Tribune Media Revenues Up 6% In First Quarter
May 8, 2015 at 4:34 AM (PT)
TRIBUNE MEDIA COMPANY first quarter 2015 consolidated operating revenues grew 6%, credited to acquisitions in the Digital and Data segment and increases in the Television and Entertainment segment. Television and Entertainment segment revenues increased 2.5% to $410.3 million. Consolidated operating profit increased by $10.6 million to $60.9 million, with basic and diluted earnings per common share from continuing operations rising from 28 to 37 cents. Consolidated Adjusted EBITDA fell 6.5% to $129 million.
Revenues for the company's radio property, News-Talk WGN-A/CHICAGO, were not broken out separately.
Pres./CEO PETER LIGUORI said, "We generated top-line line growth in the first quarter and made progress against many of our key strategic objectives. First, we grew revenue market share across our stations, including, most importantly, our four largest markets. WGN AMERICA successfully continued its conversion from a superstation to a cable network and the network is telecast as a cable entity to 60% of our subscriber base, while generating a 52% increase in carriage revenues this quarter. Finally, the on-going expansion of our Digital and Data business yielded increased revenue and Adjusted EBITDA growth.
"Our results in the first quarter and our outlook for the remainder of the year give us confidence that we are on track to achieve our revenue and Adjusted EBITDA guidance for the full year."