Trib Media Reports 2Q Broadcast Revenue Rose

Tribune Media Co. on Tuesday reported improved second-quarter earnings in the first financial report since the recent split of the Tribune entertainment and publishing businesses, according to The Hollywood Reporter.

The media firm reported earnings of $82.9 million, up from $66.3 million in the year-ago period. Revenue rose 23 percent to $894.5 million, helped by the recent acquisition of TV stations. Operating profit fell 32 percent to $61.3 million from $89.6 million, but other factors boosted the bottom line.

After the end of the quarter, the company formerly known only as Tribune Co. changed its name to Tribune Media, with its print businesses recently spun off as Tribune Publishing.

Tribune Media consists of 42 owned or operated broadcast stations, national entertainment network WGN America, Tribune Studios, Tribune Digital Ventures, WGN Radio, real estate properties and strategic investments. Tribune Publishing‎ operates the Los Angeles Times, Chicago Tribune, Orlando Sentinel and other newspapers, as well as local news services.

Broadcasting unit revenue jumped 63 percent to $425.8 million, or 4.9 percent when adjusted for the recent TV station acquisition. Advertising revenue fell 2.2 percent, but retransmission revenue jumped 78.0 percent. Operating cash flow in the broadcasting segment fell from $149.2 million to $140.5 million amid $24.5 million of additional costs associated with new original programming at WGN America.