LBI Media completed its reorganization under Chapter 11 and named former Granite Broadcasting executive Peter Markham as its new CEO.
Markham replaces founder Lenard Liberman. Liberman gave up his equity in the company as part of the bankruptcy reorganization plan that was approved in April and eliminated $350 million of debt.
Investment company HPS Investment Partners owns 100% of LBI Media.
LBI Media owns 10 TV stations, 17 radio stations and operates Estrella TV.
Markham will serve on the LBI Media board of directors.
LBI also announced that Brian Kei was named COO. He continues to serve as the company’s CFO.
“LBI Media is a strong and scaled media platform with a unique and well positioned set of assets,” said Markham. “The combination of leading production studios, national networks, owned and operated stations, and digital platforms provides a true differentiator in the rapidly growing Hispanic consumer marketplace. We will build on this leading position by deepening our engagement with consumers, enhancing the value we provide to our marketing partners and being even more of a resource for the communities we serve. I’m excited to take on this new role and to be part of the exceptional LBI Media team that is committed to the growth of the business.”
Markham has been in the media business for more than 20 years, serving as CEO and chairman of Granite Broadcasting and as chairman of Communications Corp. of America.
Kei has been with LBI since 2018 and was VP of finance and strategy at the ABC Television Group before that.