Tribune Media First Quarter Revenues Up 10%
May 10, 2016 at 4:47 AM (PT)
TRIBUNE MEDIA COMPANY first quarter consolidated operating revenues increased 10% to $520.5 million, with core advertising revenues up 2.2% to $291.8 million and net political advertising revenues up 169% on a pro forma basis compared to 2012's first quarter to $15.3 million. Consolidated Adjusted EBITDA decreased 18%. The numbers for the company's sole radio property, News-Talk WGN-A/CHICAGO (and its WGN PLUS digital component), are not disclosed separately; the Television and Entertainment division saw revenues rise 11% to $454.7 million, and the Digital and Data division's revenues rose 6.1% to $53.3 million.
"We had yet another quarter of strong top-line growth," said President/CEO PETER LIGUORI. "Our broadcast business posted solid results, highlighted by continued growth in core advertising, retransmission consent and carriage fee revenues, as well as very strong spending on political advertising. At our cable network, WGN AMERICA, the undeniable success of this quarter's two new original series, 'Outsiders' and 'Underground,' demonstrates that our plan to reinvent the network is working better than we could have imagined. We are pleased with our first quarter results and as our reaffirmed full year guidance indicates, we expect significant Adjusted EBITDA growth for the remainder of 2016."
The company's board also approved a quarterly cash dividend of $0.25 per common share, and payment to holders of the Company's outstanding warrants in the amount of the dividend paid per share of common stock for each share of common stock such warrants are exercisable into. The dividend is payable on JUNE 6th to shareholders of record as of MAY 20th. In addition, the company found another buyer for the north block of the LOS ANGELES TIMES SQUARE property; the previous deal to sell the lot was terminated during first quarter. And the company reaffirmed its guidance for 2016 full year revenues to be between $2.25 billion and $2.28 billion, and for Consolidated Adjusted EBITDA to be between $615 million and $645 million.