Tribune Publishing shakes up management
Tribune Publishing Company announced Thursday 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, according to a press release.
"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 noted that during Dearborn's 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."
"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," Knight commented.
"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."
"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," Dearborn said.
Knight joined Tribune Publishing Company in February 2017 and most recently has had responsibility for all of the Company's local market operations.
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.
In addition to being an honors graduate of Claremont McKenna College he holds a Master's degree from Claremont Graduate University.