Here goes: After many rumors, Tribune Company CEO Randy Michaels officially resigned last night, and he’s currently replaced by “an executive council.” Mere hours later, the media company, freed of Michaels’s financial disorganization and reported sexual harassment, filed a reorganization plan backed by its leading creditors, the first step toward heading out of bankruptcy. The Wall Street Journal explains: “Together, the moves signal the beginning of the end of perhaps the darkest chapter in the media company’s 163 years.”
On top of that news, the company’s creditors also won a judge’s approval to sue Tribune owner Sam Zell, leaping over a hurtle of red tape. Since Lee Abrams, Tribune’s former chief innovation officer, headed toward the emergency exits earlier this week, we’re now looking at a possible full-scale takeover. Nikki Finke even returned from vacation to deal with this headache, and she’s spinning the rumor mill already, claiming that Peter Chernin, film producer and former News Corp. COO, is eyeing Zell’s lofty position. Take it away, Nikki:
And that is the day in Tribune Company news, until this afternoon.
Tribune CEO Resigns, Creditors Win Permission to Sue Zell [Bloomberg Businessweek]
Tribune Takes Crucial Step to Bankruptcy Exit [WSJ]
Forget Eisner: Now It’s Chernin To Tribune? [Deadline]