Tribune Media CEO Liguori To Step Down

Peter Liguori will step down as president and CEO of Tribune Media Co. following the release of the company’s fourth quarter earnings in March, the company announced this morning.

Liguori will also resign from the company’s board of directors at that time.

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.

“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,” said Liguori in a statement. “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.”

Bruce Karsh, chairman of Tribune Media’s board of directors, added: “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.”

During the last four years, Liguori led the restructuring and transformation of Tribune Media. In 2013, the company acquired Local TV for $2.7 billion, which added 19 television stations, bringing the total Tribune Media TV station portfolio to 42.

In 2014, the company spun off its newspaper publishing division to its shareholders. During this period, Liguori led the company’s strategic investments in WGN America and grew its brand and distribution to nearly 80 million households.

In February 2016, Tribune Media announced a process to review its strategic and financial alternatives, resulting in the sale of certain real estate assets for more than $500 million and the pending sale of the company’s Gracenote metadata business to Nielsen for approximately $560 million.