With its OK following that of the Department of Justice, the commission’s move means Nexstar can close the $6.4 billion deal, which it said it expects to do shortly.
Chandler Bigelow, current chief strategies and operations officer, is appointed interim chief financial officer while a search for a successor is conducted.
With the purchase of Infostrada Sports and SportsDirect, the company becomes a global provider of music, movie, TV and sports data.
Tribune Media Co.’s board of directors today declared a quarterly cash dividend of $0.25 per share on the company’s Class A common stock and Class B common stock. In addition, holders of the company’s outstanding warrants will receive a cash payment equal to the amount of the dividend paid per share of common stock for each share of common stock such warrants are exercisable into. The dividend is payable on June 15 to stockholders and warrant holders of record at the close of business on June 1. This is the first quarterly dividend declared by the board of directors.
Former Viacom executive Josh Cogswell will drive audience development and engagement across the company’s broadcasting, data and studio divisions.
Tribune Media Co. said today that it has received approval to list its Class A common stock on the New York Stock Exchange. The company said it expects trading to begin on Friday, Dec. 5, under the symbol TRCO. Prior to then, the Class A stock will continue to trade on the OTC Bulletin Board, but trading on the OTC will cease concurrent with the listing of the Class A common stock on the NYSE. Tribune said its warrants and Class B common stock are expected to continue to be traded on the OTC.
Tribune Media’s second quarter earnings report underscores the importance of growing retransmission consent revenues to broadcast groups at a time when advertising remains soft. Retrans revenue alone spiked 78% to $57.1 million, while advertising revenue declined 2.2% to $336.6 million. It was the last quarter the company formerly known as Tribune Co. housed its broadcasting and publishing assets under one roof.
With its newspaper division spinoff complete the company redefines itself and launches a new website, www.tribunemedia.com. Tribune Media comprises Tribune Broadcasting, WGN America, Tribune Studios, Tribune Digital Ventures, WGN-AM Chicago and Tribune Real Estate.
Tribune Co. will hold its first annual meeting in seven years in Los Angeles next week and ask shareholders to approve changing the company’s name to Tribune Media Co.