23 Dec Tribune Media Announces Sale of CW Network Affiliation in Indianapolis
Tribune Media Company (NYSE: TRCO) today announced the sale of its CW network affiliation in Indianapolis to Media General, Inc. As a result of the transaction, Media General will acquire the CW affiliation beginning on January 1, 2015. Specific financial terms of the transaction were not disclosed.
“We are pleased to have reached this agreement, which is financially accretive to Tribune Media and good for The CW network with whom we remain a strong partner,” said Peter Liguori, Tribune Media’s President and Chief Executive Officer. “This transaction underscores our sharp focus on consistently improving the value of our broadcasting portfolio and on driving profitability for our business.”
Today’s announcement takes place against the backdrop of a prior agreement between Tribune Media and CBS by which, as of January 1, 2015, the CBS affiliate in the Indianapolis area will begin broadcasting on Tribune Media’s WTTV (Channel 4). Given this, The CW was scheduled to move from its current location on Channel 4 to Tribune Media’s digital multicast channel WTTV 4.2. This move would have resulted in a loss of approximately half of The CW’s Indianapolis household distribution since .2 networks are not carried by telecom or satellite providers in this market.
Today’s announcement does not impact Tribune Media’s remaining 13 CW affiliated stations.
###
ABOUT TRIBUNE MEDIA:
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching more than 50 million households, national entertainment network WGN America, available in approximately 71 million households, Tribune Studios, and Gracenote, one of the world’s leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includes Chicago’s WGN-AM, the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media. For more information please visit www.tribunemedia.com.
MEDIA CONTACT:
Christa Robinson
Chief Communication Officer
212/210-2794
christa@tribunemedia.com
INVESTOR CONTACT:
Donna Granato
VP/Corporate Finance, Investor Relations
212/210-2703
dgranato@tribunemedia.com