Tribune Media Co. Files To Trade Stock On Major Exchange
September 23, 2014 at 3:58 AM (PT)
TRIBUNE MEDIA CO. has filed with the SEC in preparation for listing on a major stock exchange, reports the CHICAGO TRIBUNE. No exchange was specifically named for the stock, which presently trades over the counter. Almost 94 million Class A shares are outstanding, plus almost 3 million Class B shares and 3.5 million warrants convertible to Class A stock. The company's former senior creditors OAKTREE CAPITAL MANAGEMENT, ANGELO, GORDON AND CO., and JP MORGAN CHASE own a combined 36% of the Class A stock.
The company, the broadcasting entity created by the division of TRIBUNE CO. into separate broadcasting and newspaper operations, said in the filing, “We believe our diverse portfolio of assets distinguishes us from traditional pure-play broadcasters through our ownership of high-quality original and syndicated programming, our ability to capitalize on revenue growth from our data and real estate assets, and cash distributions from our equity investments.”
TRIBUNE MEDIA includes two radio stations, News-Talk WGN-A and Sports WGWG-LP (THE GAME 87.7)/CHICAGO, plus several major- and medium-market television stations and real estate that includes the buildings and land where the newspapers are located, including the TRIBUNE TOWER in CHICAGO and the LOS ANGELES TIMES building in resurgent downtown LOS ANGELES. The company is seeking a partner to redevelop land in downtown CHICAGO.
The filing also revealed that CEO PETER LIGUORI made a $1.5 million salary in 2013, plus bonuses and stock awards and options that raised his compensation to a total of $8.8 million.