All those reports that the Tribune Co.’s new boss would soon be Michael Eisner, if the company can ever get out of its bankruptcy proceedings, might have been premature. Eisner, of course, has continually downplayed the idea, but other whispers kept the story alive. Now, Forbes reports that the issue of who will helm the company once it has exited bankruptcy has yet to even been discussed.
And a big reason why Tribune, which owns the Chicago Tribune and Los Angeles Times among other titles, hasn’t discussed the future head of the company? Because no one knows who will actually own the company.
But my Tribune source says that the board must first focus on emerging from bankruptcy and repair current revenue streams before even considering a change at the top. The Tribune director also said the board was pleased with the performance of current CEO, Randy Michaels.
More importantly, it is still unclear about which creditors will be in control of the reorganized Tribune once it emerges from bankruptcy. Basically, no one has the power to install new leadership at the moment.
But if it hasn’t been discussed, then Eisner is still technically in the running, right? That rumor just won’t die.