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Tuesday, October 19, 2010

NYT: Randy Michaels will be asked to resign from Tribune

Will it happen or won't it happen? 

Caller 20 now to the contest lines with the right guess could win cash and prizes! 

The question? Will one of the last mavericks in media be asked to step aside tomorrow? 

Randy Michaels, the current CEO of Tribune, reportedly will be asked to resign Tuesday, so says the New York Times.

You can read more here. 

If true, this will be the beginning of the next chapter of one of modern media's most polarizing figures. Michaels was instrumental in building one of the world's largest radio conglomerates prior to his joining Tribune. He joined Tribune when venture capitalist Sam Zell led an employee-led buyout of the venerable - and once leading - media organization.

However, the tenure of Zell and Michaels has been mired in financial difficulty, arguably a byproduct of the economy, as well as a prolonged bankruptcy.

Michaels' predicted ouster comes on the heels of New York Times reporting which claims Zell, Michaels and others have created a "frat house" culture at Tribune, which ultimately culminated with the resignation of Chief Innovation Officer Lee Abrams, whose exit followed a questionable email to the entire organization last week.

Michaels instructed Tribune employees to "ignore the noise" in an email to staff as the story broke last week.

Should Michaels indeed be terminated, speculation will no doubt abound as to Michael's next steps. Michaels, who has a stake in media company Local, LLC, could make a return to radio, bringing with him a myriad of former radio programmers now deployed at Tribune in largely online posts.

The news is breaking at this time. More updates to follow.