NEW YORK — Former King World Prods. chief operating officer Stephen Palley has been named CEO of Source Media Inc., the interactive-technology leader that recently formed a joint venture with TV Guide to develop local content and interactive services for cable.
Palley, who has been consulting since leaving King World in 1996, told Daily Variety that his syndication experience would prove invaluable as Source Media pursues the convergence of cable and computers through such avenues as its recently launched Interactive Channel in Rockford, Ill.
“With exciting partners, first-to-market products and new media leadership, the company is well-positioned to capitalize on the opportunities in the growing interactive technology and content markets, ” Palley said.
Palley assumes the CEO title from Tim Peters, who remains as chairman of the board and who in a prepared statement with president John Reed said the syndication veteran’s “experience running King World combined with his skill set and dedication make him the perfect person to lead the team as our digital television and streaming media opportunities come together.”
The company’s stock rose 9.5% Monday to close at $18.75 a share, about midway between its 52-week range of $3.94 and $39.00.