Tribune Co taps Discovery COO as new chief
Michelle Clancy | 21-01-2013
Local TV station and media holder Tribune Company's board of directors has tapped long-time TV veteran Peter Liguori, COO Discovery Communications, as its new CEO.
It also elected Bruce Karsh as chairman of the board and announced that former CEO Eddy Hartenstein will continue to serve as publisher of the Los Angeles Times, 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 served as president and co-founder of Oaktree Capital Management, a Los Angeles-based investment management firm. Prior to this, 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."
Before joining Discovery in 2009, Liguori 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.
"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."