Tribune Names Bruce Karsh Chairman, Peter Liguori CEO

New Leaders

The TRIBUNE COMPANY's Board of Directors has elected OAKTREE CAPITAL MGMT. Co-Founder BRUCE KARSH as Chairman of the Board and DISCOVERY COMMUNICATIONS CEO PETER LIGUORI as CEO., effective immediately. Furthermore, former CEO EDDY HARTENSTEIN will continue to serve as Publisher of the LOS ANGELES TIMES and CEO of the LOS ANGELES TIMES MEDIA GROUP, and will act as special advisor to the Office of the CEO.

"The Board is very optimistic about TRIBUNE’s future," KARSH said. "The company is well-positioned across its markets and now has a strong balance sheet, significant liquidity and low debt, so there is a lot of opportunity ahead."

"PETER is the ideal choice to be TRIBUNE’s next CEO," he continued. "He has the talent and experience to lead the company forward, and has a track record of success. The Board has every confidence in him."

"TRIBUNE is a great company with an incredible collection of media assets, iconic brands in major markets across the country, tremendous journalism, and very talented people," LIGUORI said. "Collectively, the company’s digital operations, broadcast outlets and newspapers are some of the best in the country. In many ways, TRIBUNE is like a 165-year old start-up; there is a lot to build upon."

LIGUORI and the Board of Directors also thanked HARTENSTEIN for his leadership of the company during its recently completed Chapter 11 process. "TRIBUNE was fortunate to have EDDY guiding it through bankruptcy; his commitment to keeping operations on track, the businesses focused and employees energized, was exactly what the company needed," KARSH said. "I am very pleased that EDDY will be staying with TRIBUNE and THE TIMES."

"I’m pleased that the Chapter 11 process is complete and we can all turn our full attention to growing our business and making this company as successful as possible," HARTENSTEIN said.

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