Tribune Media Competitive Intelligence & Landscape

Prior to the acquisition, Tribune Media Company was a major player in local media, owning or operating 42 television stations across 33 markets, in addition to cable networks [https://www.tribunemedia.com/sinclair-broadcast-group-to-acquire-tribune-media-company-for-approximately-3-9-billion/]. The company reported strong financial performance, with Peter Kern, then CEO, noting an "outstanding year for Tribune Media" in 2018 with record consolidated revenue and Adjusted EBITDA [https://www.tribunemedia.com/tribune-media-company-reports-fourth-quarter-and-full-year-2018-results/]. The website's content reflects a history of corporate and financial releases from Tribune Media [https://www.tribunemedia.com/media-relations/press-release-library/].

The target market for the pre-acquisition Tribune Media was broad, encompassing viewers in numerous U.S. markets through its extensive network of television stations. The core products and services revolved around local content distribution, marketing solutions, and providing locally-focused news and programming. The Nexstar Media Group acquisition further expanded this reach, creating the nation's largest local television broadcaster capable of reaching 15 of the top 25 U.S. markets and producing over 254,000 hours of local content annually [https://www.tribunemedia.com/nexstar-media-group-completes-tribune-media-acquisition-creating-the-nations-largest-local-television-broadcaster/].

Prior to the acquisition, Tribune Media focused on B2B partnerships and content distribution. For instance, in July 2018, Tribune Broadcasting, a division of Tribune Media Company, launched an 'always-open' TV ad sales operation through a technology partnership with WideOrbit for programmatic TV advertising [https://www.tribunemedia.com/tribune-broadcasting-tv-ad-sales-open-24-7-365-with-wideorbits-programmatic-marketplace/]. This indicated a move towards automated, data-driven advertising sales for local spot ads rather than direct consumer pricing plans.

In January 2019, Tribune Media also partnered with ART19 to launch an expansive audio network, leveraging ART19's technology and services as its official podcasting partner [https://www.tribunemedia.com/tribune-media-partners-with-art19-to-launch-expansive-audio-network/]. This collaboration aimed to extend its local and national brands into podcasting, suggesting revenue generation through content syndication and advertising models rather than subscription tiers for end-users. Additionally, Tribune Broadcasting signed a multi-year agreement with Nielsen in February 2018 for national and local TV measurement, indicating a focus on audience data and analytics for its broadcast operations [http://www.tribunemedia.com/nielsen-and-tribune-broadcasting-sign-multi-year-agreement-for-national-and-local-tv-measurement/].

Following the acquisition, Nexstar Media Group integrated key personnel from Tribune Media into its operations. Notably, Sean Compton joined Nexstar as Executive Vice President, WGN America, WGN Radio, and Director of Content Acquisition, overseeing former Tribune Media properties and programming acquisitions ["Nexstar also announced that three former members of Tribune Media’s senior management team have joined Nexstar, effective immediately:" (https://www.tribunemedia.com/nexstar-media-group-completes-tribune-media-acquisition-creating-the-nations-largest-local-television-broadcaster/)]. This suggests that while Tribune Media as an independent entity no longer actively hires, its former employees and properties were absorbed into the larger Nexstar Media Group, which would be the new employer.

The website tribunemedia.com itself now states, "COPYRIGHT © 2024 Nexstar Media Group | All Rights Reserved," and features information about Nexstar Media Group prominently on its homepage ["Tribune Media | Media Media Merger News Press Coverage A roundup of news coverage regarding Tribune - Nexstar..." (https://tribunemedia.com/)]. This indicates that Tribune Media as a standalone hiring entity is effectively defunct, with any hiring activities now conducted under the Nexstar Media Group umbrella. The acquisition by Nexstar was approved by the FCC on September 16, 2019 ["Tribune Media Statement on FCC Approval of Nexstar Transaction" (https://www.tribunemedia.com/tribune-media-statement-on-fcc-approval-of-nexstar-transaction/)], further cementing this organizational change.

Tribune Media was involved in significant M&A activities, notably two acquisition attempts. In May 2017, Sinclair Broadcast Group, Inc. entered into a definitive agreement to acquire Tribune Media Company for approximately $3.9 billion, at $43.50 per share, plus the assumption of approximately $2.7 billion in net debt [https://www.tribunemedia.com/sinclair-broadcast-group-to-acquire-tribune-media-company-for-approximately-3-9-billion/].

Subsequently, in December 2018, Nexstar Media Group, Inc. announced a definitive merger agreement to acquire Tribune Media Company for $46.50 per share in a cash transaction valued at $6.4 billion, including the assumption of outstanding debt [https://www.tribunemedia.com/nexstar-media-group-enters-into-definitive-agreement-to-acquire-tribune-media-company/]. This acquisition by Nexstar Media Group was ultimately completed on September 19, 2019, for approximately $7.2 billion, which included the assumption of Tribune Media's outstanding debt, with shares acquired for $46.687397 per share in cash [https://tribunemedia.com/nexstar-media-group-completes-tribune-media-acquisition-creating-the-nations-largest-local-television-broadcaster/].

Tribune Media also engaged in conference calls and webcasts related to its acquisition by Nexstar Media Group. A conference call was held on December 3, 2018, to review the definitive agreement for acquisition "Nexstar Media Group Enters Into Definitive Agreement to Acquire Tribune Media Company". Following the completion of the acquisition, another conference call and webcast took place on September 20, 2019, to discuss the transaction "Nexstar Media Group Completes Tribune Media Acquisition Creating the Nation’s Largest Local Television Broadcaster".

Beyond financial and acquisition discussions, Tribune Media has been recognized for its achievements in industry events.

Tribune Broadcasting's in-house creative teams were finalists for 56 PromaxBDA Local Station Summit Awards in 2018, honoring their excellence in local broadcast marketing and promotion. The winners of these awards were announced at the Promax Station Summit Conference in Las Vegas "Tribune Broadcasting Stations Nominated for 56 PromaxBDA Local Station Promotion and Marketing Awards". Additionally, certain brands under Tribune Media, such as Antenna TV, have hosted classic TV events like "THREE’S COMPANY" STARS REUNITE FOR THE ‘70s ROCK & ROMANCE CRUISE, featuring notable actors ["WGN RADIO’S DIRECTOR OF NEWS"].