Feb. 29--Tribune Media, which last year put the historic Tribune Tower up for sale, may be looking to divest a lot more than its real estate holdings.
The Chicago-based television and entertainment company announced Monday it has hired Moelis Co. and Guggenheim Securities as financial advisers to explore a possible "sale or separation of select lines of business" in a bid to enhance shareholder value.
Peter Liguori, Tribune Media's president and CEO, said he would not rule out selling any of the company's assets, which include 42 TV stations, national cable channel WGN America and Gracenote, its entertainment metadata business.
"We're going on a process ... to explore every strategic financial option with just one simple, clear goal -- unlock the value of our stock," Liguori said on an earnings conference call Monday. "It includes each and every option."
Tribune Media reported a fourth-quarter loss of $381 million, or $4.07 per share. The company earned $315 million during the same quarter a year ago.
The loss was due in large part to a $385 million goodwill impairment charge, most of which was related to writing down the value of its cable business. WGN America is converting from a legacy superstation to a full-fledged cable network, with expensive original and syndicated programming decreasing "the short-term profitability of the network," Liguori said.
"It's a choppier time for cable networks than it was three years ago," Liguori said.
Revenue for the fourth quarter was down 1 percent, to $548 million, while full-year revenue was up 3 percent to $2 billion. Tribune Media reported a net loss of $320 million for 2015.
