Tribune Revenues Up In Fourth Quarter As Sinclair Reportedly Courts Company For Deal

Revs Up

TRIBUNE MEDIA COMPANY fourth quarter consolidated operating revenues increased 11% to $529.6 million, with operating profit up 129% to $113.2 million, Adjusted EBITDA up 38% to $181.5 million, and Television and Entertainment net advertising revenues up 10% to $384.6 million. 

The revenue increase was driven by political advertising, retransmission consent fees, carriage fees, and digital advertising revenues, partially offset by a drop in core advertising revenues and the sale of real estate which led to some revenues coming off the books for the quarter.  Net income also jumped from a net loss of $380.9 million to a gain of $19 million.  The company does not break out the figures for its only radio property, News-Talk WGN-A/CHICAGO and its associated WGN PLUS digital audio efforts.

"Bolstered by record fourth quarter revenues, TRIBUNE MEDIA's financial results for 2016 were very strong," said Pres./CEO PETER LIGUORI. "Consolidated revenues grew 8% and consolidated Adjusted EBITDA was up 21% over last year, driven by strong political advertising revenue and solid growth in retransmission and carriage fee revenues. These results are a clear demonstration that our operational strategies continue delivering value for our shareholders.  In addition, last year's monetization of real estate assets for more than $500 million and the recent sale of GRACENOTE enables TRIBUNE MEDIA to be a more focused television company, uniquely positioned to take advantage of the opportunities presented by a rapidly changing media environment."

The numbers come as REUTERS reports that TRIBUNE is being courted for a sale to, or merger with, another company with primarily television holdings and limited radio ownership, SINCLAIR BROADCAST GROUP.

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