Wednesday, October 15, 2014

Tribune Stock Buyback

I hadn't been following the stock price of Tribune Media closely, but apparently they've fallen on hard times. This was reported by the Tribune publishing wing yesterday...

Tribune Media Co., which has seen its valuation fall by more than a third since spinning off its publishing assets, has authorized a $400 million stock repurchase program, the Chicago-based company said Tuesday. "Our board of directors and senior management strongly believe that Tribune Media's free cash flows, growth prospects and long-term strategy are not reflected by the company's current stock price," Peter Liguori, Tribune Media's president and CEO, said in a statement. "The stock repurchase program that was announced today demonstrates our confidence in the strength of our businesses and commitment to delivering shareholder value."
Very interesting. When they spun it off, Tribune Media Co. was considered the shining star stock. Tribune Publishing was the one everyone assumed would sink.