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Tribune Media Q3 operating profit increased 473%

Staff Writer | November 9, 2016
Tribune Media Company reported its results for the third quarter ended September 30, 2016.
Tribune tower
Tribune Media   Operating revenues increased 6%
Consolidated operating revenues increased 6% to $518.1 million. Consolidated operating profit increased 473% to $222.4 million including net pretax gains on the sale of real estate of $213 million and a program impairment charge of $37 million.

Consolidated Adjusted EBITDA increased 16% to $130.4 million. Diluted income per common share was $1.61 compared to $0.29 in the third quarter of 2015 and included gains on the sale of real estate of $1.43 per common share recorded in the third quarter of 2016.

Adjusted diluted earnings per share, which excludes the gains on real estate sales, the impairment charge and certain other adjustments, was $0.48 compared to $0.28 in the third quarter of 2015.

Total Television and Entertainment net advertising revenues (which include political revenues) increased 3%, to $329.3 million.

Retransmission consent revenue increased 13% to $78.7 millio

Carriage fee revenue increased 48% to $29.0 million.

Digital ad revenue (which is included in net advertising revenues) increased 16% to $15.8 million.