Exhibit 99.1

 

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Tribune Media Company Reports Fourth Quarter and Full-Year 2018 Results

NEW YORK, March 1, 2019 — Tribune Media Company (the “Company”) (NYSE: TRCO) today reported its results for the three months and year ended December 31, 2018.

FOURTH QUARTER AND FULL-YEAR 2018 FINANCIAL HIGHLIGHTS (compared to the prior year period, unless otherwise noted)

 

   

Consolidated operating revenues increased 18% to $578.7 million for the fourth quarter and increased 9% to $2,009.7 million for the full year (increased 20% excluding fourth quarter 2017 barter revenues and 10% excluding full year 2017 barter revenues, which are no longer recognized in 2018)

 

   

Consolidated operating profit was $166.0 million for the fourth quarter of 2018, compared to $123.4 million for the fourth quarter of 2017, and $488.4 million for the full year 2018 compared to $85.7 million for the full year 2017

 

   

Consolidated Adjusted EBITDA increased 38% to $233.3 million for the fourth quarter and increased 47% to $650.8 million for the full year

 

   

Television and Entertainment advertising revenues increased 25% to $406.7 million for the fourth quarter and increased 7% to $1,315.8 million for the full year

 

   

Core advertising revenues (which exclude political and digital revenues) decreased 4% to $286.9 million for the fourth quarter and decreased 5% to $1,073.3 million for the full year

 

   

Net political advertising revenues were $99.8 million for the fourth quarter, an increase of 82% compared to fourth quarter 2014 and an increase of 30% over fourth quarter 2016. Net political revenues were $172.3 million for full year 2018, an increase of 91% compared to full year 2014 and an increase of 26% over full year 2016

 

   

Retransmission and carriage fee revenues increased 13% to $158.3 million for the fourth quarter and increased 17% to $632.8 million for the full year

 

   

Closed on the sales of the Melville, NY and Hartford, CT properties in the fourth quarter for net pretax proceeds of $53 million and $6 million, respectively

“2018 was an outstanding year for Tribune Media,” said Peter Kern, Tribune Media’s chief executive officer. “We reported record consolidated revenue and Adjusted EBITDA for both the fourth quarter and full year 2018, powered by exceptionally strong political advertising revenues, significant growth in retransmission and carriage fee revenues, and a meaningful contribution to our operating results from our cable network, WGN America. Despite substantial political displacement, core advertising remained solid, delivering positive year-over-year growth from Election Day to the end of the year - a trend we expect to continue in the first quarter of 2019. In addition, our focus on containing costs across the company drove 2018 consolidated expenses down despite higher network affiliation fees.”


The following information was filed by Tribune Media Co (TRCO) on Friday, March 1, 2019 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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