In addition, the company announced that on February 24, 2016 the Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $400 million of its outstanding Class A common stock.
The strategic and financial alternatives under consideration include, but are not limited to, the sale or separation of select lines of business or assets, strategic partnerships, programming alliances and return of capital initiatives. The Board of Directors and the Company have retained Moelis & Co. and Guggenheim Securities as financial advisors to assist in this process.
Tribune Media has not set a definitive timetable for the completion of its review of alternatives and does not currently intend to make any further disclosures regarding its exploration of alternatives until such time as any definitive agreements may be entered into in the process or as otherwise appropriate or required.
In addition, the Company and the Board announced that the Company has entered into new and amended employment agreements with three senior executives. Peter Liguori, the Company's President and Chief Executive Officer, entered into a new two-year employment agreement. The Company named Chandler Bigelow as Executive Vice President and Chief Financial Officer. The Company also expanded the scope of responsibilities of Tribune Media's General Counsel, Eddie Lazarus, by naming him Chief Strategy Officer.
Consolidated operating revenues decreased 1% in the fourth quarter due to 2015 being an off-cycle political year; excluding the impact of political advertising, consolidated operating revenues increased 8% in the fourth quarter.
Retransmission consent revenue increased 27% in the fourth quarter and 24% for the full year. Carriage fee revenue increased 58% in the fourth quarter and 49% for the full year.
Tribune Media reported a net loss of $320 million and an operating loss of $263 million for the year ended December 31, 2015.