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Tribune Media CEO to resign

The chairman of the Chicago Tribune's parent company is retiring from the board.| File photo

Peter Liguori, president and CEO of Tribune Media, has decided to leave the company.

The decision will take effect after the release of Tribune Media’s earnings statements for the fourth quarter of 2016 as well as for the entire year; that is expected to come in the first week of March. Liguori will leave the board at the same time, and the board will begin a search to find a replacement.

Peter Liguori has been president and chief executive officer of Tribune Media since January 2013. | Getty Images. for WGN

Peter Liguori has been president and chief executive officer of Tribune Media since January 2013. | Getty Images. for WGN

“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 was quoted as saying in a company news release. “I believe that now is the ideal time for a new leader to steer today’s Tribune. As curious and excited as I am about pursuing new opportunities, I am equally grateful for the achievements, commitment and integrity of this company’s management team and its dedicated employees.”

Bruce Karsh, chairman of Tribune Media’s board of directors, also was quoted in the news release: “We greatly appreciate Peter’s leadership in the transformation of Tribune Media over the last four years, including the efforts to monetize non-core assets and simplify the company,” Karsh’s statement read. “It became clear to Peter and the board that in this last year of his contract it was time to find a new CEO to run the more broadcast-centric company.”

Liguori held the posts for four years. In that time, the company acquired Local TV for $2.7 billion, bringing the total number of Tribune Media local television stations to 42. In 2014, the company spun off its newspaper publishing division to its shareholders.

The board picked one of its current members, Peter M. Kern, to serve as interim CEO during the search process.