Tribune Media Second Quarter Revenue, Income Dip

Down In Q2

TRIBUNE MEDIA COMPANY, awaiting the merger into NEXSTAR, reported that its second quarter consolidated operating revenues decreased 1% year-to-year to $484 million, with operating profit down from $98.1 million to $73.3 million and Adjusted EBITDA off 16% to $135.4 million. Net income attributable to the company fell from $84.4 million to $63.7 millio (96 to 71 cents per diluted share).

The Television and Entertainment division's advertising revenues fell 4% to $298.9 million, with core advertising revenues (excluding political and digital revenues) up 1% to $276 million and net political advertising revenues in the off year dropping from 2018's $20.7 million to $3 million this year. Retransmission and carriage fee revenues increased 10% to $173.1 million, and the company's cash distributions from its stake in TV FOOD NETWORK were $28.4 million.

Results for the company's sole radio property, News-Talk WGN-A/CHICAGO, were not released.

"TRIBUNE MEDIA's second quarter financial results were strong thanks to continued year-over-year growth in core advertising, digital advertising and retransmission revenues; all of which largely offset the anticipated decline in political advertising revenue during the quarter," said CEO PETER KERN. "In addition to the revenue growth in these areas, we were able to keep a tight grip on our cost structure.  As a result, total expenses, excluding the expected increase in network affiliate fees from the Fox renewal last year, were down on a year-over-year basis.

"Our second quarter results reflect the great work that continues to be done by our employees in advance of our pending transaction with NEXSTAR MEDIA GROUP -- we're very proud of their tremendous dedication.  We look forward to obtaining regulatory approval of the transaction soon and remain on track to close before the end of the third quarter."

« see more Net News