Tribune Media eyes 'range' of strategic options

Tribune Media, the entertainment group created from the breakup of the Tribune Co. conglomerate, said today it is looking at a "full range" of options, including asset sales, to boost its value.
The group which owns the WGN cable television channel as well as local broadcast outlets and digital media, said it was considering "the sale or separation of select lines of business or assets, strategic partnerships, programming alliances and return of capital initiatives."
The move comes less than two years after the conglomerate that included newspaper and television assets broke itself up to help sharpen the focus on two industry segments.

Tribune Media chairman Bruce Karsh said the new effort aims to "unlock value" for the company, saying it is undervalued in the market.
"The board of directors and management remain focused on maximizing shareholder value," he said in a statement.
"We believe that the value of the portfolio of businesses of Tribune Media is not fully reflected in the stock price and intend to explore ways to unlock value by reviewing strategic alternatives."

The 2014 breakup of Tribune Co. Created the media group as well as Tribune Publishing, which owns the Los Angeles Times and Chicago Tribune.
The media group, however, retained much of the group's real estate including the historic Tribune Tower in Chicago and Los Angeles Times Square property, which are both in the process of being sold.

Tribune Media said Monday it "has broadened this sales activity to include numerous other properties and has accelerated the monetization of these assets."
The group reported a net loss for the past quarter of $382 million on revenues of $547 million, as it took a charge to write down the values of some assets.
Tribune Media includes 42 owned or operated local television stations, Tribune Studios and a number of digital brands including the Zap2it website.