October 23, 2010 |
Randy Michaels has resigned as chief executive of Tribune Co. in the wake of complaints about behavior deemed improper by the board of directors. He will be replaced by a four-member executive council, which will be charged with stabilizing the company while it struggles to exit bankruptcy protection after almost two years of stop-and-start negotiations with creditors. The four members of the leadership team announced Friday are Eddy Hartenstein, CEO and publisher of Los Angeles Times Media Group; Tony Hunter, president, publisher and CEO of Chicago Tribune Co.; Nils Larsen, Tribune Co. chief investment officer; and Don Liebentritt, who is in charge of the company's Chapter 11 restructuring.
October 22, 2010 |
Tribune Co. late Friday filed a revised plan to emerge from Chapter 11 bankruptcy proceedings that would keep the firm intact and slash its debt. Under the proposal, Tribune's creditors would share ownership of the Chicago-based company, which owns the Los Angeles Times, the Chicago Tribune, KTLA-TV Channel 5 and other media properties, the company said in a news release. In the filing, the company said it expected its operating cash flow to rise this year to $617 million, up $123 million from 2009.
October 19, 2010 |
Tribune Co.'s board is preparing for the possible departure of embattled Chief Executive Randy Michaels, sources close to the situation said, and will explore his fate at a board meeting Tuesday. The sources said it was probable the board would conclude that Michaels had been too tarnished by the recent resignation of Lee Abrams, one of his top lieutenants, as well as a critical front-page New York Times story, to continue his tenure. A source said the board had discussed succession issues and a separation agreement for Michaels.
December 3, 2009 |
Randy Michaels was named chief executive of Tribune Co., succeeding Sam Zell, who remains chairman of the Chicago media concern that has been operating under Chapter 11 bankruptcy protection for nearly a year. Michaels, 57, joined Tribune's executive ranks when Zell took the company private in a debt-heavy December 2007 transaction, and became its chief operating officer half a year later. With his elevation to chief executive, Michaels also will join the Tribune board of directors.
March 12, 2008 |
Tribune Co., parent of the Los Angeles Times, Tuesday announced that it had hired radio veteran Lee Abrams as its first-ever chief innovation officer, "responsible for innovation across Tribune's publishing, broadcasting and interactive divisions." Abrams, 55, was senior vice president and chief creative officer at XM Satellite Radio Holdings Inc., where he developed shows featuring the likes of Bob Dylan, Snoop Dogg, Willie Nelson, Quincy Jones and Wynton Marsalis. In a long career, he helped pioneer FM radio's successful album-oriented rock format, in which stations would play a half-dozen or more songs from an album rather than just the one or two that had been released as singles.
December 20, 2007 |
Randy Michaels, a veteran broadcasting executive with long-term ties to Sam Zell, will play an important role at Tribune Co. after Zell, as expected, takes over as chairman this week, people close to the company said Wednesday. Michaels' is the first name to surface as Zell begins assembling his management team. A company source said Michaels would probably focus on Tribune's broadcast and interactive businesses.