Tribune Emerges From BankruptcyLiguori expected to be named CEO 12/31/2012 12:24:51 PM Eastern
Media giant Tribune Co., parent to several major newspapers, television stations and the WGN America cable network, emerged from bankruptcy protection on Monday and is expected to name long-time cable executive Peter Liguori as its new CEO in the coming weeks.
Tribune is parent to eight daily newspapers across the country including the Los Angeles Times and Chicago Tribune, 23 television stations, the WGN America cable channel and has a one-third interest in The Food Network.
The company filed for Chapter 11 bankruptcy protection in 2008 after a buyout from real estate magnate Sam Zell burdened it with nearly $13 billion in debt just as the print advertising business fell into decline. Earlier this year a group of creditors headed by private equity fund Oaktree Capital Management gained control of the company in a deal which valued Tribune at about $4.5 billion.