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LBI Media Exits Bankruptcy; Founder Lenard Liberman Out, Peter Markham Named CEO Of EstrellaTV Parent

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Troubled Spanish-language television and radio company LBI Media today announced it has successfully completed a court-approved reorganization plan, emerging from the chapter 11 process it started in November 2018 when, burdened with $530 million in debt, it sought to fend off a multitude of creditors.

Since then, the company eliminated more than $350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors.

LBI first lien lender HPS Investment Partners, LLC, which sponsored the reorganization plan, now owns 100% of LBI Media.

As expected, CEO Lenard Liberman leaves the company he founded in 1988. 

Peter Markham takes over the reins of Estrella TV parent company LBI effective today, although he stepped in as interim COO at the Burbank, CA headquarters for the past two months.

“LBI Media has a terrific group of assets with exceptional potential. Completion of LBI’s financial restructuring provides a strong financial foundation and significant flexibility to grow the business,” says newly-appointed CEO Markham. “The ownership team is committed to the long-term success of LBI Media and the continued expansion of its platform targeted to the growing U.S. Hispanic market.”

LBI Media owns 10 TV stations, 17 radio stations and operates Estrella TV.

A 20-year media vet, Markham was previously CEO and Chairman of Granite Broadcasting and Chairman of Communications Corporation of America. In addition to his role as CEO, Markham will also serve on LBI’s board of directors.

As part of the executive changes, Brian Kei was promoted to COO. He will continue to serve as LBI's CFO, a role he has held since 2018. He previously spent 20 years at Disney ABC Television Group, leaving that company as VP of Finance & Strategy.

There were no other announcements regarding staffing or programming changes within the LBI media properties. But according to the company there are plans to roll out new branding - a new logo has already been unveiled - and a new strategic plan later this year.

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