7. TRIBUNE MEDIA
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; Peter Liguori, president-CEO, Tribune Media; Larry Wert, president, broadcast media; Dana Zimmer, president, distribution, Tribune Broadcasting.
What’s Up: In March, Tribune announced it had hired a couple of big investment firms — Moelis and Guggenheim — to conduct “a review of strategic and financial alternatives.” CEO Peter Liguori offered little detail, saying the company will explore “every avenue” — strategic partnerships, programming alliances, return-of-capital initiatives and “the sale or separation of select lines of business or assets.”
Tribune’s stations reach almost 44% percent of the country, topping the FCC’s 39% cap. The FCC gave Tribune an exemption when it acquired Local TV in 2013, allowing the company to surpass the cap. Bloomberg reported in March that Meredith Corp. was interested in buying some of Tribune’s stations.
In May, Tribune renewed 12 of its affiliations with The CW, but did not reup WGN Chicago. Beginning this fall WGN will become independent, with the CW affiliation moving to Fox-owned WPWR there.
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