Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Statement of Operations and Comprehensive Income (Loss)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	509,039		$	13,536		$	(4,506	)	$	518,069
Programming and direct operating expenses	—			261,974			6,755			(247		)	268,482
Selling, general and administrative	25,254			143,237			7,997			(4,259		)	172,229
Depreciation and amortization	2,973			60,058			5,075			—			68,106
Gain on sales of real estate	—			(213,168		)	—			—			(213,168		)
Total Operating Expenses	28,227			252,101			19,827			(4,506		)	295,649
Operating (Loss) Profit	(28,227		)	256,938			(6,291		)	—			222,420
(Loss) income on equity investments, net	(599		)	32,336			—			—			31,737
Interest and dividend income	464			13			57			—			534
Interest expense	(41,922		)	—			(199		)	—			(42,121		)
Other non-operating items	(377		)	—			—			—			(377		)
Intercompany interest income (expense)	438			(438		)	—			—			—
Intercompany income (charges)	24,112			(24,054		)	(58		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(46,111		)	264,795			(6,491		)	—			212,193
Income tax (benefit) expense	(19,758		)	88,466			(2,280		)	—			66,428
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	172,118			(1,559		)	—			(170,559		)	—
Net Income (Loss)	$	145,765		$	174,770		$	(4,211	)	$	(170,559	)	$	145,765
Comprehensive Income (Loss)	$	148,449		$	174,425		$	(1,916	)	$	(172,509	)	$	148,449

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED SEPTEMBER 30, 2015
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	480,578		$	12,903		$	(4,887	)	$	488,594
Programming and direct operating expenses	—			226,597			3,896			(3,390		)	227,103
Selling, general and administrative	20,448			126,381			8,544			(1,497		)	153,876
Depreciation and amortization	2,068			61,432			5,307			—			68,807
Total Operating Expenses	22,516			414,410			17,747			(4,887		)	449,786
Operating (Loss) Profit	(22,516		)	66,168			(4,844		)	—			38,808
Income on equity investments, net	—			36,987			—			—			36,987
Interest and dividend income	96			25			41			—			162
Interest expense	(42,243		)	—			(286		)	—			(42,529		)
Gain on investment transaction, net	—			—			3,250			—			3,250
Other non-operating items	1,582			912			—			—			2,494
Intercompany interest income (expense)	438			(438		)	—			—			—
Intercompany income (charges)	25,065			(24,976		)	(89		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(37,578		)	78,678			(1,928		)	—			39,172
Income tax (benefit) expense	(13,907		)	25,406			(185		)	—			11,314
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	51,529			(1,875		)	—			(49,654		)	—
Net Income (Loss)	$	27,858		$	51,397		$	(1,743	)	$	(49,654	)	$	27,858
Comprehensive Income (Loss)	$	24,087		$	48,417		$	(2,809	)	$	(45,608	)	$	24,087

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,533,303		$	44,690		$	(13,296	)	$	1,564,697
Programming and direct operating expenses	—			732,616			18,546			(6,436		)	744,726
Selling, general and administrative	74,673			444,851			22,488			(6,860		)	535,152
Depreciation and amortization	8,310			178,303			15,149			—			201,762
Gain on sales of real estate, net	—			(212,719		)	—			—			(212,719		)
Total Operating Expenses	82,983			1,143,051			56,183			(13,296		)	1,268,921
Operating (Loss) Profit	(82,983		)	390,252			(11,493		)	—			295,776
(Loss) income on equity investments, net	(1,997		)	116,292			—			—			114,295
Interest and dividend income	772			66			82			—			920
Interest expense	(125,324		)	—			(680		)	—			(126,004		)
Other non-operating items	(756		)	—			—			—			(756		)
Intercompany interest income (expense)	1,316			(1,316		)	—			—			—
Intercompany income (charges)	71,634			(71,464		)	(170		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(137,338		)	433,830			(12,261		)	—			284,231
Income tax expense	20,027			167,622			101,287			—			288,936
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	152,660			(2,365		)	—			(150,295		)	—
Net (Loss) Income	$	(4,705	)	$	263,843		$	(113,548	)	$	(150,295	)	$	(4,705	)
Comprehensive Income (Loss)	$	2,427		$	261,800		$	(109,688	)	$	(152,112	)	$	2,427

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

NINE MONTHS ENDED SEPTEMBER 30, 2015
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,438,056		$	40,407		$	(15,608	)	$	1,462,855
Programming and direct operating expenses	—			665,252			18,571			(10,001		)	673,822
Selling, general and administrative	69,637			384,488			20,856			(5,607		)	469,374
Depreciation and amortization	4,536			181,720			13,779			—			200,035
Loss on sales of real estate	—			97			—			—			97
Total Operating Expenses	74,173			1,231,557			53,206			(15,608		)	1,343,328
Operating (Loss) Profit	(74,173		)	206,499			(12,799		)	—			119,527
Income on equity investments, net	—			119,834			—			—			119,834
Interest and dividend income	396			76			100			—			572
Interest expense	(121,268		)	(5		)	(842		)	—			(122,115		)
Loss on extinguishment of debt	(37,040		)	—			—			—			(37,040		)
Gain on investment transaction, net	688			8,132			3,250			—			12,070
Other non-operating items	239			846			—			—			1,085
Intercompany interest income (expense)	1,316			(1,316		)	—			—			—
Intercompany income (charges)	75,195			(74,928		)	(267		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(154,647		)	259,138			(10,558		)	—			93,933
Income tax (benefit) expense	(58,811		)	95,423			(3,689		)	—			32,923
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	156,846			(4,586		)	—			(152,260		)	—
Net Income (Loss)	$	61,010		$	159,129		$	(6,869	)	$	(152,260	)	$	61,010
Comprehensive Income (Loss)	$	47,841		$	155,417		$	(11,731	)	$	(143,686	)	$	47,841

Condensed Consolidating Balance Sheets

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF SEPTEMBER 30, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Assets
Current Assets
Cash and cash equivalents	$	620,376		$	10,645		$	12,677		$	—		$	643,698
Restricted cash and cash equivalents	17,566			—			—			—			17,566
Accounts receivable, net	116			416,709			8,439			—			425,264
Broadcast rights	—			183,435			3,471			—			186,906
Income taxes receivable	—			2,593			171			—			2,764
Prepaid expenses	15,471			34,163			4,011			—			53,645
Other	5,950			3,088			255			—			9,293
Total current assets	659,479			650,633			29,024			—			1,339,136
Properties
Property, plant and equipment	53,682			585,815			113,341			—			752,838
Accumulated depreciation	(18,695		)	(176,384		)	(7,484		)	—			(202,563		)
Net properties	34,987			409,431			105,857			—			550,275
Investments in subsidiaries	10,470,498			102,003			—			(10,572,501		)	—
Other Assets
Broadcast rights	—			174,010			102			—			174,112
Goodwill	—			3,508,718			54,804			—			3,563,522
Other intangible assets, net	—			1,955,221			137,704			—			2,092,925
Assets held for sale	—			17,878			—			—			17,878
Investments	20,051			1,629,465			17,895			—			1,667,411
Intercompany receivables	2,152,363			5,445,408			357,751			(7,955,522		)	—
Intercompany loan receivable	27,000			—			—			(27,000		)	—
Other	107,334			83,650			6,535			(105,102		)	92,417
Total other assets	2,306,748			12,814,350			574,791			(8,087,624		)	7,608,265
Total Assets	$	13,471,712		$	13,976,417		$	709,672		$	(18,660,125	)	$	9,497,676

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF SEPTEMBER 30, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable	$	34,638		$	27,043		$	3,737		$	—		$	65,418
Debt due within one year	15,915			—			3,999			—			19,914
Income taxes payable	—			64,269			—			—			64,269
Contracts payable for broadcast rights	—			249,585			3,674			—			253,259
Deferred revenue	—			40,453			4,579			—			45,032
Interest payable	13,897			—			2			—			13,899
Other	42,053			71,015			4,214			—			117,282
Total current liabilities	106,503			452,365			20,205			—			579,073
Non-Current Liabilities
Long-term debt	3,384,076			—			11,769			—			3,395,845
Intercompany loan payable	—			27,000			—			(27,000		)	—
Deferred income taxes	—			959,553			172,294			(105,102		)	1,026,745
Contracts payable for broadcast rights	—			347,992			104			—			348,096
Contract intangible liability, net	—			25			—			—			25
Intercompany payables	5,894,575			1,809,972			250,975			(7,955,522		)	—
Other	461,232			54,057			1,608			—			516,897
Total non-current liabilities	9,739,883			3,198,599			436,750			(8,087,624		)	5,287,608
Total liabilities	9,846,386			3,650,964			456,955			(8,087,624		)	5,866,681
Shareholders’ Equity (Deficit)
Common stock	100			—			—			—			100
Treasury stock	(557,688		)	—			—			—			(557,688		)
Additional paid-in-capital	4,573,854			9,486,179			289,818			(9,775,997		)	4,573,854
Retained (deficit) earnings	(327,056		)	847,621			(36,051		)	(811,570		)	(327,056		)
Accumulated other comprehensive (loss) income	(63,884		)	(8,347		)	(6,719		)	15,066			(63,884		)
Total Tribune Media Company shareholders’ equity (deficit)	3,625,326			10,325,453			247,048			(10,572,501		)	3,625,326
Noncontrolling interests	—			—			5,669			—			5,669
Total shareholders’ equity (deficit)	3,625,326			10,325,453			252,717			(10,572,501		)	3,630,995
Total Liabilities and Shareholders’ Equity (Deficit)	$	13,471,712		$	13,976,417		$	709,672		$	(18,660,125	)	$	9,497,676

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2015
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Assets
Current Assets
Cash and cash equivalents	$	235,508		$	13,054		$	14,082		$	—		$	262,644
Restricted cash and cash equivalents	17,595			—			—			—			17,595
Accounts receivable, net	672			452,722			13,234			—			466,628
Broadcast rights	—			157,538			2,702			—			160,240
Income taxes receivable	—			42,816			22			—			42,838
Prepaid expenses	16,747			44,817			1,773			—			63,337
Other	4,494			3,818			351			—			8,663
Total current assets	275,016			714,765			32,164			—			1,021,945
Properties
Property, plant and equipment	47,909			662,094			108,655			—			818,658
Accumulated depreciation	(10,607		)	(144,089		)	(6,105		)	—			(160,801		)
Net properties	37,302			518,005			102,550			—			657,857
Investments in subsidiaries	10,374,921			104,432			—			(10,479,353		)	—
Other Assets
Broadcast rights	—			203,376			46			—			203,422
Goodwill	—			3,508,718			53,094			—			3,561,812
Other intangible assets, net	—			2,091,010			149,189			—			2,240,199
Assets held for sale	—			206,422			—			—			206,422
Investments	18,276			1,659,029			15,395			—			1,692,700
Intercompany receivables	1,560,781			4,265,957			331,873			(6,158,611		)	—
Intercompany loan receivable	27,000			—			—			(27,000		)	—
Other (1)	189,517			117,124			5,167			(187,302		)	124,506
Total other assets	1,795,574			12,051,636			554,764			(6,372,913		)	8,029,061
Total Assets	$	12,482,813		$	13,388,838		$	689,478		$	(16,852,266	)	$	9,708,863

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2015
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Liabilities and Shareholders’ Equity (Deficit)
Current Liabilities
Accounts payable	$	29,587		$	24,153		$	6,654		$	—		$	60,394
Debt due within one year (1)	15,874			—			3,988			—			19,862
Income taxes payable	—			2,700			758			—			3,458
Contracts payable for broadcast rights	—			233,660			3,016			—			236,676
Deferred revenue	—			39,654			5,067			—			44,721
Interest payable	33,826			—			2			—			33,828
Other	44,615			91,384			5,862			—			141,861
Total current liabilities	123,902			391,551			25,347			—			540,800
Non-Current Liabilities
Long-term debt (1)	3,394,753			—			14,736			—			3,409,489
Intercompany loan payable	—			27,000			—			(27,000		)	—
Deferred income taxes	—			994,083			177,251			(187,302		)	984,032
Contracts payable for broadcast rights	—			385,052			55			—			385,107
Contract intangible liability, net	—			13,772			—			—			13,772
Intercompany payables	4,652,289			1,397,981			108,341			(6,158,611		)	—
Other	485,671			55,779			2,491			—			543,941
Total non-current liabilities	8,532,713			2,873,667			302,874			(6,372,913		)	5,336,341
Total Liabilities	8,656,615			3,265,218			328,221			(6,372,913		)	5,877,141
Shareholders’ Equity (Deficit)
Common stock	100			—			—			—			100
Treasury stock	(400,153		)	—			—			—			(400,153		)
Additional paid-in-capital	4,619,618			9,529,071			288,814			(9,817,885		)	4,619,618
Retained (deficit) earnings	(322,351		)	600,853			77,498			(678,351		)	(322,351		)
Accumulated other comprehensive (loss) income	(71,016		)	(6,304		)	(10,579		)	16,883			(71,016		)
Total Tribune Media Company shareholders’ equity (deficit)	3,826,198			10,123,620			355,733			(10,479,353		)	3,826,198
Noncontrolling interests	—			—			5,524			—			5,524
Total shareholders’ equity (deficit)	3,826,198			10,123,620			361,257			(10,479,353		)	3,831,722
Total Liabilities and Shareholders’ Equity (Deficit)	$	12,482,813		$	13,388,838		$	689,478		$	(16,852,266	)	$	9,708,863

(1) December 31, 2015 balances have been reclassified to present debt issuance costs as a direct deduction from the carrying amount of an associated debt liability in accordance with ASU 2015-03.

Condensed Consolidating Statement of Cash Flows

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Net cash (used in) provided by operating activities	$	(73,507	)	$	364,608		$	(104,561	)	$	—		$	186,540
Investing Activities
Capital expenditures	(9,433		)	(46,419		)	(6,003		)	—			(61,855		)
Transfers from restricted cash	—			297			—			—			297
Investments	(850		)	(101		)	(2,500		)	—			(3,451		)
Intercompany dividend	3,326			—			—			(3,326		)	—
Proceeds from sales of real estate and other assets	—			506,369			681			—			507,050
Net cash (used in) provided by investing activities	(6,957		)	460,146			(7,822		)	(3,326		)	442,041
Financing Activities
Repayments of long-term debt	(17,844		)	—			(3,037		)	—			(20,881		)
Long-term debt issuance costs	(784		)	—			—			—			(784		)
Payment of dividends	(68,684		)	—			—			—			(68,684		)
Settlements of contingent consideration	—			(750		)	(2,886		)	—			(3,636		)
Common stock repurchases	(149,147		)	—			—			—			(149,147		)
Tax withholdings related to net share settlements of share-based awards	(4,540		)	—			—			—			(4,540		)
Contributions from noncontrolling interests	—			—			145			—			145
Intercompany dividend	—			(3,326		)	—			3,326			—
Change in intercompany receivables and payables (1)	706,331			(823,087		)	116,756			—			—
Net cash provided by (used in) financing activities	465,332			(827,163		)	110,978			3,326			(247,527		)
Net Increase (Decrease) in Cash and Cash Equivalents	384,868			(2,409		)	(1,405		)	—			381,054
Cash and cash equivalents, beginning of year	235,508			13,054			14,082			—			262,644
Cash and cash equivalents, end of year	$	620,376		$	10,645		$	12,677		$	—		$	643,698

(1) Excludes the impact of a $56 million non-cash settlement of intercompany balances upon dissolution of certain Guarantor subsidiaries.

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015

(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Net cash (used in) provided by operating activities	$	(52,491	)	$	176,453		$	(116,037	)	$	—	$	7,925
Investing Activities
Capital expenditures	(18,594		)	(42,956		)	(2,225		)	—		(63,775		)
Acquisitions, net of cash acquired	—			(5,109		)	(69,891		)	—		(75,000		)
Transfers to restricted cash	—			1,091			—			—		1,091
Investments	—			(511		)	(2,500		)	—		(3,011		)
Distributions from equity investments	—			4,707			—			—		4,707
Proceeds from sales of real estate and other assets	—			13,750			8,300			—		22,050
Net cash used in investing activities	(18,594		)	(29,028		)	(66,316		)	—		(113,938		)
Financing Activities
Long-term borrowings	1,100,000			—			—			—		1,100,000
Repayments of long-term debt	(1,103,199		)	(54		)	(4,049		)	—		(1,107,302		)
Long-term debt issuance costs	(20,202		)	—			—			—		(20,202		)
Payments of dividends	(696,364		)	—			—			—		(696,364		)
Settlements of contingent considerations	—			4,088			(2,914		)	—		1,174
Common stock repurchases	(272,812		)	—			—			—		(272,812		)
Change in excess tax benefits from stock-based awards	(570		)	—			—			—		(570		)
Tax withholdings related to net share settlements of share-based awards	(4,264		)	—			—			—		(4,264		)
Proceeds from stock option exercises	166			—			—			—		166
Contributions from noncontrolling interest	—			—			1,324			—		1,324
Change in intercompany receivables and payables	(39,504		)	(150,676		)	190,180			—		—
Net cash (used in) provided by financing activities	(1,036,749		)	(146,642		)	184,541			—		(998,850		)
Net (Decrease) Increase in Cash and Cash Equivalents	(1,107,834		)	783			2,188			—		(1,104,863		)
Cash and cash equivalents, beginning of year	1,433,388			12,204			9,591			—		1,455,183
Cash and cash equivalents, end of year	$	325,554		$	12,987		$	11,779		$	—	$	350,320