Tribune Media CEO To Step Down

By Tomi KilgoreMarketsMarketWatch Pulse

Tribune Media Co. said its chief executive, Peter Liguori, will step after fiscal fourth-quarter results are reported in early March. The broadcasting company, which networks include WGN America, said it will work with Korn Ferry to find a new CEO. In the meantime, the company named Peter Kern, who is on the board of directors, as interim CEO. "Following the successful completion of several financial, strategic and creative initiatives, culminating in the pending sale of Gracenote, Tribune Media is well advanced in its transformation to a more focused broadcast and cable networks company," Liguori said. "I believe that now is the ideal time for a new leader to steer today's Tribune." The stock, which was still inactive in premarket trade, has tumbled 13% over the past three months, while the S&P 500 has gained 6.4%.

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