Tribune Media might sell businesses, assets

SHARE Tribune Media might sell businesses, assets

Tribune Media wants to sell Tribune Tower, 435 N. Michigan Ave., and other real estate holdings. | File photo

Tribune Media Co., the owner of TV and radio stations, is considering selling some business lines or assets to boost shareholder value.

The Chicago-based company said Monday it has hired financial advisers to to “explore strategic and financial alternatives … [including] the sale or separation of select lines of business or assets.” Moelis & Co. and Guggenheim Securities were hired as advisers.

“We believe that the value of the portfolio of businesses of Tribune Media is not fully reflected in the stock price and intend to explore ways to unlock value by reviewing strategic alternatives,” Chairman Bruce Karsh said in a news release.

Tribune Media said it will continue efforts to sell Tribune Tower and other real estate properties.

The company says it has not set a deadline for completing the strategic review.

Tribune Media, created in the split-up of Tribune Co. in 2014, reported a net loss of $380.9 million, or $4.07 a share, for the quarter ended Dec. 31, compared with a profit of $314.7 million, or $3.14 a share, in the year-earlier period. Operating revenue totaled $547.6 million in the recent period, down slightly from $553.4 million a year earlier.

The company lost $319.9 million, or $3.38 a share, for the year ended Dec. 31, after earning $476.7 million, or $4.75 a share, in 2014. Operating revenue was up slightly in 2015 at $2.0 billion compared with $1.9 billion a year earlier.

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