September 21, 4:01 pm EST – PrivCo has confirmed that privately-held media giant Tribune Company's (PrivCo Private Company Ticker: TRIBP) interim Board Management Committee has just selected and will soon name long-time TV executive Peter Liguori as its new CEO upon its emergence from Ch. 11 Bankruptcy restructuring. (PrivCo has also learned that Tribune's exit from bankruptcy is now imminent.) Tribune has not publicly reported its selection of Liguori as the new CEO of post-bankruptcy Tribune, which PrivCo learned from sources close to the restructuring negotiations. (Formal hiring of Liguori must still ultimately be approved by the bankruptcy court judge overseeing Tribune's restructuring, but sources say key creditors have blessed Liguori's selection and that an announcement is expected the moment Tribune exits bankruptcy shortly.)
Tribune filed for bankruptcy in 2008, with Oaktree Capital, JP Morgan and Angelo, Gordon & Co taking control in July 2012, when the bankruptcy judge approved the reorganization plan. Peter Liguori is known for his leadership roles at Fox and Discovery Communications.
PrivCo CEO and Founder Sam Hamadeh said today in a statement, "TV veteran Peter Liguori is a strong pick to lead the uphill climb to turn around the restructured privately-held company post Chapter 11. With the continued erosion in the print newspaper business, Tribune needs to bet its future on broadcasting, as well as a clearer digital strategy. Tribune's selection of TV veteran Liguori as its new CEO clearly demonstrates that Tribune plans to shift focus toward its already substantial broadcasting assets (including stakes in Food Network, radio stations, and major TV local affiliate stations) and away from the eroding print businesses. This strong new CEO, its new focus on TV and radio instead of print, as well as Tribune's vastly reduced post-Ch. 11 debt load, will give Tribune their best shot for a turnaround."
Overview Financial Data on Tribune (source: PrivCo Private Company Financial Data Platform)
Tribune Company (PrivCo Private Company Ticker: TRIBP)
Revenue (2011): $3.0 Billion
1 Year Revenue Growth Rate: -6.2%
Tribune Key Brands:
- Orlando Sentinel
- The Onion
- WGN 9 TV (Tribune's Flagship TV Station)
- Career Builder
- Chicago Tribune
- Baltimore Sun
- Food Network (Co-Owned: 30% Tribune, 70% E.W. Scripps)