Tribune Eyes Michaels as Next CEO
February 7, 2008
Randy Michaels, who late last year was tapped to be the Tribune Co.’s Executive Vice President and Chief Executive Officer of broadcasting and interactive properties, will be elevated to CEO of the entire company, according to a source familiar with the Chicago-based media conglomerate.
Michaels, who was formerly CEO of Jacor under Sam Zell, the new Tribune owner, is expected to be formally announced as the Tribune CEO within weeks, the source said. Since former Tribune CEO Dennis FitzSimons left the company in December of last year, Sam Zell, who agreed to buy out the company for $8.2 billion, has served as CEO. Beyond his involvement with Tribune flagship papers, Zell will have little daily oversight of operations at the Tribune, the source said.
A second source, who did not deny Michaels’ expected appointment, would not offer further comment on the matter.
Tribune spokesperson, Gary Weitman, said in a prepared statement, "Sam intends to remain CEO until the company is stabilized and well-positioned for the future," however, he would not provide any timetable or succession plan.
Michaels, meanwhile, became CEO of Clear Channel in 1999 after it acquired Jacor; he would remain in that role until 2002. More recently in 2007, he was named CEO of Local TV LLC following Oak Hill Capital Partners’ purchase of television affiliates from The New York Times Co. last year. In late 2007, Local TV LLC also bought additional affiliates from News Corp.
Under his agreement with the Tribune at the time he became Executive Vice President, Michaels has been slated to consult a management services company formed between Local TV and Tribune, which would be wholly owned by the Tribune.
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