Tribune Co., which recently emerged from bankruptcy, announces that its Board of Directors has elected Bruce Karsh as Chairman of the Board and veteran television executive Peter Liguori as CEO. Tribune says the appointments are effective immediately. Former interim CEO 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. Says Karsh, "The Board is very optimistic about Tribune's future. 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." Karsh is President of Los Angeles-based investment company Oaktree Capital Management, the largest shareholder of Tribune. Ligouri and the Board of Directors also thanked Hartenstein for his leadership of the company during the 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." Tribune, which emerged from bankruptcy on January 1, announced a seven-member board at that time and also said it would initiate distributions to creditors. In November, the FCC approved Tribune's requests for the transfer of broadcast licenses and cross-ownership waivers to the new owners of the company. The approval enabled the Chicago-based media company, which has a history of over 165 years, to clear the final hurdle for its long-awaited exit from bankruptcy. Tribune owns 10 newspapers, including the Chicago Tribune and Los Angeles Times, and 23 television stations, plus one radio station, WGN-AM, Chicago. The company had filed for Chapter 11 bankruptcy protection in December 2008.
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