As Sinclair Takeover Looms, Bruce Karsh Exits As Chairman Of Tribune Media Board

Karsh

BRUCE KARSH has stepped down as Chairman of the Board of Directors of TRIBUNE MEDIA.  Given the pending takeover of the company by SINCLAIR BROADCAST GROUP (subject to final FCC approval and closing), TRIBUNE will not name a replacement for KARSH as either Chairman or Board Member.  KARSH's resignation was effective THURSDAY (10/26).

“Given the overwhelmingly successful shareholder vote and the continued progress being made toward the company’s merger with SINCLAIR BROADCAST GROUP, now is the right time for me to step down from the Board,” said KARSH, Chairman of TRIBUNE since 2013 and a co-founder of OAKTREE CAPITAL MANAGEMENT.  “I’d like to thank TRIBUNE’s management team and employees, as well as my fellow Board members for all their work on the company’s behalf.”

“BRUCE has been a tremendous Chairman and champion of TRIBUNE since its emergence from bankruptcy,” said CEO PETER KERN. “His steady leadership and focus on shareholder returns has created value for all of our stakeholders and as we focus on the completion of our proposed merger with SINCLAIR, we thank BRUCE for all his efforts and hard work.  The company and its shareholders have benefited greatly from his guidance.”

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