Tribune Media Q2 Profit Increases

(RTTNews) - Tribune Media Co.(TRBAA.PK) reported that its second-quarter 2014 net income increased to $82.92 million from the previous year's $66.31 million, with earnings per share improving to $0.83 from $0.66 last year.

Consolidated Adjusted EBITDA increased to $211.9 million from $177.0 million in the year ago quarter.

Consolidated revenues for the quarter rose to $894.5 million from $730.2 million last year.

Broadcasting segment revenues were $425.8 million an increase of $165.3 million, or 63%, as compared to $260.5 million last year.

Publishing segment revenues were $468.7 million, compared to $469.6 million in the prior year, a decline of $0.9 million, or 0.2%. This decline was primarily attributable to declines in advertising revenue of $19.0 million, offset by increases in other revenues largely resulting from the acquisition of Gracenote in the first quarter of 2014.

Commenting on the second quarter results, Peter Liguori, Tribune Media president and chief executive officer said, "I am very pleased with our accomplishments in the second quarter. The premiere of WGN America's original series, Salem, exceeded our expectations and we have renewed it for a second season. While the core advertising market experienced headwinds in the first half of the year, we continue to be encouraged by the strength of our new broadcast scale, as evidenced in our year-over-year retransmission fee increases, and feel positive about the opportunities presented by the political advertising landscape in the second half of 2014."