The president and CEO of Tribune Media Co. is stepping down and will resign from the Board of Directors. The company announced today that Peter Liguori, who has been president since 2013, will exit following the release of the fourth-quarter earnings report in March, TVNewsCheck reports.
In a statement, Bruce Karsh, chairman of the Tribune Media Board of Directors, said: “We greatly appreciate Peter’s leadership in the transformation of Tribune Media over the last four years, including the efforts to monetize non-core assets and simplify the company. It became clear to Peter and the board that in this last year of his contract it was time to find a new CEO to run the more broadcast-centric company.”
TVNewsCheck adds: “During the search for the next CEO, which will be led by Korn Ferry, board member Peter Kern will act as CEO, the company said. There is no immediate word on the fate of Larry Wert, president/broadcast media, who runs the station group, Tribune’s principal asset.”
The report notes that Tribune Media acquired Local TV for $2.7 billion in 2013, adding 19 television stations and bringing the company’s total number of stations to 42.
In the announcement, Liguori commented: “Following the successful completion of several financial, strategic and creative initiatives, culminating in the pending sale of Gracenote, Tribune Media is well advanced in its transformation to a more focused broadcast and cable networks company. I believe that now is the ideal time for a new leader to steer today’s Tribune. As curious and excited as I am about pursuing new opportunities, I am equally grateful for the achievements, commitment and integrity of this company’s management team and its dedicated employees.”