Tribune Media Revenues Rise 6% In Second Quarter
August 13, 2015 at 5:21 AM (PT)
TRIBUNE MEDIA COMPANY second quarter consolidated operating revenue grew 6% to $501.5 million, with Television and Entertainment segment revenue up 4% to $445.6 million, credited to higher advertising revenues and increased carriage and retransmission fees. Digital and Data segment revenues rose 29% to $43.6 million. But consolidated operating profit decreased 39% to $19.8 million, and the company's basic and diluted loss per share from continuing operations was 4 cents, including a pre-tax charge of $37 million for loss on the extinguishment of debt related to refinancing of a term loan facility and issuance of $1.1 billion of 5.875% Senior Notes due in 2022. Revenue performance for the company's radio operation, News-Talk WGN-A/CHICAGO and its digital initiatives, is not broken out in the report.
President/CEO PETER LIGUORI said, "We are making noticeable progress against our strategy to build TRIBUNE MEDIA for sustainable, long-term, profitable growth. Our strategy is gaining momentum and accelerating top-line growth. Today's results reinforce our confidence that our strategy is the right one to drive long-term value for our shareholders.
"Our Television and Entertainment segment experienced revenue growth in all key areas and the outlook remains positive. We continue to post gains in our local station business due to its unique ability to deliver content to our loyal local viewers. Our decision to focus on local news and live sports, especially in major markets, is already paying dividends as we continue to grow advertising market share and generate higher retransmission fees. We are also encouraged that WGN AMERICA's conversion to a cable network is ahead of schedule and our investment in high quality original and syndicated content is creating value for our MVPD partners, advertisers and audience. Our Digital and Data segment is demonstrating its ability to develop new revenue-generating solutions and services for its expanding client base. With four strategic acquisitions in the quarter, the Digital and Data business is furthering its position as a major player in the evolving sports and entertainment data arena."
The company says that it is on target to meet 2015 revenue projections of $2 billion to $2.03 billion.