Tribune Media Second Quarter Revenues Up 5%
August 9, 2016 at 4:44 AM (PT)
TRIBUNE MEDIA COMPANY second quarter 2016 consolidated operating revenues increased 5% to $526.1 million, boosted by increased ad revenue and retransmission consent fees and increases in digital and data revenues, with consolidated operating profit up 133% to $46.1 million. A big income tax bill from the 2008 sale of NEWSDAY -- $102 million -- plus $91 million from an income tax expense to increase the deferred tax liability to reflect a reduction in the company's tax basis led to a consolidated net loss of $161.6 million, widening from $3.3 million in 2015's second quarter (4 cents to $1.76 diluted loss per common share).
Results for the company's sole radio property, News-Talk WGN-A/CHICAGO and its WGN PLUS digital audio offerings, are not broken out in TRIBUNE's reports; the Television and Entertainment segment, within which WGN is included, saw an 8% revenue increase to $921.8 million, driven by increases in net political advertising revenues, retransmission consent revenues, and carriage fee revenues.