Tribune Media

Bloomberg’s Alex Sherman reports that a jump in stock prices today of Sinclair and Tribune may be due to the belief that an oft-rumored merger of the station groups may be imminent. The FCC is expected tomorrow to clear the way for the merger by easing its national TV ownership cap.

On April 25, Tribune Media planned to launch a new national news site — Tribune.com — featuring a combination of breaking news, in-depth feature reporting and opinion content. The company had spent months developing the site and staffing it up with reporters. By Wednesday, Tribune Media had already started the PR roll-out for the site. And then it abruptly pulled the plug. Around 1:30 p.m. on Wednesday, Tribune.com’s New York staff were summoned to a conference room and informed that they were being let go, a (now-former) Tribune employee told Politico.

21st Century Fox is weighing options to help derail a potential takeover of Tribune Media by Sinclair Broadcast Group, people familiar with the situation say. Fox is deliberating over possible choices after having been approached by several parties that are interested in acquiring Tribune directly or as part of a consortium, the sources say.

Sinclair Broadcast Group appears ready to acquire all of Tribune Media Co.’s assets, which include stakes in the Food Network and the WGN cable network, as well as 42 TV stations nationwide, several sources say.

Despite rumors of a Sinclair tie-up, Tribune Media is unlikely to sell off the whole company, according to Jefferies analyst John Janedis.

Outgoing Tribune CEO Peter Liguori didn’t comment on whether the company was in merger talks with the Sinclair. On his last call with analysts and investors he said he was “very bullish” about Tribune’s network affiliates’ getting carried on the virtual MVPDs; acknowledged that its stations’ core spot business was soft in December and January, but said Tribune is “highly encouraged” with the quickening pace of sales and predicted the company would meet its guidance for the year.

Sinclair Broadcast Group has made overtures to Tribune Media to discuss a potential combination, people familiar with the matter said today, a deal that would hinge on existing FCC ownership regulations being relaxed. A deal between Sinclair and Tribune, which have market capitalizations of $3.6 billion and $3 billion, respectively, would combine two of the country’s largest TV station owners.

That totals $526 million and is generated by a $68.3 million increase in net political advertising revenue, a 20% rise in retransmission consent revenue and an increase in carriage fee revenue of $8 million, or 35%, that was partly offset by a 10% drop in core advertising from political ad displacement.

Jeff Smith, the man dubbed “the investor CEOs fear most,” has taken a stake in Tribune Media, which owns 42 TV stations nationwide and cable operator WGN America.  Smith-led hedge fund Starboard Value disclosed in a filing with the SEC that it has acquired a 6.6% stake in Tribune Media, and noted that it may “engage in communications with management and the board of directors.”

The Tribune Media COO of broadcasting fills the Fox Affiliate Board seat.

It joins Gray Television and Fox Television Stations in announcing total money for its spectrum sales, but does not identify the stations involved.

Tribune Broadcasting has named Liz Grey Godbout news director of its Hartford-New Haven, Conn., Fox affiliate WTIC. Note: An earlier version of this post had her title incorrect in the headline.

Tribune Media on Wednesday announced that it completed its sale of Gracenote video, music and sports, to the Nielsen Co. for $560 million. After-tax proceeds are estimated to be approximately $500 million, of which $400 million was used to repay existing debt, with the remainder to be reinvested in the business. Tribune  Media will retain its ownership of the business-to-consumer websites, Covers.com and ProSportsDaily.com.

Peter Liguori, the company’s president since 2013, will leave that post and the board after the company’s next earnings report, expected in March. Board Chairman Bruce Karsh: “It became clear to Peter and the board that in this last year of his contract it was time to find a new CEO to run the more broadcast-centric company.”

The company says the move will let it focus on its core television and entertainment business. It also announces plans to repay debt and declare special dividend of approximately $500 million in first quarter of 2017.

With the impending sale of its iconic Tribune Tower headquarters, Tribune Media will be packing up and moving its offices across the Chicago River to the Illinois Center complex next year. A Tribune Media spokesman confirmed Monday that the company has leased two full floors of the 28-story high-rise at 303 East Wacker Drive.

It invests in the social media firm and will distribute and monetize ATTN: video content across its television and digital properties. In addition, both companies will develop and co-produce content to reach audiences across multiple platforms.

Although political displacement was said to be a factor, the Summer Olympics took the lion’s share of the blame for Tribune’s 6% loss in local core. The company has but two small-market NBC affiliates in its portfolio of 33 markets, and they picked up $4 million, but that represented only about 1% of total Olympic spending.

That totals $459 million and is generated by a $25.7 million increase in net political advertising revenue, a 13% rise in retransmission consent revenue to $8.8 million and an increase in carriage fee revenue of $9.4 million, or 48%, that was partly offset by a 6% drop in core advertising. Results would have been even better, CEO Peter Liguori said, “but for the Trump campaign’s substantially lower than expected spend on television advertising and the fact that our station portfolio does not benefit from Olympic advertising because we have only two relatively small NBC affiliates.”

While many publicly traded station groups have taken a very distinct path toward their digital media investments, one common denominator is forging relationships with third-party aggregators as well as search engine marketing and search engine optimization partners. Here’s how six station groups are taking advantage of their unique strengths to scale their offerings and maintain their leadership positions in digital.

Scripps Networks Interactive and Tribune Media today announced a multi-year extension of their Food Network partnership agreement. Financial terms of the agreement were not disclosed. “Food Network is the strongest […]

Tribune Media today announced the closing of three real estate sales — Tribune Tower, Los Angeles Times Square and the Olympic Printing Plant (Los Angeles) —for $430 million in gross cash proceeds and potential contingent payments of $45 million for total consideration that could reach $475 million. President-CEO Peter Liguori said: “We have made considerable progress toward achieving our goal of realizing at least $1 billion of gross proceeds from the sale of some of our most significant real estate holdings. Real estate sales closed from 2014 through today’s announcement have generated $576 million of gross cash proceeds.” He added that its remaining real estate portfolio is worth at least $500 million.

Roger Bare, longtime vice president and general manager of Tribune’s CW affiliate KIAH Houston, is stepping down from his job after 12 years but looking to stay in Houston.

One of Chicago’s most distinctive landmarks — the Tribune Tower, built in 1925 — is about to change hands. Tribune Media has accepted an offer potentially worth $240 million from Los Angeles-based CIM Group, which is expected to use the 35-story building as the centerpiece of a Michigan Avenue hotel, residential and retail development.

Political income fueled an overall revenue gain in the second quarter and going forward is expected to eclipse the company’s 2012 results by a wide margin. CEO Peter Liguori credited improved ratings performance across the television group and an investment in local news with generating a 2% increase of political share in its markets.

That totals $467 million and is generated by a $9.4 million increase in net political advertising revenue, an increase in retransmission consent revenue of $13.2 million and an increase in carriage fee revenue of $8.8 million.

He moves from interim CTO to permanent head of the broadcast group’s technology systems and infrastructure.

Steve Mosko, newly “liberated” from his position running Sony Television, has his eye on an acquisition, and troubled Tribune Media is his top target, according to an individual with knowledge of his conversations with bankers.

Tribune Broadcasting on Thursday responded to Dish Network’s call for binding arbitration in the two companies’ retransmission negotiations, calling it a “hollow offer, designed to mislead consumers and avoid returning to meaningful negotiation.” As an alternative, Tribune suggested allowing the FCC to monitor the negotiations through joint daily calls.

Dish Network subscribers had better get used to missing programming from local Tribune Media stations and WGN America for at least a little longer. Dish Network hasn’t responded to a Sunday night proposal Tribune made to resolve a retrans contract dispute, the programmer says today.

Millions of Dish subscribers lost access to 42 TV stations Sunday night after Dish and Tribune failed to reach an agreement on renewing their retrans deal.”Tribune is demanding an unreasonable rate increase for channels that are available for free over the air,” said Dish’s Warren Schlichting.

Tribune Media-owned Fox affiliate KTVI St. Louis (DMA 21) has hired John Brown, a former member of the station’s Fox 2 News in the Morning team. He returns to KTVI […]

7. TRIBUNE MEDIA, Chicago 2015 Spot Revenue: $1.209 billion  Stations: 54 stations in 34 markets  Coverage: 43.7%  Ownership: Tribune Media Co. (NYSE:TRCO)  Key Executives: Bruce Karsh, chairman, Tribune Media, and president/co-founder of Oaktree Capital Management; […]

The new agreement extends affiliations of all of Tribune’s CW outlets except WGN Chicago, which moves to Fox-owned WPWR. The deal covers 28 million television households across 25% of the U.S.

Expenses incurred at WGN America in launching two original shows lowered the profit number, but going forward those won’t be repeated and the shows are doing well, company execs tell investors. And more good news on the horizon is the outlook for political ad revenue at its TV stations, and not just from the presidential race. Said CEO Peter Liguori: “Control of the Senate is going to be a very big issue this fall, and we have TV stations in 21 of the 34 states holding Senate races.”

That totals $454.7 million and is generated by core advertising that grew 2.2% to $292 million; political ad revenue of more than $13 million, and retrans money that climbed 21% to $83.5 million.

Former NowThis and Vice Media exec Steven Belser named head of creative strategy and digital industry veteran Steve Baron named head of product and engineering.