Tribune Media Co. Plans Stock Buyback
October 14, 2014 at 6:18 AM (PT)
TRIBUNE MEDIA COMPANY's Board of Directors has authorized a stock repurchase program for up to $400 million of its outstanding Class A common stock.
President/CEO PETER LIGUORI said, "Our Board of Directors and senior management strongly believe that TRIBUNE MEDIA's free cash flows, growth prospects and long-term strategy are not reflected by the company's current stock price. The stock repurchase program that was announced today demonstrates our confidence in the strength of our businesses and commitment to delivering shareholder value."
TRIBUNE owns News-Talk WGN-A and operates Sports WGNG-LP (THE GAME 87.7 FM), both in CHICAGO, along with 42 television stations, TRIBUNE DIGITAL VENTURES (including GRACENOTE), WGN AMERICA, ANTENNA TV, THIS TV, and TRIBUNE STUDIOS.