Tribune Media Earnings More Than Double

Tribune Media Company, parent of WGN 720 AM Chicago, today reported its results for the three months and year ended December 28, 2014 and announced a special dividend of $650 million as well as the adoption of a quarterly dividend policy.

On March 5, Tribune's Board of Directors authorized and declared a special cash dividend of $6.73 per share on the Company's Class A common stock and Class B common stock. In addition, holders of warrants will receive a cash payment equal to the amount of the dividend paid per common share for each share of common stock such warrants are exercisable into. The dividend is payable on April 9, 2015 to stockholders and warrant holders of record at the close of business on March 25, 2015. The aggregate payment the Company will make to its security holders in connection with this special dividend is approximately $650 million.

Fourth Quarter 2014 Financial Highlights

• Consolidated operating revenues grew 85% to $553.4 million as compared to $299.5 million in Q4'13.
• Consolidated operating profit grew 276% to $163.4 million as compared to $43.4 million in Q4'13.
• Consolidated Adjusted EBITDA grew 121% to $211.0 million as compared to $95.3 million in Q4'13.

Full Year 2014 Financial Highlights

• Consolidated operating revenues grew 70% to $1,949.3 million as compared to $1,147.2 million in 2013.
• Consolidated operating profit grew 51% to $301.1 million as compared to $199.0 million in 2013.
• Consolidated Adjusted EBITDA, which excludes cash distributions from equity investments, grew 74% to $607.8 million as compared to $348.9 million in 2013.

2014 Strategic Highlights

• Successfully converted 50% of WGN America subscriber base from superstation to cable.
• Successfully launched two original series on WGN America, Salem and Manhattan.
• Completed four strategic acquisitions within our Digital and Data segment – Gracenote, What's-ON, Baseline and HWW.
• Completed the spin-off of the Company's publishing operations into an independent publicly-traded company.

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."

Peter Liguori

"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."

"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."