CHICAGO, June 19, 2017 /PRNewswire/ -- Tribune Media
Company (NYSE: TRCO) today announced its expected share of the
proceeds as a result of the sale of CareerBuilder, in which Tribune
holds a 32 percent ownership interest, to an investor group led by
investment funds managed by affiliates of Apollo Global Management
(NYSE: APO), a leading global alternative investment manager, and
the Ontario Teachers' Pension Plan Board. Tribune Media expects to
receive $157 million in cash, retain
an approximate 8 percent ownership stake in CareerBuilder on a
fully-diluted basis and recognize a $22
million cash tax benefit in 2017 as a result of an expected
taxable loss on the sale. Tribune Media expects to record a
non-cash impairment charge of approximately $64 million in the second quarter of 2017. The
transaction, which is subject to regulatory approval and customary
closing conditions, is expected to close in the third quarter of
2017.
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 approximately
50 million households, national entertainment cable network WGN
America, whose reach is approximately 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