The Tribune Company has emerged from bankruptcy protection after four years, with a new board that includes former News Corp and Discovery executive Peter Liguori.
The US media firm, which owns 23 television stations, including Chicago’s WGN-AM, cablenet WGN America and Antenna TV, is now expected to focus on the TV side of its business – which also includes publishing and interactive assets.
Commentators are tipping the firm to eventually sell off its newspaper titles – which include the Los Angeles Times and Chicago Tribune – with Liguori expected to take the CEO title later this month.
“Tribune’s new board of directors will convene its first meeting in the next several weeks, at which time it will define the roles of its members, its committee structure and designate and ratify the company’s executive officers. Chief executive officer Eddy Hartenstein will remain in his current role until that time,” the company said.
Other board members announced at the restructured company include former News Corp exec Ross Levinsohn, who previously was president of Fox Interactive Media and recently worked as interim CEO at Yahoo! before the appointment last year of former Google exec Marissa Mayer.
Tribune sought bankruptcy protection in 2008 after a buy-out landed the firm with US$12.9bn in debt. With its emergence from its Chapter 11 restructuring process, Tribune has closed a US$1.1bn loan for its debts and secured a US$300m credit line for ongoing operations.