Reports: Michael Eisner Will Head Tribune After Labor Day
...As Tribune Board Forms Committee To Oversee Reorganization
August 31, 2010 at 4:03 PM (PT)
Two separate media sources report that former DISNEY CEO MICHAEL EISNER will soon be named Chairman of TRIBUNE CO. THE WRAP reports that a group of creditors is trying to take control of the company; one of teh creditors, JOHN ANGELO, is close friends with EISNER.
"EISNER is in the Old Media-to-New Media transformation business, that's why the creditors are talking to him," a source told THE WRAP. "They need a good old American guy, a face, a guy who can deal with bankers and convince them that he can get the company out of trouble. A lot of people involved think EISNER is that guy."
The announcement of the transition could come soon after the LABOR DAY.
Earlier in the day, a special committee of the TRIBUNE's Board of Directors has been formed to oversee the process and manage legal claims over the controversial 2007 buyout that led to SAM ZELL taking over the company, reports the LOS ANGELES TIMES.
The four-member committee includes former SIX FLAGS CEO and ESPN executive MARK SHAPIRO; FRONTIER COMMUNICATIONS CORP. CEO MAGGIE WILDEROTTER; ICM Chairman JEFFREY BERG; and longtime radio executive FRANK WOOD. The committee is an attempt to address conflicts of interest in case other board members and officers are targeted by lawsuits related to the buyout.