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.
Tribune Media today reported fourth quarter 2016 results that included Television and Entertainment Segment revenue of $525.7 million compared to $465.5 million in the third quarter of 2015, an increase of $60.2 million, or 13%.
The company said the increase was driven by a $68.3 million increase in net political advertising revenue, an increase in retransmission revenue of $14.9 million, or 20%, and an increase in carriage fee revenue of $8 million, or 35%, partially offset by a decrease in core advertising revenue (comprising local and national advertising, excluding political and digital) of $33 million, or 10%.
The company said its core advertising was “negatively impacted by displacement from significant political advertising during the first five weeks of the fourth quarter.”
Television and Entertainment operating profit for 4Q 2016 was $136.9 million compared to an operating loss of $365.2 million in the year-earlier period.
Television and Entertainment Adjusted EBITDA for the fourth quarter of 2016 was $199.5 million compared to $151.6 million in the fourth quarter of 2015, an increase of $48.0 million, or 32%, primarily due to higher net political advertising, retransmission and carriage fee revenues, partially offset by lower core advertising revenue as well as higher programming expenses, excluding the program impairment charge in the fourth quarter of 2015.
For the full year 2016, Television and Entertainment segment revenues were $1,909.9 million compared to $1,752.5 million for 2015, an increase of $157.4 million, or 9%. Full year operating profit was $324.8 million as compared to an operating loss of $175.1 million in 2015.
Peter Liguori, Tribune Media’s president-CEO, said: “Bolstered by record fourth quarter revenues, Tribune Media’s financial results for 2016 were very strong. Consolidated revenues grew 8% and consolidated adjusted EBITDA was up 21% over last year, driven by strong political advertising revenue and solid growth in retransmission and carriage fee revenues. These results are a clear demonstration that our operational strategies continue delivering value for our shareholders.
“In addition, last year’s monetization of real estate assets for more than $500 million and the recent sale of Gracenote enables Tribune Media to be a more focused television company, uniquely positioned to take advantage of the opportunities presented by a rapidly changing media environment.”
The company as a whole reported consolidated operating revenue for the fourth quarter of $529.6 million compared to $478.0 million 4Q 2015, representing an increase of $51.6 million, or 11%.
Consolidated operating profit was $113.2 million compared to a consolidated operating loss of $396.9 million in 4Q 2015.
Read the company’s report here.
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