LBI Media Exits Bankruptcy; Appoints Peter Markham As CEO
Spanish language radio and television operator LBI Media has exited Chapter 11 bankruptcy and appointed Peter Markham as its new Chief Executive Officer.
LBI entered bankruptcy in November 2018 with outstanding funded debt obligations in the aggregate amount of approximately $530 million. The company states it has eliminated more than $350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors with the completed restructuring.
Former Granite Broadcasting Chairman/CEO Peter Markham joins the company as CEO replacing LBI co-founder Lenard Liberman. Markham led Granite from its exit from Chapter 11 in 2007 until last year. During his time with Granite, Markham oversaw the sale of most of the company’s assets. He has also served on the Board of Directors of multiple broadcast, tech and investment firms including R Communications, SP Television, mGage, and Scale Capital.
LBI also promotes Chief Financial Officer Brian Kei to COO replacing Winter Horton, who exited for the COO role at Meruelo Media in August. Lenard Liberman and Jose Liberman, who served as President, have exited the company.
LBI Media owns radio stations in the Dallas, Houston and Los Angeles markets.
LBI Media, Inc. (with its affiliates, “LBI” or the “Company”) today announced it has successfully completed its court-approved reorganization plan and emerged from the chapter 11 process today, positioned for long-term growth and success.
With support from its creditors, including HPS Investment Partners, LLC on behalf of the investment funds and accounts it manages or advises, who sponsored the plan of reorganization, the Company has eliminated more than $350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors.
“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,” said Peter Markham, the Company’s newly-appointed Chief Executive Officer. “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.”
“I would like to thank José and Lenard Liberman, pioneers in Hispanic broadcasting, for their vision and leadership during the past 30 years and our talented and committed employees who ensured our operations continued as usual during the restructuring process. We move forward well positioned for the future and with the resources to pursue new opportunities.”
Weil, Gotshal & Manges LLP served as legal counsel, Guggenheim Securities served as investment banker, and Alvarez & Marsal served as financial advisor in connection with LBI’s financial restructuring, and Wiley Rein LLP served as regulatory counsel to LBI Media.
Court documents and additional information are available on the website administered by the Company’s claims and noticing agent, Epiq Corporate Restructuring, at https://dm.epiq11.com/case/LBM or may be obtained by calling the LBI Media Restructuring Hotline at (818) 729-5300. The e-mail address is LBIMedia@epiqglobal.com.
LBI Media, Inc. (“LBI” or the “Company”) today announced the appointment of Peter Markham to Chief Executive Officer. Mr. Markham will also serve on the Company’s Board of Directors and had previously served as interim Chief Operating Officer. The Company also announced today the appointment of Brian Kei to Chief Operating Officer. Mr. Kei will continue to serve as the Company’s Chief Financial Officer.
“LBI Media is a strong and scaled media platform with a unique and well positioned set of assets,” said, Peter Markham. “The combination of leading production studios, national networks, owned and operated stations, and digital platforms provides a true differentiator in the rapidly growing Hispanic consumer marketplace. We will build on this leading position by deepening our engagement with consumers, enhancing the value we provide to our marketing partners and being even more of a resource for the communities we serve. I’m excited to take on this new role and to be part of the exceptional LBI Media team that is committed to the growth of the business.”
Peter Markham brings more than 20 years of media experience to LBI Media, with a strong background in strategy, operations and business development. Previously, he served as CEO and Chairman of Granite Broadcasting and as Chairman of Communications Corporation of America where he led the operational and financial revitalization of these U.S. based television broadcasting companies.
Markham’s extensive Board experience includes several public and private media and technology enabled companies operating in Spanish-language media, OTT TV, mobile technology, TV production and other emerging media spaces. He also was the Head of TMT & European Coverage at Silver Point Capital where he led direct investment coverage and value creation efforts in the U.S. and Europe. Markham holds a Master of Business Administration from New York University’s Stern School of Business, where he serves as an Adjunct Professor, and a Bachelor’s of Science in Marketing from Clemson University, where he is on the board of the Spiro Institute for Entrepreneurial Leadership.
Brian Kei is an experienced executive with an extensive background in the network television, broadcast station, digital media, advertising and production industries. During his career he has overseen all financial functions including strategy, FP&A, accounting, treasury and tax, and has led strategy and growth initiatives across a number of businesses. He has served as Chief Financial Officer of LBI Media since 2018 and was previously Vice President of Finance & Strategy at Disney ABC Television Group where he managed global financial and operations teams.
In his almost 20 years at Disney, Kei served in a number of increasing senior positions where he provided business advisory services to operating management, managed finance and business operations, established new finance groups, developed operating and strategic plans, and led cross-division project teams. Kei has a Bachelor’s of Arts in economics and a certificate in political economy from Princeton University.