Tribune Media Co. Revenues Up For Second Quarter
August 12, 2014 at 6:17 AM (PT)
TRIBUNE MEDIA COMPANY reported that second quarter consolidated revenues rose 23% to $894.5 million, but consolidated operating profit fell 32% to $61.3 million. Consolidated Adjusted EBITDA rose 20% to $211.9 million. Broadcasting segment revenues were up 63% to $425.8 million, with segment Adjusted EBITDA up 65% to $140.5 million. Pro forma revenues for broadcasting rose 4.9%, reflecting the acquisition of LOCAL TV.
The company does not break out results for its radio properties, News-Talk WGN-A and Sports WGWG-LP (THE GAME 87.7)/CHICAGO. TRIBUNE's newspaper business will be spun off later this year; it is also selling its 27.8% stake in CLASSIFIED VENTURES to GANNETT for $686 million pre-tax, and is picking up the CBS affiliation in INDIANAPOLIS for its presently-CW-affiliated WTTV (INDIANA'S 4) from crosstown LIN BROADCASTING WISH-TV, effective at the end of the year.
President/CEO PETER LIGUORI said, "I am very pleased with our accomplishments in the second quarter. The premiere of WGN AMERICA's original series, SALEM, exceeded our expectations and we have renewed it for a second season. While the core advertising market experienced headwinds in the first half of the year, we continue to be encouraged by the strength of our new broadcast scale, as evidenced in our year-over-year retransmission fee increases, and feel positive about the opportunities presented by the political advertising landscape in the second half of 2014."