Tribune Company has emerged from bankruptcy and announced its new board – and as a result, there was collateral damage to the Fisher Communications board of directors in the form of the exit of Peter E. Murphy from the latter to join the former.
The resignation of Murphy is effective immediately.
Fisher stated, “Mr. Murphy’s resignation was not due to any disagreement with the Company or the Board. Mr. Murphy resigned from the Board as a result of his decision to join the Board of Directors of The Tribune Company as it emerges from Chapter 11 bankruptcy.”
The resignation was needed to assure that there would be no adverse FCC complications, because both Fisher and Tribune have television stations in Seattle WA and Portland OR.
In Seattle, Fisher owns ABC KOMO and Univision KUNS; Tribune owns Fox KCPQ and MNT KZJO.
In Portland, Fisher owns CBS KATU and Univision KUNP; Tribune owns CW KRCW.
Fisher SVP/General Counsel Christopher J. Bellavia reported the action to the SEC, and did not mention a replacement for Murphy.