According to several reports, Peter Liguori is expected to take over as the new chief executive officer of Tribune Co, when the company emerges from bankruptcy.

Liguori has worked as senior TV executive with Fox and Discovery. The new owners of the company will appoint the board of directors and they will choose a CEO but there are indications that Liguori has been chosen by the company. Eddy Hartenstein has been working as the CEO of Tribune since May 2011.

Tribune has received necessary clearances form the Federal Communications Commission to emerge from the bankruptcy protection and transfer the ownership to the new owners. The FCC has approved Tribune's broadcast licenses to the new owners.

The regulators are also allowing the new owners to have newspapers and TV stations in the same market, which is actually banned under the federal law. The FCC waiver will allow the company to continue to own newspapers and TV stations in Chicago, New York, Los Angeles, south Florida and Hartford, Conn.

Tribune had filed for bankruptcy protection in December 2008. The company's new owners include JPMorgan Chase & Co., debt specialist Angelo, Gordon & Co. and hedge fund Oaktree Capital Management.