Tribune Media Company (NYSE: TRCO) today reported its results for the three months and six months ended June 30, 2016.

SECOND QUARTER 2016 HIGHLIGHTS (compared to second quarter 2015)

• Consolidated operating revenues increased 5% to $526.1 million
• Consolidated operating profit increased 133% to $46.1 million
• Consolidated Adjusted EBITDA increased 38% to $127.5 million
• Diluted loss per common share was $1.76 compared to $0.04 in the second quarter of 2015 and included income tax charges of $2.11 per common share recorded in the second quarter of 2016 related to the Company's 2008 Newsday transaction. Adjusted diluted earnings per share, which excludes the Newsday-related income tax charges and certain other adjustments, was $0.42 compared to $0.19 in the second quarter of 2015
• Total Television and Entertainment net advertising revenues (which include political revenues) increased 1%, to $337.2 million, notwithstanding two fewer days in the second quarter of 2016
• Retransmission consent revenue increased 19% to $83.3 million
• Carriage fee revenue increased 41% to $30.4 million

"Our operating results for the second quarter and first-half of this year demonstrate that our fundamental strategies continue to drive solid growth in revenue and Adjusted EBITDA," said Peter Liguori, Tribune Media's President and Chief Executive Officer.

"Television and Entertainment net core advertising was up in the first six months of the year and flat in the second quarter after adjusting for the two fewer days in the quarter. Gross political advertising revenue is on track to be a record year and to meet our $200 million target. Retransmission consent and carriage fee revenues continue to increase, and WGN America is capitalizing on the success of "Underground", "Outsiders" and "Salem". Thanks to disciplined cost management, coupled with lower programming expenses, quarterly operating expenses are down from the second quarter of 2015. Importantly, we continue to make progress on our ongoing strategic review, including the monetization of our valuable real estate portfolio in what have been highly competitive bidding processes. We are confident we can deliver strong Adjusted EBITDA growth in the second half of 2016 and are reaffirming our full-year consolidated financial guidance."

SECOND QUARTER AND YEAR-TO-DATE 2016 RESULTS

Consolidated

Consolidated operating revenues for the second quarter of 2016 were $526.1 million compared to $501.5 million in the second quarter of 2015, representing an increase of $24.6 million, or 5%. The increase was driven by higher advertising revenue despite two fewer selling days in the quarter, retransmission consent and carriage fee revenues, and an increase in Digital and Data revenues.

For the six months ended June 30, 2016, consolidated operating revenues were $1,046.6 million compared to$974.3 million in the six months ended June 30, 2015, representing an increase of $72.4 million, or 7%.

Consolidated operating profit was $46.1 million for the second quarter of 2016 compared to $19.8 million in the second quarter of 2015, representing an increase of $26.4 million, or 133%. The increase was primarily attributable to Television and Entertainment operating profit driven by higher revenues and lower programming costs, partially offset by higher operating losses for Digital and Data and Corporate and Other. For the six months ended June 30, 2016, consolidated operating profit decreased $7.4 million to $73.4 million from $80.7 million in the six months ended June 30, 2015.

In the second quarter of 2016, as a result of extensive discussions with the IRS administrative appeals division, the Company reevaluated its tax litigation position related to the transaction the Company consummated in 2008 in connection with the formation of the Newsday partnership. As a result, the Company recorded a $102 million charge included in income tax expense to establish a reserve for federal and state taxes, interest and penalties net of federal and state tax benefit for deductible interest. The Company expects to reach a resolution of the tax dispute in the second half of 2016. In connection with the recording of this reserve, the Company also recorded $91 million of income tax expense to increase the Company's deferred tax liability to reflect a reduction in the tax basis of the Company's assets. These income tax charges totaled $193 million, or $2.11 per common share, in the second quarter of 2016.

Consolidated net loss was $161.6 million in the second quarter of 2016 compared to a net loss of $3.3 million in the second quarter of 2015. Diluted loss per common share for the second quarter of 2016 was $1.76compared to $0.04 for the second quarter of 2015. Adjusted diluted earnings per share ("Adjusted EPS") for the second quarter of 2016 was $0.42 compared to $0.19 for the second quarter of 2015. Both diluted loss per common share and Adjusted EPS in the second quarter of 2016 include an income tax benefit of $1.8 million, or$0.02 per share, related to certain state income tax matters and other tax adjustments.

Consolidated net loss was $150.5 million for the six month ended June 30, 2016 compared to net income of$33.2 million for the six months ended June 30, 2015. For the six months ended June 30, 2016, diluted loss per common share was $1.64 compared to diluted earnings per share of $0.34 for the six months ended June 30, 2015. Adjusted EPS for the six months ended June 30, 2016 was $0.61 compared to $0.59 for the six months ended June 30, 2015. Both diluted loss per common share and Adjusted EPS for the six months ended June 30, 2016, include a net income tax charge of $2.0 million, or $0.02 per share, including a $3.8 million charge related to the write-off of unrealized deferred tax assets related to stock-based compensation, partially offset by the income tax benefit recorded in the second quarter of 2016 noted above.

Consolidated Adjusted EBITDA increased to $127.5 million in the second quarter of 2016 from $92.3 million in the second quarter of 2015, representing an increase of $35.2 million, or 38%. The increase in consolidated Adjusted EBITDA was primarily attributable to higher retransmission consent and carriage fee revenues and a decrease in programming expenses. For the six months ended June 30, 2016, consolidated Adjusted EBITDA increased $12.1 million, or 5%, to $233.3 million as compared to $221.3 million in the six months ended June 30, 2015.

Cash distributions from equity investments in the second quarter of 2016 were $36.3 million compared to $34.2 million in the second quarter of 2015. Cash distributions for the six months ended June 30, 2016 were $125.6 million compared to $129.1 million for the six months ended June 30, 2015.

Television and Entertainment

Revenues were $467.1 million in the second quarter of 2016 compared to $445.6 million in the second quarter of 2015, an increase of $21.5 million, or 5%, which we achieved notwithstanding having two fewer selling days in the quarter. The increase was driven by a $9.4 million increase in net political advertising revenue, an increase in retransmission consent revenue of $13.2 million, or 19%, and an increase in carriage fee revenue of$8.8 million, or 41%, partially offset by a decrease in core advertising (comprised of local and national advertising, excluding political) of $8 million, or 2%.

Television and Entertainment segment revenues for the six months ended June 30, 2016 were $921.8 millioncompared to $855.9 million for the six months ended June 30, 2015, an increase of $65.9 million, or 8%. The increase was driven by a $22.7 million increase in net political advertising revenues, an increase in retransmission consent revenues of $27.9 million, or 20%, and an increase in carriage fee revenues of $18.3 million, or 42%.

Television and Entertainment operating profit for the second quarter of 2016 was $83.6 million compared to$47.1 million in the second quarter of 2015, an increase of $36.5 million, or 78%. Television and Entertainment Adjusted EBITDA for the second quarter of 2016 was $141.7 million compared to $104.3 million in the second quarter of 2015, an increase of $37.5 million, or 36%, due to higher revenues and lower programming and promotion costs. For the six months ended June 30, 2016, Television and Entertainment operating profit was$142.3 million as compared to $126.4 million for the six months ended June 30, 2015, an increase of $15.9 million, or 13%. Television and Entertainment Adjusted EBITDA was $257.7 million as compared to $239.2 million for the six months ended June 30, 2015, an increase of $18.4 million, or 8%.

Digital and Data

Revenues in the second quarter of 2016 were $47.3 million compared to $43.6 million in the second quarter of 2015, an increase of $3.7 million, or 9%. The increase was primarily due to additional revenue attributable to the acquisitions made in May 2015 and higher video revenues, partially offset by declines in music revenue. For the six months ended June 30, 2016, Digital and Data segment revenues were $100.6 million, an increase of$6.8 million, as compared to $93.8 million for the six months ended June 30, 2015.

Digital and Data operating loss for the second quarter of 2016 was $10.3 million compared to an operating loss of $4.2 million in the second quarter of 2015. Digital and Data Adjusted EBITDA was $2.4 million in the second quarter of 2016 compared to $6.6 million in the second quarter of 2015, a decrease of $4.3 million, primarily due to higher operating expenses related to the 2015 acquisitions and the development of new products. For the six months ended June 30, 2016, Digital and Data operating loss was $13.2 million compared to $0.4 millionfor the six months ended June 30, 2015. Digital and Data Adjusted EBITDA was $11.3 million compared to$19.1 million in the six months ended June 30, 2015.

Corporate and Other

Real estate revenues for the second quarter of 2016 were $11.6 million compared to $12.3 million for the second quarter of 2015, representing a decrease of $0.6 million, or 5%, primarily due to recent property sales. Real estate revenues for the six months ended June 30, 2016 were $24.2 million, compared to $24.5 million for the six months ended June 30, 2015, representing a decrease of $0.3 million, or 1%.

Corporate and Other operating loss for the second quarter of 2016 was $27.2 million compared to $23.2 millionin the second quarter of 2015. Corporate and Other Adjusted EBITDA for the second quarter of 2016 represented a loss of $16.6 million compared to a loss of $18.6 million in the second quarter of 2015. The decrease in loss was primarily a result of lower technology and shared services expenses. For the six months ended June 30, 2016, Corporate and Other operating loss for the six months ended June 30, 2016 was $55.8 million compared to $45.3 million for the six months ended June 30, 2015. Corporate and Other Adjusted EBITDA represented a loss of $35.7 million, compared to a loss of $37.1 million for the six months ended June 30, 2015.

RETURN OF CAPITAL TO SHAREHOLDERS

Stock Repurchase Program

On February 24, 2016, the Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $400 million of its outstanding Class A common stock. During the second quarter of 2016, the Company repurchased 1,473,364 shares of the Company's Class A common stock in open market transactions for an aggregate purchase price of approximately $56 million. Since the announcement of the new stock repurchase program on February 24, 2016 through August 5, 2016, the Company has repurchased an aggregate of 2,516,663 shares of the Company's Class A common stock in open market transactions at an aggregate purchase price of approximately $96 million. As of August 5, 2016, the remaining authorized amount under the current program totaled $304 million.

Quarterly Dividend

On August 3, 2016, the Company's Board of Directors approved a quarterly cash dividend of $0.25 per share on the Company's common stock. In addition, holders of the Company's outstanding warrants will receive a cash payment equal to the amount of the dividend paid per share of common stock for each share of common stock such warrants are exercisable into. The dividend is payable on September 2, 2016, to stockholders of record at the close of business on August 19, 2016. This is the sixth quarterly dividend declared under the Company's dividend program announced on March 6, 2015. Future dividends will be subject to the discretion of the Company's Board of Directors.

RECENT DEVELOPMENTS

Real Estate Transactions

On June 2, 2016, the Company sold its Allentown, PA property for net proceeds of $8 million and on May 2, 2016, the Company sold its Deerfield Beach, FL property for net proceeds of $24 million.

On July 7, 2016, the Company sold its Seattle, WA real estate for net proceeds of $19 million and entered into a long-term lease of the facilities on the property for the continued operations of its two television stations, KCPQ-TV and KOJO-TV. On July 12, 2016, the Company sold two of its Orlando, FL properties for net proceeds of$34 million. On July 14, 2016, the Company sold its Arlington Heights, IL property for net proceeds of $0.4 million.

Additionally, as of August 9, 2016, the Company has agreements for the sales of the Los Angeles Times Square property and the Olympic Printing Plant facility located in Los Angeles, CA, certain broadcasting properties located in Chicago, IL and Denver, CO and properties in Baltimore, MD. All of these transactions are expected to close during the third quarter of 2016. Non-refundable deposits are currently held in escrow for the Los Angeles Times Square and Olympic Plant properties, subject to the terms of such sale agreements. The closing of these transactions is subject to certain adjustments and customary closing conditions and there can be no assurance that these sales will be completed in a timely manner or at all.

DISH Network

On June 12, 2016, Tribune Broadcasting's programming agreement with DISH Network expired and as a result the Company's stations and WGN America have been off DISH Network since such date. If we are unable to enter into a new contract with DISH Network, our retransmission consent and carriage fees and other revenues will be impacted in future periods.

FINANCIAL GUIDANCE

The Company is reaffirming guidance related to its 2016 full year, except for Real Estate and Corporate and Other Adjusted EBITDA guidance both which we are slightly modifying to reflect real estate sales that have closed to date. The actual results for the full year may differ materially from the below guidance due to, among other factors, the strategic and financial alternatives discussed in our fourth quarter and full year 2015 earnings release. In particular, the Company's full year consolidated revenue guidance may be impacted by the loss of rental income if certain material real estate sale transactions are consummated in the near future or by the continuation of our dispute with DISH Network depending on its duration. The following statements, by their nature, are forward-looking and are subject to substantial risks and uncertainties, which are discussed below under "Cautionary Statement Regarding Forward-Looking Statements."

For full year 2016, the Company expects:

Consolidated revenues to be between $2.25 billion and $2.28 billion
Consolidated Adjusted EBITDA to be between $615 million and $645 million

Television and Entertainment segment revenues to be between $1.975 billion and $2.000 billion
Television and Entertainment segment Adjusted EBITDA to be between $640 million and $665 million

Digital and Data segment revenues to be between $225 million and $235 million
Digital and Data segment Adjusted EBITDA to be between $47 million and $50 million

Real estate revenues to be approximately $45 million
Real estate expenses to be approximately $24 million
Corporate expenses to be between $93 million and $95 million
Corporate and Other Adjusted EBITDA to be between $(72) million and $(74) million

Capital expenditures to be approximately $127 million ($63 million of which is non-recurring)
Cash taxes to be between $115 million and $125 million (excludes payments for any potential Newsday resolution and transactions such as real estate sales)
Cash interest to be approximately $160 million

See "Non-GAAP Financial Measures" below for more information regarding certain financial measures we present that are not recognized under accounting principles generally accepted in the U.S. ("GAAP").

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 approaching 80 million households, Tribune Studios, and Gracenote, one of the world's leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includesChicago'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 other strategic investments in media. For more information please visit www.tribunemedia.com.