Tuesday, February 23, 2016

A Tribune Coup

This is one of those "made for TV" moments. Tribune CEO Jack Griffin helped bring Michael Ferro (owner of the Sun Times) aboard the Tribune board in exchange for an influx of $44 million in cash. One of Ferro's first moves (19 days after joining) was getting Griffin fired. From today's Robert Feder column...

Media analyst Ken Doctor first reported the boardroom coup early Tuesday on politico.com. Griffin only has himself to blame for his abrupt demise after he helped orchestrate Ferro’s ascent to power in exchange for a badly needed infusion of $44.4 million from Ferro’s Merrick Media. “This is almost Shakespearean,” Doctor quoted a source. “The CEO brings in a new shareholder as his ‘partner’ and his ally’s first move to kick him out. Act One is Romeo and Juliet and Act Two is Julius Caesar.”