The acquisition of the Local TV group in late 2013 guaranteed that Tribune was going to post substantial gains in revenue during the course of 2014 – but even with adjustments results were great.
The company also likely benefits from being separated from the newspaper of the earlier edition of Tribune.
Actual Q4 revenue grew 85% to $553.4M, and EBITDA was up 121% to $211.0. Adjusting for the Local TV acquisition, which was completed 12/27/13, and the figures are still excellent, with a revenue increase of 15% and an EBITDA increase of 30%.
Full year consolidated number demonstrated that the growth was sustained throughout the year. Revenue was up 70% to $1.949B and EBITDA was up 74% to $348.9M. Pro forma, revenue was up 8.8% and EBITDA was up 7.4%.
Peter Liguori, Tribune Media’s President and Chief Executive Officer, stated, “Our strong financial and operational results in the fourth quarter and full-year 2014 demonstrate the strength of our strategy to develop Tribune Media into a diverse modern media company.”
“For 2015, we are well-positioned to increase revenue by building our station group market share and growing substantially our retransmission consent and carriage fees. Importantly, we are accomplishing this in an off-cycle political year.”
“In terms of WGN America, we are taking a measured approach to investments in programming, which we believe will increase distribution, advertising revenue, carriage fees and brand value. We are particularly excited about the fourth quarter of 2015, when audiences will get a first-hand look at WGN America’s future, as we will premiere a full slate of exclusive syndicated and original series, which we anticipate will drive significant revenue, EBITDA, and margin growth for years to come.”
“In addition, given the strength of our balance sheet and our ongoing commitment to shareholder returns, we are pleased to announce a special dividend of $650 million and the intention to implement a regular quarterly dividend – all while preserving the financial flexibility to invest in and grow our business.”
“Combined, we are confident that the strength of our broadcast business, the growth trajectory of WGNA and our Digital and Data segments, our robust and valuable real estate portfolio, and our commitment to return capital to shareholders will drive significant shareholder value in 2015 and the years ahead.”
