Bruce Karsh, chairman of Tribune Media's board of directors, stated: “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."
The sometimes troubled TV station group had emerged from six years in bankruptcy in December 2014 -- believed to be the largest bankruptcy in the history of the American media industry.
Its overall debt totaled $13 billion. In the same year, Tribune spun off its newspaper publishing operation.
In 2013, Tribune Media acquired Local TV for $2.7 billion, adding 19 television stations and bringing Tribune Media’s TV station portfolio to 42.
Some analysts speculate that Liguori could be moving to Sony Pictures Entertainment following the recently announced departure of Michael Lynton.
Tribune Media board member Peter Kern, will serve as interim CEO. Search company Korn Ferry is seeking a permanent CEO replacement.
For the full year ending December 2015, Tribune Media’s revenue was $2.01 billion -- up from $1.9 billion the year before; $1.3o billion came from advertising down from $1.34 billion.
Midday Wednesday trading of Tribune Media was down 0.3% to $28.90.