Tribune Media Revenue Rises In Fourth Quarter

Q4 Results

TRIBUNE MEDIA fourth quarter revenue rose 18% year-to-year to $578.7 million, with consolidated operating profit up from $123.4 million to $166 million.  Television and Entertainment segment advertising revenues increased 25% to $406.7 million; core advertising revenues (excluding political and digital revenues) decreased 4% to $286.9 million, with political advertising up 82% to $99.8 million and retransmission and carriage fees up 13% to $158.5 million.  Revenue for the company's only radio property, News-Talk WGN-A/CHICAGO, was not disclosed.  TRIBUNE is in the process of being sold to NEXSTAR MEDIA GROUP.

"2018 was an outstanding year for TRIBUNE MEDIA," said CEO PETER KERN.  "We reported record consolidated revenue and Adjusted EBITDA for both the fourth quarter and full year 2018, powered by exceptionally strong political advertising revenues, significant growth in retransmission and carriage fee revenues, and a meaningful contribution to our operating results from our cable network, WGN AMERICA.  Despite substantial political displacement, core advertising remained solid, delivering positive year-over-year growth from Election Day to the end of the year -- a trend we expect to continue in the first quarter of 2019.  In addition, our focus on containing costs across the company drove 2018 consolidated expenses down despite higher network affiliation fees.

"TRIBUNE MEDIA also made progress on several strategic fronts in 2018.  We continued maximizing the monetization of our real estate portfolio, reached long-term agreements with several cable and satellite providers, and, most importantly, announced our agreement to be acquired by NEXSTAR MEDIA GROUP at a price that creates significant value for our shareholders.  We continue working closely with NEXSTAR to gain regulatory approval of the transaction and look forward to its anticipated closing later this year."

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