Peter Liguori, president and CEO of Tribune Media since January 2013, will step down after Tribune’s fourth quarter and annual earnings release in early March, the company said Wednesday. Liguori also will step down from Tribune’s board of directors.

“Following the successful completion of several financial, strategic and creative initiatives, culminating in the pending sale of Gracenote, Tribune Media is well advanced in its transformation to a more focused broadcast and cable networks company,” said Liguori in a statement. “I believe that now is the ideal time for a new leader to steer today’s Tribune. As curious and excited as I am about pursuing new opportunities, I am equally grateful for the achievements, commitment and integrity of this company’s management team and its dedicated employees.”

The Tribune board of directors will work with Korn Ferry to conduct a search for a new CEO to replace Liguori.

“We greatly appreciate Peter’s leadership in the transformation of Tribune Media over the last four years, including the efforts to monetize non-core assets and simplify the company,” said Bruce Karsh, chairman of Tribune’s board, also in a statement. “It became clear to Peter and the board that in this last year of his contract it was time to find a new CEO to run the more broadcast-centric company.”

Peter M. Kern, a member of Tribune’s board, will serve as interim CEO during the search process.

Rumors have been swirling that Liguori is headed to Sony, where he was named an advisor just last month as CEO Michael Lynton announced he was leaving to go to Snapchat. A pure programmer like Sony is probably a better fit for Liguori, who is known for building FX and for minting the partnership between Discovery and Oprah Winfrey’s OWN. The only cable network that Tribune owns is WGN America, and while Liguori has made a solid effort to bring originals, such as Underground, The Outsiders and Salem, to the network, it’s tough for basic cable networks to break through in the age of SVOD.

Tribune itself, with owned TV stations in top markets, is seen as a takeover target, especially now that a Republican administration is in place. The current obstacle to acquiring Tribune is that any potential buyer, like Tribune itself, is probably already at the 39 percent station ownership cap. However, the FCC, under new chairman Ajit Pai, is expected to loosen those rules, potentially unleashing another round of TV station group consolidation.

Tribune Media owns 42 TV stations, after buying Local TV in 2013 for $2.7 billion and adding 19 stations to its portfolio. In 2014, Tribune spun off its newspaper division to its shareholders. It has also sold off most of its real estate assets and is in the process of selling its Gracenote metadata business to Nielsen for approximately $560 million.

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