CHICAGO, Jan. 17, 2013 /PRNewswire/ -- Tribune Company today announced that its Board of Directors has elected Bruce Karsh as Chairman of the Board and Peter Liguori as Chief Executive Officer. The appointments are effective immediately. The company also announced that former Chief Executive Officer Eddy Hartenstein will continue to serve as Publisher of the Los Angeles Timesand CEO of the Los Angeles Times Media Group, and will act as special advisor to the Office of the CEO. "The Board is very optimistic about Tribune's future," said Karsh. "The company is well-positioned across its markets and now has a strong balance sheet, significant liquidity and low debt, so there is a lot of opportunity ahead." Since 1995, Karsh has served as President and co-founder of Oaktree Capital Management, L.P., formerly Oaktree Capital Management, LLC, a Los Angeles-based investment management firm. Prior to co-founding Oaktree, Karsh was a Managing Director of the TCW Group and the portfolio manager of its Special Credits Funds for seven years. "Peter is the ideal choice to be Tribune's next Chief Executive Officer," said Karsh. "He has the talent and experience to lead the company forward, and has a track record of success. The Board has every confidence in him." Liguori most recently served as Chief Operating Officer of Discovery Communications. Before joining Discovery in 2009, he served as Chairman of Entertainment for the Fox Broadcasting Company. Prior to assuming that position in 2005, Liguori was president and CEO of News Corp.'s FX Networks since 1998. "Tribune is a great company with an incredible collection of media assets, iconic brands in major markets across the country, tremendous journalism, and very talented people," said Liguori. "Collectively, the company's digital operations, broadcast outlets and newspapers are some of the best in the country. In many ways, Tribune is like a 165-year old start-up—there is a lot to build upon."