UPDATED: Former Fox Broadcasting Co. and FX executive Matt Cherniss is returning to the TV business and reuniting with his former boss Peter Liguori. Cherniss is joining Tribune Co. as President/General Manager of WGN America and the newly formed Tribune Studios. At superstation WGN, Cherniss replaces Julio Marenghi, who has been named President of Broadcast Media Sales.
Tribune Studios marks Tribune’s official re-entry in the TV production business. The company was a leading producer and distributor of first-run syndication programming in the 1980s and ’90s through its division Tribune Entertainment until it was shut down in 2007. In the past couple of years, Tribune had signaled its interest in re-entering the space. It produces and distributes daytime syndicated program The Bill Cunningham Show and has interest in CBS’ Arsenio Hall late-night talk show and The Test, which will launch on Tribune’s 23 local TV stations in the fall. With Tribune Studios, the company plans to build on and expand what it is doing on Arsenio Hall and The Test by producing and co-producing programming that targets the needs of its stations and the superstation, Tribune CEO Liguori said, noting that “No longer can a media company look at their stations and network as a vehicle to deliver ratings and ad revenue, it’s a much bigger play.” READ MORE »
UPDATE, 2:30 PM: Tribune says that it has hired JP Morgan Chase and Evercore to investigate the market. “There is a lot of interest in our newspapers, which we haven’t solicited,” SVP Gary Weitman says. “Hiring outside financial advisers will … Read More »
Free Press CEO Craig Aaron is ringing alarm bells today after the broadcast and newspaper power — which just emerged from bankruptcy — hired a new general counsel: Edward Lazarus, who was FCC Chairman Julius … Read More »
“Appellant’s emergency motion for stay of the bond order is dismissed as moot,” the Third Circuit Court of Appeals today told Aurelius Capitol Management and other junior creditors in the Tribune Co. bankruptcy. The creditors were seeking to avoid having to put up a $1.5 billion bond in order to get a six-month stay of the media company’s restructuring and emergence from Chapter 11. Citing “lack of jurisdiction,” the three-judge panel said No in a two-page decision (read it here) to hearing an appeal on the August 27th denial of the creditors’ request to alter the bond order. Read More »
Tribune Co. creditor Aurelius Capital Management today lost its emergency bid to delay the media company’s plan to emerge from bankruptcy. Aurelius sought to delay Tribune’s plan for six months without putting up the $1.5 billion … Read More »
Tribune creditors opposed to the company’s plan to exit bankruptcy won a court stay of last month’s order confirming that plan — if they post a $1.5 bilion bond. Reuters reported Federal bankruptcy Judge Kevin Carey … Read More »