Tribune Media Co. Q3 Revenues Rise
November 11, 2014 at 4:45 AM (PT)
The new TRIBUNE MEDIA CO. (the old TRIBUNE minus publishing) third-quarter consolidated operating revenues jumped 69% to $474.9 million, with consolidated operating profit up 21% to $55.3 million. Earnings per share rose from 39 to 53 cents. Revenues for the Television and Entertainment segment, including the company's News-Talk WGN-A and Sports WGWG-LP (THE GAME 87.7 FM)/CHICAGO, increased 68% to $417.2 million (7% pro forma as to the acquisition of the LOCAL TV stations). Radio revenues are not reported separately.
Pres./CEO PETER LIGUORI said, "We are pleased to see many of the long-term initiatives we have put in place since early 2013 begin to take shape. Our recently achieved scale has put us in a competitive position to drive affiliate fees, expand our capabilities to maximize political advertising revenues and fortify our relationships with our network partners. The strong cash flows generated by our business have enabled us to develop a general entertainment cable network, pursue a content ownership strategy and invest in building our data business. I am confident that the combination of our media assets and strong operational focus will keep us on the path for continued success."