QUARTERLY REPORT

Tribune 2Q TV Revenue Off 1%

Tribune Media today reported second quarter 2019 earnings results that included Television and Entertainment Segment revenue of $482.6 million compared to $486.4 million in the second quarter of 2018, a decrease of $3.9 million, or 1%.

The company said the decrease was driven by a $17.6 million decrease in political advertising revenues and a $6.4 million, or 38%, decrease in other revenues, partially offset by a $15.2 million, or 13%, increase in retransmission revenues; a $2.2 million, or 1%, increase in core advertising revenues; and a $2.9 million, or 17%, increase in digital advertising revenues.

Revenues for the six months ended June 30, 2019 were $936.0 million compared to $927.1 million for the six months ended June 30, 2018, an increase of $8.9 million, or 1%. The increase was driven by increases in retransmission revenues and core advertising and digital advertising revenues, partially offset by a $22.8 million decrease in political advertising revenues and a decrease in other revenues.

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Television and Entertainment operating profit was $99.6 million for the second quarter of 2019 compared to $119.8 million for the second quarter of 2018, a decrease of $20.2 million, or 17%.

2Q Television and Entertainment operating profit was was $99.6 million for the second quarter of 2019 compared to $119.8 million for the second quarter of 2018, a decrease of $20.2 million, or 17%. The decrease was primarily due to a $22.4 million increase in programming expense and a decrease in operating revenues of $3.9 million, partially offset by a $6.7 million decrease in amortization expense as certain intangible assets were fully amortized at December 31, 2018.

Television and Entertainment adjusted EBITDA was was $148.8 million for the second quarter of 2019 compared to $173.8 million in the second quarter of 2018, a decrease of $24.9 million, or 14%, primarily due to higher programming expense.

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Television and Entertainment broadcast cash flow was $133.4 million for the second quarter of 2019 compared to $160.1 million in 2Q 2018, a decrease of $26.6 million, or 17%.

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The company as a whole reported consolidated operating revenues of $484.0 million compared to $489.4 million in the second quarter of 2018, representing a decrease of $5.3 million, or 1%. The decrease was primarily driven by declines in political advertising revenues and other revenues, partially offset by an increase in retransmission revenues as well as higher core and digital advertising revenues.

The company’s consolidated operating profit was $73.3 million for the second quarter of 2019 compared to $98.1 million for the second quarter of 2018, representing a decrease of $24.8 million, or 25%. The decrease was primarily due to an increase in programming expense and a decrease in operating revenues, partially offset by lower amortization expense.

Peter Kern, Tribune Media’s CEO, said: “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 Peter Kern, Tribune Media Company’s chief executive officer. “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.

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“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.”

Read the company’s report here.


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