Although yesterday’s announcement from Tribune Company refers to Randy Michaels as “formerly CEO of Local TV LLC,” he really isn’t separating from the company which owns the nine former New York Times TV stations. Tribune and Local TV announced a letter of intent to create a new third-party broadcast management company, headed by Michaels, which will provide shared services to the 23 Tribune stations, the nine Local TV stations and, potentially, other TV groups. It will be a wholly-owned subsidiary of Tribune Company and provide back-office services, administration and other functions. Meanwhile, as Michaels formally moves over to Tribune, Bobby Lawrence has been promoted to CEO of Local TV LLC, which is backed by Oak Hill Capital Management. Lawrence had been President and COO. Lawrence and Michaels have been partners in several broadcasting ventures over the years.
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