TRIBUNE MEDIA COMPANY (NYSE:TRCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On March 6, 2017, Tribune Media Company (the “Company”) entered into a letter agreement with Peter M. Kern relating to his services as the Company’s Interim Chief Executive Officer. As previously announced, Mr. Kern began serving in this capacity effective upon Peter Liguori’s resignation. Mr. Kern is continuing as a member of the Company’s board of directors (the “Board”). The letter agreement provides for him to serve in this role until a permanent Chief Executive Officer starts working or a date otherwise decided by the Board on 30 days’ notice.
to the letter agreement, Mr. Kern will be paid a monthly amount of $200,000 in cash for his services as Interim Chief Executive Officer. Also, he will be eligible for a discretionary bonus. While serving as Interim Chief Executive Officer, Mr. Kern will not be paid any other cash compensation for serving as a director on the Board, but he will be eligible for the equity-based compensation generally available to the Company’s non-employee directors.
The description of this letter agreement does not purport to be complete and is subject to, and qualified in its entirety by, the complete text of the agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2017.
About TRIBUNE MEDIA COMPANY (NYSE:TRCO)
Tribune Media Company is a diversified media and entertainment business. The Company consists of approximately 40 television stations to which it provides certain services, along with a national general entertainment television network, a radio station, a production studio, its digital and data business, a portfolio of real estate assets and investments in a range of media, Websites and other related assets. It operates through two segments: Television and Entertainment, which provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations, and television series and movies on WGN America, including through content produced by Tribune Studios and its production partners, as well as news, entertainment and sports information through its Websites and other digital assets, and Digital and Data, which provides technology and services that collect and distribute video, music, sports and entertainment data. TRIBUNE MEDIA COMPANY (NYSE:TRCO) Recent Trading Information
TRIBUNE MEDIA COMPANY (NYSE:TRCO) closed its last trading session down -0.29 at 38.77 with 3,774,944 shares trading hands.
