12 items from 2016
Update: Tribune Media CEO Peter Liguori told analysts in a conference call that he’s still negotiating to resolve his company’s dispute with Dish Network, and is “hopeful” it can be resolved “soon.” But his company only lost $1 million in Q2 from the dispute. “Naturally we don’t like losing any revenue,” he says. “But the situation is manageable.” Previous, 5:06 Am: Tribune Media assured Wall Street this morning that it’s on track to hit its financial targets for 2016… »
The CW Network and Tribune Media Company have reached new long-term affiliation agreements for 12 of Tribune’s currently affiliated CW stations across the country, the companies announced on Monday. “We are extremely pleased to continue our strong relationship with The CW Network,” Peter Liguori, Tribune Media’s president and chief executive officer, said. “The primetime entertainment programming offered by The CW drives a passionate and loyal audience to our stations and we are looking forward to a lot of success.” The markets renewed cover 25 percent of the U.S. and serve more than 28 million households. The stations extending their affiliation agreements with. »
- Joe Otterson
The CW and Tribune Media have set a five-year affiliation pact for 12 core stations, but the deal calls for Wgn-tv Chicago to become an independent station.
The large Chicago station will drop the CW network as part of its parent company’s new affiliation agreement with the CBS-Time Warner joint venture, meaning Windy City residents will have to turn to Fox-owned Wpwr-tv Chicago for their fresh episodes of “Arrow,” “The Flash” and “Jane the Virgin” in the fall.
Twelve Tribune-owned stations will continue to broadcast the network, accounting for more than 28 million households, or more than 25% of the U.S.
The stations extending their affiliation agreements with the CW include Wpix-tv in New York, Ktla in Los Angeles, Kdaf in Dallas, Wdcw in Washington, DC, Kiah in Houston, Wsfl-tv in Miami, Kwgn-tv in Denver, Kplr-tv in St. Louis, Krcw-tv in Portland, Wcct-tv in Hartford, Wgnt in Norfolk and Wnol-tv in New Orleans. »
- Brian Steinberg and Cynthia Littleton
Tribune Media’s TV stations were rolling in political advertising dough during the first quarter but higher programming and marketing expenses for the launch of Wgn America dramas “Outsiders” and “Underground” put a dent into earnings.
Tribune saw a 10% year-over-year gain in revenue to $520.5 million while net income fell to $11.1 million, from $36.4 million. Tribune said its adjusted operating profit was $27.2 million, down from $60.9 million in the year-ago quarter.
Tribune Media CEO Peter Liguori emphasized that the company had planned for the higher programming costs with the launch of two dramas in the first quarter. The company reaffirmed its guidance for 2016 that includes projections of programming costs being generally flat and marketing costs slightly down compared to 2015.
Liguori also noted that “Outsiders” and “Underground” were both well-received by viewers, with “Outsiders” boosting Wgn America’s average primetime audience by a factor of eight (1.5 million viewers in L3 ratings) and “Underground” (1.8 million »
- Cynthia Littleton
Wgn America’s new series Outsiders and Underground are ratings successes for Tribune Media — and big contributors to its far lower than expected Q1 profits — CEO Peter Liguori told analysts today in his quarterly conference call to discuss earnings. The company decided to launch the dramas “away from the noise of the summer Olympics and the election campaign,” he said. That helped to boost programming expenses by $12 million and marketing expenses by $16 million vs last… »
Tribune Media CEO Peter Liguori saw his compensation drop by more than half in 2015 after he reaped a huge stock bonus in 2014.
Liguori has also extended his contract to lead the Chicago-based owner of major-market TV stations and cabler Wgn America through the end of 2017, according to a Securities and Exchange Commission filing.
Liguori’s total compensation dropped to $8.06 million in 2015, a little less than the $8.7 million that he took home in 2013. In 2014, Liguori’s paycheck was fattened by $11 million in stock options after Tribune completed its acquisition of the Local TV station group.
This year, Liguori was granted about $5 million in stock awards and stock options, on top of his base salary of $1.6 million and another $1.5 million in incentive compensation. He did not receive a bonus in 2015.
Tribune last month hung out the “For Sale” sign, announcing that it was pursuing acquisition and partnership options for its core assets. »
- Cynthia Littleton
This isn’t the time to hit Peter Liguori up for a big personal loan. The Tribune Media CEO took a pretty big pay cut last year, losing 65 percent of 2014’s executive compensation. He ended up taking in $8.1 million, far lower than 2014’s $23 million total. That said, the big boss’s 2015 pay was more in line with what he made in 2013 — the in-between year was a big number due to stocks and options. In 2013, Liguori made $8.8 million. Also Read: Wgn America's Not Off the Table in Potential Tribune Media Selling Spree Here’s how the top executive’s compensation breaks. »
- Tony Maglio
Tribune Media’s decision to wave the “For Sale” flag as it unveiled fourth-quarter and full-year 2015 earnings on Monday reflects the choppy waters that TV companies are navigating these days.
Tribune disclosed that it has hired two investment banks, Moelis & Co. and Guggenheim Securities, to help sort through sale or partnership options for its various TV, digital and data assets. It also took a $385 million write-down on the value of assets for the quarter — $381 million of which involved cabler Wgn America. That raised speculation that the company would put the brakes on its ramp up of original programming for the cabler, even as Wgna at present is enjoying its most successful original series to date with “Outsiders.”
Although Tribune insiders said Wgna was sticking to its strategic plan, it’s clear that the headwinds facing the industry at large and the extraordinary competition for viewers in the peak-tv era has taken a toll. »
- Cynthia Littleton
Tribune Media boss Peter Liguori squashed any notion that cable channel Wgn America would be off the table in a potentially coming company fire sale. “We’re just looking at our assets,” Ligouri (pictured above) told media analysts on Monday. “We view them as being incredibly valuable, they’re powerful, they’re performing well.” Unfortunately, no one at his company believes the current stock price is reflecting that. As a result, the board of directors revealed on Monday that it’s looking to possibly sell off certain businesses and assets. Also Read: Tribune Media to Explore Sale of Businesses and »
- Tony Maglio
Tribune Media, the large broadcasting company that was spun of from the old Tribune newspaper-publishing empire, said it would explore a sale of the company or some of its assets as part of an effort to boost shareholder value.
The company said it would consider everything from programming alliances to strategic partnerships as well as an outright sale of itself or some of its operations. Tribune also took a big write-down of $385 million for the full year 2015, citing the decline in value of its businesses. The charge and decision to put some or all of the company on the block could signal a curtailing of spending on original scripted series that cabler Wgn America has mounted for the past two years.
Tribune shares shot up more than 9% at the start of trading Monday on the news of the decision to engage Moelis & Co. and Guggenheim Securities to consider strategic alternatives. »
- Brian Steinberg
Tribune Media unveiled its fourth-quarter and full-year 2015 financials on Monday, topping Q4 earnings per share by 8 cents. The company also beat on revenue for the three-month period — but that doesn’t mean the morning was all good news. The Peter Liguori-led company announced plans to potentially sell off even more assets than it already had been, and the board of directors has hired Moelis & Co. and Guggenheim Securities as financial advisors. Tribune Media will also explore new partnerships. “The strategic and financial alternatives under consideration include, but are not limited to, the sale or separation of select lines of. »
- Tony Maglio
The CW and its top affiliate group Tribune are going down to the wire on renewing their affiliate agreement, which is up in the fall. The good news is, the two sides — Tribune and the CW owners CBS and Warner Bros. — are talking. After the low point in the relationship in 2014 when Tribune Media CEO Peter Liguori made some pointed comments about being “not pleased” with the CW, things have somewhat normalized, with the two sides keeping it civil, at least in… »
12 items from 2016
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