NEW YORK, Feb. 8, 2017 /PRNewswire/ -- Tribune Media Company (NYSE: TRCO) (the "Company") announced today that it anticipates receiving approximately $190 million in pre-tax proceeds resulting from the Federal Communication Commission's recently completed reverse auction for broadcast spectrum.
The anticipated proceeds reflect the FCC's acceptance of one or more bids placed by Tribune Media or channel share partners of television stations owned or operated by Tribune Media during the auction to modify and/or surrender spectrum used by certain of such bidder's television stations. The results of the auction are not expected to produce any material change in operations or results for the Company.
The Company expects to receive the proceeds in the second half of 2017.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements express the Company's current expectation of future events or its future performance and do not relate directly to historical or current events. As such, the Company's future actions and related results may vary from any expectations or goals expressed in, or implied by, the forward-looking statements included in this press release, possibly to a material degree. Such forward-looking statements are based on current expectations and assumptions of the Company's management that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, the timing of the completion of the auction and related payment of proceeds, the potential impact of the modifications to and/or surrender of spectrum on operation of the Company's television stations, the costs, terms and restrictions associated with the actions necessary to modify and/or surrender the spectrum, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and subsequent filings. The Company can offer no assurance that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term goals will be realized. All forward-looking statements included in this press release speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise.
Tribune Media Company (NYSE: TRCO) 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 more than 50 million households, national entertainment network WGN America, whose reach is approaching 80 million households, Tribune Studios, and a variety of digital applications and websites commanding 60 million monthly unique visitors online. 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 a variety of investments, including a 32% interest in CareerBuilder, LLC and a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel. For more information please visit www.tribunemedia.com.
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SOURCE Tribune Media Company