Peter Liguori Likely to Become Tribune CEO

Former News Corp. executive Peter Liguori is expected to be named the new CEO of Tribune Co. after it emerges from bankruptcy, the Los Angeles Times reports. Ligouri is in advanced talks with the incoming owners and an official announcement is expected after the Chicago-based media company emerges from bankruptcy as early as next month, the report said.

A former top TV executive at Fox and Discovery, Liguori has been chosen to lead the media firm by a group of creditors led by Oaktree Capital Management LP, Angelo, Gordon & Co. and J.P. Morgan Chase & Co, revealed the report. As the Federal Communications Commission allowed waivers to Tribute to clear a financial regulatory hurdle, the transfer of Tribune broadcast licenses will land in the hands of the above-mentioned group of creditors soon. His appointment is expected to take place early next month. The FCC waiver includes Tribune newspaper and broadcasting units in Chicago, South Florida, New York, Los Angeles, and Hartford, Conn.

Liguori would replace Los Angeles Times Publisher Eddy Hartenstein as chief executive. Liguori joined the private equity firm Carlyle Group in late July this year. In the past, he was the chief operating officer at Discovery Communications and prior to that, he served as president of entertainment for Fox Broadcasting.

The media firm which has been in bankruptcy for nearly four years now owns 10 newspapers including Los Angeles Times and Chicago Tribune, and 23 television stations including KTLA-TV Channel 5 in Los Angeles.