TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE (LOSS) INCOME

SIX MONTHS ENDED JUNE 30, 2017
(In thousands of dollars)



	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Operating Revenues	$	—		$	904,685		$	4,742		$	—	$	909,427

Programming and direct operating expenses	—			488,829			5,248			—		494,077
Selling, general and administrative	62,825			236,893			1,717			—		301,435
Depreciation and amortization	5,886			98,689			6,246			—		110,821
Total Operating Expenses	68,711			824,411			13,211			—		906,333

Operating (Loss) Profit	(68,711		)	80,274			(8,469		)	—		3,094

(Loss) income on equity investments, net	(1,039		)	78,837			—			—		77,798
Interest and dividend income	1,016			37			—			—		1,053
Interest expense	(78,616		)	—			(327		)	—		(78,943		)
Loss on extinguishment and modification of debt	(19,052		)	—			—			—		(19,052		)
Gain on investment transaction	4,950			—			—			—		4,950
Write-downs of investment	—			(180,800		)	—			—		(180,800		)
Other non-operating items	(654		)	—			—			—		(654		)
Intercompany income (charges)	47,686			(47,577		)	(109		)	—		—
Loss from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(114,420		)	(69,229		)	(8,905		)	—		(192,554		)
Income tax benefit	(40,592		)	(17,473		)	(3,454		)	—		(61,519		)
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes	(57,207		)	(2,674		)	—			59,881		—
(Loss) Income from Continuing Operations	$	(131,035	)	$	(54,430	)	$	(5,451	)	$	59,881	$	(131,035	)
Income (Loss) from Discontinued Operations, net of taxes	15,039			(1,904		)	807			1,097		15,039
Net (Loss) Income	$	(115,996	)	$	(56,334	)	$	(4,644	)	$	60,978	$	(115,996	)

Comprehensive (Loss) Income	$	(106,086	)	$	(50,410	)	$	7,727		$	42,683	$	(106,086	)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE (LOSS) INCOME

SIX MONTHS ENDED JUNE 30, 2016
(In thousands of dollars)



	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Operating Revenues	$	—		$	943,461		$	4,807		$	—	$	948,268

Programming and direct operating expenses	—			438,900			2,165			—		441,065
Selling, general and administrative	49,410			257,687			1,664			—		308,761
Depreciation and amortization	5,337			100,517			6,390			—		112,244
Total Operating Expenses	54,747			797,104			10,219			—		862,070

Operating (Loss) Profit	(54,747		)	146,357			(5,412		)	—		86,198

(Loss) income on equity investments, net	(1,398		)	83,956			—			—		82,558
Interest and dividend income	308			52			—			—		360
Interest expense	(75,762		)	—			(450		)	—		(76,212		)
Other non-operating items	(379		)	—			—			—		(379		)
Intercompany income (charges)	43,981			(43,869		)	(112		)	—		—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(87,997		)	186,496			(5,974		)	—		92,525
Income tax expense	41,059			84,677			104,315			—		230,051
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes	(8,470		)	(1,326		)	—			9,796		—
(Loss) Income from Continuing Operations	$	(137,526	)	$	100,493		$	(110,289	)	$	9,796	$	(137,526	)
(Loss) Income from Discontinued Operations, net of taxes	(12,944		)	(11,420		)	952			10,468		(12,944		)
Net (Loss) Income	$	(150,470	)	$	89,073		$	(109,337	)	$	20,264	$	(150,470	)

Comprehensive (Loss) Income	$	(146,022	)	$	87,375		$	(107,772	)	$	20,397	$	(146,022	)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF JUNE 30, 2017
(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	$	377,576		$	906		$	2,085		$	—		$	380,567
Restricted cash and cash equivalents	17,566			—			—			—			17,566
Accounts receivable, net	1,278			395,996			297			—			397,571
Broadcast rights	—			104,309			745			—			105,054
Income taxes receivable	—			15,515			—			—			15,515
Prepaid expenses	9,858			12,042			230			—			22,130
Other	5,905			1,819			—			—			7,724
Total current assets	412,183			530,587			3,357			—			946,127
Properties
Property, plant and equipment	56,034			477,874			110,514			—			644,422
Accumulated depreciation	(27,351		)	(176,799		)	(6,650		)	—			(210,800		)
Net properties	28,683			301,075			103,864			—			433,622

Investments in subsidiaries	9,974,957			54,478			—			(10,029,435		)	—

Other Assets
Broadcast rights	—			144,951			47			—			144,998
Goodwill	—			3,220,300			8,285			—			3,228,585
Other intangible assets, net	—			1,651,701			84,237			—			1,735,938
Assets held for sale	—			54,282			—			—			54,282
Investments	12,882			1,393,210			17,090			—			1,423,182
Intercompany receivables	2,365,290			5,952,848			357,656			(8,675,794		)	—
Other	127,191			74,404			415			(123,469		)	78,541
Total other assets	2,505,363			12,491,696			467,730			(8,799,263		)	6,665,526
Total Assets	$	12,921,186		$	13,377,836		$	574,951		$	(18,828,698	)	$	8,045,275

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF JUNE 30, 2017
(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	$	23,078		$	21,009		$	2,218		$	—		$	46,305
Debt due within one year	13,869			—			4,009			—			17,878
Income taxes payable	—			52,310			(3		)	—			52,307
Contracts payable for broadcast rights	—			206,955			940			—			207,895
Deferred revenue	—			11,582			51			—			11,633
Interest payable	30,040			—			2			—			30,042
Other	49,708			59,185			253			—			109,146
Total current liabilities	116,695			351,041			7,470			—			475,206

Non-Current Liabilities
Long-term debt	3,002,023			—			8,761			—			3,010,784
Deferred income taxes	—			804,565			155,258			(123,469		)	836,354
Contracts payable for broadcast rights	—			275,039			49			—			275,088
Intercompany payables	6,425,382			1,991,715			258,697			(8,675,794		)	—
Other	460,926			63,817			20			—			524,763
Total non-current liabilities	9,888,331			3,135,136			422,785			(8,799,263		)	4,646,989
Total liabilities	10,005,026			3,486,177			430,255			(8,799,263		)	5,122,195

Shareholders’ Equity (Deficit)
Common stock	101			—			—			—			101
Treasury stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,044,480			9,038,104			200,981			(9,239,085		)	4,044,480
Retained (deficit) earnings	(424,355		)	856,331			(63,182		)	(793,149		)	(424,355		)
Accumulated other comprehensive (loss) income	(71,872		)	(2,776		)	(23		)	2,799			(71,872		)
Total Tribune Media Company shareholders’ equity (deficit)	2,916,160			9,891,659			137,776			(10,029,435		)	2,916,160
Noncontrolling interests	—			—			6,920			—			6,920
Total shareholders’ equity (deficit)	2,916,160			9,891,659			144,696			(10,029,435		)	2,923,080
Total Liabilities and Shareholders’ Equity (Deficit)	$	12,921,186		$	13,377,836		$	574,951		$	(18,828,698	)	$	8,045,275

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 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	$	574,638		$	720		$	2,300		$	—		$	577,658
Restricted cash and cash equivalents	17,566			—			—			—			17,566
Accounts receivable, net	198			428,254			660			—			429,112
Broadcast rights	—			155,266			2,551			—			157,817
Income taxes receivable	—			9,056			—			—			9,056
Current assets of discontinued operations	—			37,300			25,305			—			62,605
Prepaid expenses	11,640			24,074			148			—			35,862
Other	4,894			1,729			1			—			6,624
Total current assets	608,936			656,399			30,965			—			1,296,300
Properties
Property, plant and equipment	55,529			547,601			107,938			—			711,068
Accumulated depreciation	(21,635		)	(159,472		)	(6,041		)	—			(187,148		)
Net properties	33,894			388,129			101,897			—			523,920

Investments in subsidiaries	10,502,544			106,486			—			(10,609,030		)	—

Other Assets
Broadcast rights	—			153,374			83			—			153,457
Goodwill	—			3,220,300			7,630			—			3,227,930
Other intangible assets, net	—			1,729,829			89,305			—			1,819,134
Non-current assets of discontinued operations	—			514,200			93,953			—			608,153
Assets held for sale	—			17,176			—			—			17,176
Investments	19,079			1,637,909			17,895			—			1,674,883
Intercompany receivables	2,326,261			5,547,542			358,834			(8,232,637		)	—
Intercompany loan receivable	27,000			—			—			(27,000		)	—
Other	51,479			75,191			2,707			(49,279		)	80,098
Total other assets	2,423,819			12,895,521			570,407			(8,308,916		)	7,580,831
Total Assets	$	13,569,193		$	14,046,535		$	703,269		$	(18,917,946	)	$	9,401,051

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 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	$	29,827		$	29,703		$	1,023		$	—		$	60,553
Debt due within one year	15,921			—			4,003			—			19,924
Income taxes payable	—			21,130			36			—			21,166
Contracts payable for broadcast rights	—			238,497			2,758			—			241,255
Deferred revenue	—			13,593			97			—			13,690
Interest payable	30,301			—			4			—			30,305
Current liabilities of discontinued operations	—			44,763			9,521			—			54,284
Other	38,867			70,589			220			—			109,676
Total current liabilities	114,916			418,275			17,662			—			550,853

Non-Current Liabilities
Long-term debt	3,380,860			—			10,767			—			3,391,627
Intercompany loan payable	—			27,000			—			(27,000		)	—
Deferred income taxes	—			871,923			161,604			(49,279		)	984,248
Contracts payable for broadcast rights	—			314,755			85			—			314,840
Intercompany payables	6,065,424			1,912,259			254,954			(8,232,637		)	—
Other	468,227			50,239			20			—			518,486
Non-current liabilities of discontinued operations	—			86,517			8,797			—			95,314
Total non-current liabilities	9,914,511			3,262,693			436,227			(8,308,916		)	5,304,515
Total Liabilities	10,029,427			3,680,968			453,889			(8,308,916		)	5,855,368

Shareholders’ Equity (Deficit)
Common stock	100			—			—			—			100
Treasury stock	(632,207		)	—			—			—			(632,207		)
Additional paid-in-capital	4,561,760			9,486,179			289,818			(9,775,997		)	4,561,760
Retained (deficit) earnings	(308,105		)	888,088			(33,961		)	(854,127		)	(308,105		)
Accumulated other comprehensive (loss) income	(81,782		)	(8,700		)	(12,394		)	21,094			(81,782		)
Total Tribune Media Company shareholders’ equity (deficit)	3,539,766			10,365,567			243,463			(10,609,030		)	3,539,766
Noncontrolling interests	—			—			5,917			—			5,917
Total shareholders’ equity (deficit)	3,539,766			10,365,567			249,380			(10,609,030		)	3,545,683
Total Liabilities and Shareholders’ Equity (Deficit)	$	13,569,193		$	14,046,535		$	703,269		$	(18,917,946	)	$	9,401,051

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2017
(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	$	(142,822	)	$	266,827		$	(1,391	)	$	—	$	122,614

Investing Activities
Capital expenditures	(1,069		)	(24,841		)	(2,189		)	—		(28,099		)
Net proceeds from the sale of business	574,817			(5,249		)	(11,775		)	—		557,793
Proceeds from sales of real estate and other assets	—			59,751			—			—		59,751
Proceeds from the sale of investment	4,950			—			—			—		4,950
Distribution from cost investment	—			—			805			—		805
Net cash provided by (used in) investing activities	578,698			29,661			(13,159		)	—		595,200

Financing Activities
Long-term borrowings	202,694			—			—			—		202,694
Repayments of long-term debt	(587,636		)	—			(2,025		)	—		(589,661		)
Long-term debt issuance costs	(1,689		)	—			—			—		(1,689		)
Payment of dividends	(542,665		)	—			—			—		(542,665		)
Tax withholdings related to net share settlements of share-based awards	(7,351		)	—			—			—		(7,351		)
Proceeds from stock option exercises	10,013			—			—			—		10,013
Contributions from noncontrolling interests	—			—			1,003			—		1,003
Change in intercompany receivables and payables and intercompany contributions (1)	293,696			(300,109		)	6,413			—		—
Net cash (used in) provided by financing activities	(632,938		)	(300,109		)	5,391			—		(927,656		)

Net Decrease in Cash and Cash Equivalents	(197,062		)	(3,621		)	(9,159		)	—		(209,842		)
Cash and cash equivalents, beginning of year	574,638			4,527			11,244			—		590,409
Cash and cash equivalents, end of year	$	377,576		$	906		$	2,085		$	—	$	380,567


(1)	Excludes the impact of a $54 million non-cash settlement of intercompany balances upon the sale of certain Guarantor and Non-Guarantor subsidiaries included in the Gracenote Sale.

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 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	$	(39,775	)	$	283,808		$	(2,714	)	$	—		$	241,319

Investing Activities
Capital expenditures	(7,094		)	(24,830		)	(3,507		)	—			(35,431		)
Investments	(850		)	(101		)	(2,500		)	—			(3,451		)
Proceeds from sales of real estate and other assets	—			33,021			681			—			33,702
Transfers from restricted cash	—			297			—			—			297
Intercompany dividend	3,326			—			—			(3,326		)	—
Net cash (used in) provided by investing activities	(4,618		)	8,387			(5,326		)	(3,326		)	(4,883		)

Financing Activities
Repayments of long-term debt	(11,896		)	—			(2,024		)	—			(13,920		)
Long-term debt issuance costs	(784		)	—			—			—			(784		)
Payments of dividends	(46,174		)	—			—			—			(46,174		)
Settlement of contingent consideration	—			(750		)	—			—			(750		)
Common stock repurchases	(66,548		)	—			—			—			(66,548		)
Tax withholdings related to net share settlements of share-based awards	(4,377		)	—			—			—			(4,377		)
Intercompany dividend	—			(3,326		)	—			3,326			—
Contributions from noncontrolling interests	—			—			113			—			113
Change in intercompany receivables and payables (1)	283,775			(291,214		)	7,439			—			—
Net cash provided by (used in) financing activities	153,996			(295,290		)	5,528			3,326			(132,440		)

Net Increase (Decrease) in Cash and Cash Equivalents	109,603			(3,095		)	(2,512		)	—			103,996
Cash and cash equivalents, beginning of year	235,508			13,054			14,082			—			262,644
Cash and cash equivalents, end of year	$	345,111		$	9,959		$	11,570		$	—		$	366,640


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