CHICAGO -- At Tribune Co.'s 2000 annual meeting, chairman and CEO John Madigan basked in the afterglow of the $8 billion purchase of Times Mirror Co. that the company confidently believed would generate profitable synergies with its truly nationwide network of newspapers and TV stations. Five years later, Madigan's successor, Dennis FitzSimons, spent much of Tribune's annual meeting Wednesday defending the deal that seems more memorable for the circulation scandals that came with Times Mirror properties Newsday and Hoy, for unfulfilled synergies, and for a depressed stock price. Buying Times Mirror, he told stockholders at the Swissotel in downtown Chicago, had more than doubled Tribune's size. Last year's revenue of $5.7 billion, he said, was four times what it was in 2000, and the company's debt had declined to less than $2 billion from $5.4 billion at the time of the purchase. In its five years, he said, the deal has generated cash flow allowing Tribune to increase its dividend 64%, to repurchase more than 50 million of its shares, and to purchase three more TV stations for its youth-skewing WB Television Network.
- 5/19/2005
- The Hollywood Reporter - Movie News
Tribune Co. said Tuesday that John Madigan has resigned as chief executive, allowing president and operations chief Dennis FitzSimons to take over. Madigan, CEO since 1995, will remain chairman until Dec. 31, 2003, when he will retire. He plans to remain on the board of directors through the May 2004 meeting. Tribune's board elected FitzSimons as CEO at its regularly scheduled meeting Tuesday. He takes over as CEO on Jan. 1, and the board will later decide if he also becomes chairman.
- 12/4/2002
- The Hollywood Reporter - Movie News
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