Respite for Tribune as it comes out of Chapter-11- DISCA & NWSA
Finally, the four-year old journey for Tribune Company comes to a stop. This span of time was through the process of Chapter 11. By naming the new board on Monday, the Company will come out of the bankruptcy officially through formal means. As has been discussed by many people who are closely associated with the company, the Tribune Company holds plans to accentuate the television part of the Company’s domain.
The formal announcement about the roles and responsibilities of all of the board members and the designations of the executive officers will be done in the foremost meeting that will take place for the new Company. Till that time, the current Company’s Chief Executive Officer, Eddy Hartenstein, will continue to perform in that role.
As per the general expectations, the Chief Executive of the new Company will be Peter Liguori, who is one amongst the members of the board. Before this, Liguori has worked as an executive in Discovery Communications (NASDAQ:DISCA) and News Corp. (NASDAQ:NWSA).
The members of the board comprises of the main creditors of the Company. Ken Liang and Bruce Karsh from Oaktree Capital Management are examples of such names. Oaktree Capital Management possesses a high share in the Company and is a higher-ranking creditor. The board also includes many of the senior executives with media, digital media and television background. Craig Jacobson who is an entertainment lawyer is one of these.
There are many other big names associated with the new Company like, Peter Murphy who has previously been associated as an experienced executive with Disney for a long time and the ex-interim Chief Executive Officer of Yahoo, Ross Levinsohn.
The broadcasting cluster of Tribune Company is the owner of 23 television stations. The publishing set contains newspapers such as Chicago Tribune and Los Angeles Times.
As an element in the process of rising from bankruptcy, the Company will seal on a new term loan of $1.1 billion and revolving credit facility of $300.
Shares of Discovery Communications (NASDAQ:DISCA) were up by 2.57% to close at $63.48 and News Corp. (NASDAQ:NWSA) were up by 3.66% to close at $25.51.