Exhibit 99.1

 

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Tribune Media Company Reports Third Quarter 2017 Results

NEW YORK, November 8, 2017 — Tribune Media Company (the “Company”) (NYSE: TRCO) today reported its results for the three months and nine months ended September 30, 2017.

THIRD QUARTER 2017 FINANCIAL HIGHLIGHTS (compared to third quarter 2016)

 

    Consolidated operating revenues fell 4% to $450.5 million; excluding political advertising and real estate revenues, consolidated operating revenues increased 3%

 

    Total Television and Entertainment net advertising revenues (which include political and digital revenues) fell 11%, to $295.1 million

 

    Retransmission revenues increased 33% to $104.6 million

 

    Carriage fee revenues increased 7% to $30.9 million

 

    Cash distributions from TV Food Network were $17.1 million

 

    FCC spectrum auction proceeds of $185 million were received by the Company in the third quarter of 2017, with remaining related proceeds of $5 million expected in the fourth quarter of 2017

 

    CareerBuilder sale closed on July 31, 2017 and the Company received cash of $158 million while retaining an approximate 7% ownership interest on a fully diluted basis

“Tribune Media’s performance in the third quarter of 2017 reflects the company’s ability to continue to deliver solid results despite the impact of broader industry headwinds around core advertising and MVPD subscriber erosion,” said Peter Kern, Tribune Media’s Chief Executive Officer. “Strong growth in retransmission revenues and ongoing expense management enabled us to maintain flat Adjusted EBITDA margins year over year in the quarter. Our operating results this quarter were negatively impacted by higher program impairment charges at WGN America as we continue to reorient the programming strategy and position the business for significant EBITDA growth, and on a comparable basis the third quarter of 2016 included more than $200 million in real estate gains. Most importantly, Broadcast Cash Flow from our Television & Entertainment segment was up in the quarter despite the impact of Hurricanes Harvey and Irma in two of our markets, demonstrating the soundness of our core business as we continue to make progress toward closing our merger with Sinclair.”


The following information was filed by Tribune Media Co (TRCO) on Wednesday, November 8, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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