Examiner appointed to investigate bankruptcy of parent company... CHICAGO: Tribune Co. announced today that Jerry Kersting has been named president of its broadcasting division. Effective immediately, Kersting assumes responsibility for the strategic vision and day-to-day operations of the company’s 23 television stations, its national cable channel, WGN America, and WGN Radio. Kersting has served as Tribune Broadcasting’s chief operating officer since December 2009.
Ed Wilson, who was head of the broadcasting division since 2008, stepped down last week. Tribune said he would be retained as a “consultant.”
Prior to being named COO of Tribune Broadcasting, Kersting was executive vice president for Tribune, joining the company in 2008. Before joining Tribune, Kersting was executive vice president and chief financial officer of Clear Channel Radio from 1999 to 2008. Kersting had 34 years of service with Clear Channel.
At Tribune’s flagship TV station, WGN-TV in Chicago, General Manager Marty Wilke was also given oversight of CLTV, the company’s cable news franchise in the same city. Steve Farber, general manager of CLTV since 2006, has been named vice president of operations for both entities.
Tribune’s bankruptcy continues to drag on. The trustee in the case, filed in the U.S. Bankruptcy Court for the District of Delaware, has appointed an examiner to investigate the 2007 $8.2 billion leveraged employee buy-out of the company. Junior creditors holding about $1.2 billion of Tribune’s debt pushed for the investigation.
Tribune’s boilerplate meanwhile states the following: “Tribune is one of the country’s leading multimedia companies, operating businesses in publishing, interactive and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel , Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. The company’s broadcasting group operates 23 television stations, WGN America on national cable and Chicago’s WGN-AM... At Tribune we take what we do seriously and with a great deal of pride. We also value the creative spirit and nurture a corporate culture that doesn't take itself too seriously.”
-- Deborah D. McAdams
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