Tribune Publishing Company (NASDAQ: TPCO) today announced that its
Board of Directors has appointed Timothy P. Knight as Chief
Executive Officer and David Dreier as Chairman of the Board. Knight
will also join the Board of Directors and succeeds Justin Dearborn
who has stepped down as Chairman and Chief Executive Officer.
“Tim is a proven operator with an entrepreneurial approach and
digital media expertise. At a time when consolidation is
essential in our quest to strengthen journalism, his experience
transforming media companies will help achieve success,” said
Dreier. “Tim’s deep knowledge of our company and his commitment to
expand our paid digital business will be critically important.
Journalism is under attack across the globe and we have an
unwavering commitment to delivering a first rate news product. We
take very seriously the role that we play in a functioning
democracy. Working with Tim and the rest of our Tribune team, we
will continue to provide great content for our readers and great
value to our shareholders.”
Dreier continued, “On behalf of the Board, I want to thank
Justin for his leadership. Over the past three years, he has
improved Tribune Publishing’s financial position by building the
infrastructure necessary to convert our award-winning content into
revenue through an enhanced digital strategy. During his
tenure, digital only subscribers have more than tripled and we have
significantly reduced our debt and pension obligation. Our share
price has increased 80% and our market capitalization has more than
doubled. These results reflect the successful implementation of our
efforts to improve operating performance and drive overall value.
We wish him all the best.”
Knight commented, “It is an honor to assume this role at such an
exciting time for our company. Delivering high-quality local
journalism has never been more important and Tribune Publishing’s
iconic brands continue to inform, inspire and engage the
communities we serve. We are confident that we have the right
assets, people and strategy to continue to transform our business
while investing in world-class journalism. We also believe
there are attractive consolidation opportunities within the media
industry that will enable us to accelerate our strategy. I look
forward to building on the progress we made under Justin’s
leadership as we continue to deliver award-winning content to
readers, a compelling platform for advertisers and value for our
shareholders.”
Dearborn said, “I am proud of what we have accomplished over the
last several years. Tribune Publishing has a tremendously talented
team and I am confident that the Company is in great hands to build
on that progress under Tim’s leadership going forward.”
Timothy Knight BiographyTimothy Knight joined
Tribune Publishing Company in February 2017 and most recently has
had responsibility for all of the Company’s local market
operations. Upon joining the Company, Knight served as President of
the digital content and commerce division, where he was responsible
for advancing the award-winning media company’s digital strategy
across all platforms. Knight previously served as the President of
Advance Ohio, and directed the strategy, sales, marketing and
content of cleveland.com, one of the largest news and information
sites in Ohio and was CEO of Wrapports LLC. Knight previously
served as President and CEO of Newsday Media Group and Publisher of
Newsday. In addition to the daily newspaper, he was
responsible for Newsday’s interactive operations, amNewYork (a free
paper distributed in New York City) as well as daily papers in
Greenwich and Stamford, CT. Knight led the process that resulted in
the sale of Newsday Media Group by Tribune Company to Cablevision
Systems Corporation for $650 million in 2008. Prior to joining
Newsday in 2003, Knight held a number of senior management
positions at the Tribune Company and the Chicago Tribune Media
Group. He was a co-founder of and held senior management roles
at Classified Ventures, LLC (parent of cars.com and
apartments.com). Prior to joining Classified Ventures in 1997,
Knight served as mergers and acquisitions counsel for Tribune
Company. Knight started his career as a corporate attorney at
Skadden, Arps, Slate, Meagher and Flom in Chicago and London,
England. Knight holds a bachelor's degree in accounting from
Marquette University. He also holds a juris doctorate with
honors from DePaul University College of Law where he was Order of
the Coif and attended the corporate finance program at London
Business School. David Dreier BiographyDavid
Dreier has been a director of Tribune Publishing since June 2016.
He is the Chairman of the Annenberg-Dreier Commission which has
focused on encouraging the free flow of goods, services, capital,
information, ideas and people throughout the Greater
Pacific.
Dreier served as a member of the United States Congress,
representing Los Angeles from 1980 until 2013. A passionate
proponent of first amendment rights he has championed a vigorous
and free press. Dreier was the first Californian and one of the
youngest and longest serving chairmen of the powerful Rules
Committee, structuring the debate for virtually every piece of
legislation considered in Congress.
A member of the Council on Foreign Relations, he was the
founding chairman of the House Democracy Partnership, a
congressional commission that has worked to strengthen legislative
bodies in twenty one new and reemerging democracies across the
globe. Additionally, he launched the bipartisan Congressional
Trade Working Group that has built support for free trade
agreements for more than thirty years.
Dreier is a Distinguished Fellow at the Brookings Institution
and a trustee of both the California Institute of Technology and
his alma mater, Claremont McKenna College which has established the
Dreier Roundtable to encourage young people into public service. He
has served on the immigration reform and retirement savings
commissions at the Bipartisan Policy Center. In addition to
being an honors graduate of Claremont McKenna College he holds a
Master’s degree from Claremont Graduate University.
Cautionary Statements Regarding Forward-looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 that
are based largely on our current expectations and reflect various
assumptions by us. Forward-looking statements are subject to
certain risks, trends, and uncertainties that could cause actual
results and achievements to differ materially from those expressed
in such forward-looking statements. Such risks, trends and
uncertainties, which in some instances are beyond our control,
include: changes in advertising demand, circulation levels and
audience shares; competition and other economic conditions;
economic and market conditions that could impact the level of our
required contributions to the defined benefit pension plans to
which we contribute; decisions by trustees under rehabilitation
plans (if applicable) or other contributing employers with respect
to multiemployer plans to which we contribute which could impact
the level of our contributions; our ability to develop and grow our
online businesses; changes in newsprint price; our ability to
maintain effective internal control over financial reporting;
concentration of stock ownership among our principal stockholders
whose interests may differ from those of other stockholders; and
other events beyond our control that may result in unexpected
adverse operating results. For more information about these and
other risks see Item 1A (Risk Factors) of the Company’s most recent
Annual Report on Form 10-K and in the Company’s other reports filed
with the Securities and Exchange Commission.
The words “believe,” “expect,” “anticipate,” “estimate,”
“could,” “should,” “intend,” “may,” “will,” “plan,” “seek” and
similar expressions generally identify forward-looking
statements. However, such words are not the exclusive means
for identifying forward-looking statements, and their absence does
not mean that the statement is not forward-looking. Whether
or not any such forward-looking statements, in fact, occur will
depend on future events, some of which are beyond our
control. Readers are cautioned not to place undue reliance on
such forward-looking statements, which are being made as of the
date of this press release. Except as required by law, we
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
About Tribune Publishing CompanyTribune
Publishing Company (NASDAQ: TPCO) is a media company rooted in
award-winning journalism. Headquartered in Chicago, Tribune
Publishing Company operates local media businesses in eight markets
with titles including the Chicago Tribune, New York Daily News, The
Baltimore Sun, Orlando Sentinel, South Florida's Sun-Sentinel,
Virginia’s Daily Press and The Virginian-Pilot, The Morning Call of
Lehigh Valley, Pennsylvania, and the Hartford Courant.
Tribune Publishing also operates Tribune Content Agency and the
Daily Meal and is majority owner of BestReviews.
Our brands are committed to informing, inspiring and
engaging local communities. We create and distribute content across
our media portfolio, offering integrated marketing, media, and
business services to consumers and advertisers, including digital
solutions and advertising opportunities.
Investor Relations Contact: Terry Jimenez
Tribune Publishing Investor Relations 312.222.5787
tjimenez@tribpub.com
Media Contact:Marisa Kollias 312.914.3682 Bryan
Locke/Jacob CrowsSard Verbinnen & Co312.895.4700
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