Former Fox and Discovery executive Peter Liguori will be named to lead Tribune Co. when it emerges from bankruptcy, reports the Chicago Tribune, which is owned by the Chicago-based media company.
On Friday, the Federal Communications Commission signed off on waivers needed to transfer Tribune’s broadcast holdings to the new ownership, marking the last big hurdle before it can emerge from Chapter 11, the story notes.
The new ownership group is controlled by creditors Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co., which will likely take over by year-end, the piece adds.
The new owners have final approval on Tribune’s new CEO, and they have picked Liguori, according to the report. Since May 2011, Los Angeles Times Publisher Eddy Hartenstein has been CEO of Tribune Co. A representative for Tribune declined to comment.
Liguori, 52, was entertainment chief at Fox Broadcasting and more recently served as chief operating officer at Discovery Communications.
"Liguori is considered by some observers to be a good fit for Tribune Co. and its new owners," the story notes. "While the company’s identity is closely connected to publishing, broadcasting is now the headline business and core profit center. One of Liguori’s main jobs will be to help maximize TV ratings, advertising dollars and increasingly important affiliate fees for WGN America and Tribune Co.’s 23 local stations, according to industry insiders."