998.
“Tribune is a great company with an incredible collection of media
assets, iconic brands in major markets across the country, tremendous
journalism, and very talented people,” said Liguori. “Collectively, the
company’s digital operations, broadcast outlets and newspapers are some
of the best in the country. In many ways, Tribune is like a 165-year old
start-up—there is a lot to build upon.”
Liguori and the Board of Directors also thanked Hartenstein for his
leadership of the company during its recently completed Chapter 11
process.
“Tribune was fortunate to have Eddy guiding it through bankruptcy—his
commitment to keeping operations on track, the businesses focused and
employees energized, was exactly what the company needed,” said Karsh.
“I am very pleased that Eddy will be staying with Tribune and The
Times.”
Hartenstein said, “I’m pleased that the Chapter 11 process is
complete and we can all turn our full attention to growing our business
and making this company as successful as possible.”
SOURCE: Kevin Roderick
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