Tribune Media Company Sees Q4 Revenue Jump, Declares Dividend
March 6, 2015 at 4:53 AM (PT)
TRIBUNE MEDIA COMPANY, the broadcast operations remaining from the former TRIBUNE CO., reported fourth quarter consolidated operating revenues up 85% to $553.4 million and consolidated operating profit grew 276% to $163.4 million. Television and Entertainment segment pro forma revenues rose 15% to $479.1 million. Overall numbers are affected by the acquisition of the LOCAL TV stations, which closed on DECEMBER 27, 2013; publishing was spun off on AUGUST 4, 2014. The numbers for the company's radio operation, News-Talk WGN-A and (until recently) the LMA of WGNG-LP/CHICAGO, were not disclosed.
President/CEO PETER LIGUORI said, "Our strong financial and operational results in the fourth quarter and full-year 2014 demonstrate the strength of our strategy to develop TRIBUNE MEDIA into a diverse modern media company. For 2015, we are well-positioned to increase revenue by building our station group market share and growing substantially our retransmission consent and carriage fees. Importantly, we are accomplishing this in an off-cycle political year."
"In addition," he added, "given the strength of our balance sheet and our ongoing commitment to shareholder returns, we are pleased to announce a special dividend of $650 million and the intention to implement a regular quarterly dividend – all while preserving the financial flexibility to invest in and grow our business.
"Combined, we are confident that the strength of our broadcast business, the growth trajectory of WGNA (WGN AMERICA) and our Digital and Data segments, our robust and valuable real estate portfolio, and our commitment to return capital to shareholders will drive significant shareholder value in 2015 and the years ahead."
The company announced a special cash dividend of $6.73 per share on the Company's Class A common stock and Class B common stock and an equivalent cash payment to warrant holders, payable APRIL 9th to shareholders of record on MARCH 15th. It will also launch a regular quarterly dividend of 25 cents/share, starting in second quarter.