Michaels Brings Tribune Together With Local TV
December 21, 2007 at 8:06 AM (PT)
It certainly didn't take long for RANDY MICHAELS to get busy as CEO of TRIBUNE COMPANY's Interactive and Broadcasting business unit. Just one day after assuming his new post, TRIBUNE has entered into an agreement with LOCAL TV, the company he previously headed, to create a third-party broadcast management company which will provide shared services to all of the stations LOCAL TV and TRIBUNE Company own respectively. The company will function as a wholly-owned subsidiary of TRIBUNE COMPANY, and will provide back-office services, administration, and a number of other functions to the stations with the goal of maximizing efficiencies, sharing best practices, and fostering innovation.
MICHAELS will head the new venture, and he will work closely to his successor at LOCAL TV, CEO BOBBY LAWRENCE. "TRIBUNE and LOCAL TV expect to realize significant savings in management, technology, and other overhead costs," said MICHAELS. "Things like research and development and automation technology are more efficient on a large platform. All of the stations get to share the benefits. We are going to find new ways to operate smarter, cheaper, and more efficiently."
"The company will immediately focus on back office and administrative functions," LAWRENCE added. "Then we will move to creating specialized knowledge teams for TV assets, addressing market-specific challenges and opportunities with special swat teams, developing vertical and homegrown content, and finding new ways to deploy capital. And that is just the beginning."
LAWRENCE, LOCAL TV's new CEO, is a 35-year broadcasting veteran who has worked with MICHAELS as far back as the '90s, when they were both at JACOR. "BOBBY is a tremendous broadcast executive and leader," said J. TAYLOR CRANDALL, Managing Partner of OAK HILL CAPITAL MANAGEMENT and a director of LOCAL TV. "We are highly confident that BOBBY and the rest of the LOCAL TV management team will continue delivering excellent results at our company."