Tribune Media, which owns 42 TV stations and cable network WGN America and has agreed to be acquired by broadcasting giant Nexstar Media Group for $4.1 billion, on Friday reported lower, but better-than-expected second-quarter earnings as higher retransmission and carriage revenue was more than offset by lower political advertising and other revenue, as well as higher programming expenses.
Tribune Media CEO Peter Kern and his team won't hold a conference call with analysts due to the pending Nexstar deal. Quarterly operating profit came in at $73.3 million, down 25 percent from the second quarter of 2018 due to higher programming expenses and lower revenue. Adjusted earnings before interest, taxes, depreciation and amortization , another profitability metric, fell from $160.8 million to $135.4 million.
Source: News Formal (newsformal.com)
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