Tribune Media Announces $400 Million Stock Repurchase Program
NEW YORK, Oct. 14, 2014 /PRNewswire/ -- Tribune Media Company (OTC:TRBAA) today announced that its Board of Directors has authorized a stock repurchase program, under which the Company may repurchase up to $400 million of its outstanding Class A common stock.
"Our Board of Directors and senior management strongly believe that Tribune Media's free cash flows, growth prospects and long-term strategy are not reflected by the company's current stock price," said Peter Liguori, Tribune Media's President and Chief Executive Officer. "The stock repurchase program that was announced today demonstrates our confidence in the strength of our businesses and commitment to delivering shareholder value."
Under the stock repurchase program, Tribune Media may repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Due to applicable securities laws, the Company's repurchase of shares will not begin before the release of the Company's financial statements for the third quarter ending September 28, 2014, which is expected to be in mid-November. The extent to which Tribune Media repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Tribune Media's management team. The repurchase program may be suspended or discontinued at any time. The Company expects to finance the purchases with existing cash balances.
Tribune Media Company (OTC:TRBAA) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's 42 owned or operated local television stations reaching 50 million households, national entertainment network WGN America, available in 72 million households, Tribune Studios, and Tribune Digital Ventures, including Gracenote, one of the world's leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includes Chicago's WGN-AM and the national multicast networks Antenna TV and THIS TV. Additionally, the company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media. For more information please visit www.tribunemedia.com.
SOURCE Tribune Media Company
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