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Tribune Media Company Reports Fourth Quarter and Full-Year 2015 Results
Company to Explore Strategic Alternatives and Affirms Commitment to Maximize Shareholder Value
NEW YORK, Feb. 29, 2016 Tribune Media Company (the Company) (NYSE: TRCO) today reported its results for the three months and the year ended December 31, 2015 and announced that the Board of Directors and the Company have initiated a process to explore the full range of strategic and financial alternatives to enhance shareholder value. In addition, the Company announced that on February 24, 2016 the Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $400 million of its outstanding Class A common stock.
The strategic and financial alternatives under consideration include, but are not limited to, the sale or separation of select lines of business or assets, strategic partnerships, programming alliances and return of capital initiatives. The Board of Directors and the Company have retained Moelis & Co. and Guggenheim Securities as financial advisors to assist in this process.
Bruce Karsh, Chairman of the Board of Directors, said The Board of Directors and management remain focused on maximizing shareholder value. We believe that the value of the portfolio of businesses of Tribune Media is not fully reflected in the stock price and intend to explore ways to unlock value by reviewing strategic alternatives. At the same time, we remain committed to achieving strong operational performance across our businesses.
The Company will also continue the previously announced monetization of its real estate portfolio, including the Tribune Tower located in Chicago and the north block of the Los Angeles Times Square property located in Los Angeles. In 2016, the Company has broadened this sales activity to include numerous other properties and has accelerated the monetization of these assets to take advantage of accommodative market conditions, although there can be no assurance that any transactions can be completed in a timely manner, on favorable terms, or at all.
The Company has not set a definitive timetable for the completion of its review of alternatives and does not currently intend to make any further disclosures regarding its exploration of alternatives until such time as any definitive agreements may be entered into in the process or as otherwise appropriate or required.
In addition, the Company and the Board announced that the Company has entered into new and amended employment agreements with three senior executives. Peter Liguori, the Companys President and Chief Executive Officer, entered into a new two-year employment agreement. The Company named Chandler Bigelow as Executive Vice President and Chief Financial Officer. The Company also expanded the scope of responsibilities of Tribune Medias General Counsel, Eddie Lazarus, by naming him Chief Strategy Officer.
FOURTH QUARTER AND FULL-YEAR 2015 FINANCIAL HIGHLIGHTS
|||Consolidated operating revenues increased 3% for the full year, despite 2015 being an off-cycle political year; excluding the impact of political advertising and Super Bowl advertising revenue, consolidated operating revenues increased 8% for the full year.|
|||Consolidated operating revenues decreased 1% in the fourth quarter due to 2015 being an off-cycle political year; excluding the impact of political advertising, consolidated operating revenues increased 8% in the fourth quarter.|
|||Retransmission consent revenue increased 27% in the fourth quarter and 24% for the full year.|
The following information was filed by Tribune Media Co (TRCO) on Monday, February 29, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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