Condensed Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2017
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,838,997		$	9,962		$	—		$	1,848,959
Programming and direct operating expenses	—			989,385			6,453			—			995,838
Selling, general and administrative	106,297			440,555			3,341			—			550,193
Depreciation and amortization	11,522			198,949			12,522			—			222,993
Gain on sales of real estate, net	—			(365		)	(28,168		)	—			(28,533		)
Total Operating Expenses	117,819			1,628,524			(5,852		)	—			1,740,491
Operating (Loss) Profit	(117,819		)	210,473			15,814			—			108,468
(Loss) income on equity investments, net	(2,016		)	139,378			—			—			137,362
Interest and dividend income	3,085			64			—			—			3,149
Interest expense	(158,984		)	—			(403		)	—			(159,387		)
Loss on extinguishments and modification of debt	(20,436		)	—			(51		)	—			(20,487		)
Gain on investment transactions, net	4,807			3,324			—			—			8,131
Write-downs of investments	(10,194		)	(183,300		)	—			—			(193,494		)
Other non-operating items	(1,557		)	(481		)	—			—			(2,038		)
Intercompany income (charges)	110,254			(110,018		)	(236		)	—			—
(Loss) Income from Continuing Operations before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(192,860		)	59,440			15,124			—			(118,296		)
Income tax benefit	(28,578		)	(233,326		)	(39,469		)	—			(301,373		)
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	343,981			15,496			—			(359,477		)	—
Income (Loss) from Continuing Operations	$	179,699		$	308,262		$	54,593		$	(359,477	)	$	183,077
Income (Loss) from Discontinued Operations, net of taxes	14,420			(1,904		)	807			1,097			14,420
Net Income (Loss)	$	194,119		$	306,358		$	55,400		$	(358,380	)	$	197,497
Net income from continuing operations attributable to noncontrolling interests	—			—			(3,378		)	—			(3,378		)
Net Income (Loss) attributable to Tribune Media Company	$	194,119		$	306,358		$	52,022		$	(358,380	)	$	194,119
Comprehensive Income (Loss)	$	227,840		$	312,382		$	65,136		$	(377,518	)	$	227,840

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2016
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,938,116		$	9,814		$	—		$	1,947,930
Programming and direct operating expenses	—			902,843			3,490			—			906,333
Selling, general and administrative	97,022			491,753			3,445			—			592,220
Depreciation and amortization	11,249			201,504			12,736			—			225,489
Impairment of other intangible assets	—			3,400			—			—			3,400
Gain on sales of real estate, net	—			(213,086		)	—			—			(213,086		)
Total Operating Expenses	108,271			1,386,414			19,671			—			1,514,356
Operating (Loss) Profit	(108,271		)	551,702			(9,857		)	—			433,574
(Loss) income on equity investments, net	(2,549		)	150,705			—			—			148,156
Interest and dividend income	1,149			77			—			—			1,226
Interest expense	(151,893		)	—			(826		)	—			(152,719		)
Other non-operating items, net	4,005			—			—			—			4,005
Intercompany income (charges)	103,327			(102,979		)	(348		)	—			—
(Loss) Income from Continuing Operations before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(154,232		)	599,505			(11,031		)	—			434,242
Income tax expense	13,610			231,136			102,456			—			347,202
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	254,882			(1,283		)	—			(253,599		)	—
Income (Loss) from Continuing Operations	$	87,040		$	367,086		$	(113,487	)	$	(253,599	)	$	87,040
(Loss) Income from Discontinued Operations, net of taxes	(72,794		)	(62,777		)	2,023			60,754			(72,794		)
Net Income (Loss)	$	14,246		$	304,309		$	(111,464	)	$	(192,845	)	$	14,246
Comprehensive Income (Loss)	$	3,480		$	301,913		$	(113,279	)	$	(188,634	)	$	3,480

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 31, 2015
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,788,828		$	13,139		$	—	$	1,801,967
Programming and direct operating expenses	—			903,844			8,338			—		912,182
Selling, general and administrative	95,163			446,370			1,532			—		543,065
Depreciation and amortization	7,465			210,465			13,028			—		230,958
Impairment of goodwill and other intangible assets	—			385,000			—			—		385,000
Loss on sales of real estate, net	—			97			—			—		97
Total Operating Expenses	102,628			1,945,776			22,898			—		2,071,302
Operating Loss	(102,628		)	(156,948		)	(9,759		)	—		(269,335		)
(Loss) income on equity investments, net	(240		)	147,199			—			—		146,959
Interest and dividend income	510			208			2			—		720
Interest expense	(147,616		)	(5		)	(966		)	—		(148,587		)
Loss on extinguishment of debt	(37,040		)	—			—			—		(37,040		)
Gain on investment transaction, net	791			8,132			3,250			—		12,173
Other non-operating items, net	7,880			(2,189		)	—			—		5,691
Intercompany income (charges)	90,993			(90,637		)	(356		)	—		—
Loss from Continuing Operations before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(187,350		)	(94,240		)	(7,829		)	—		(289,419		)
Income tax (benefit) expense	(72,742		)	101,450			(2,790		)	—		25,918
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes	(200,729		)	(1,698		)	—			202,427		—
(Loss) Income from Continuing Operations	(315,337		)	(197,388		)	(5,039		)	202,427		(315,337		)
(Loss) Income from Discontinued Operations, net of taxes	(4,581		)	420			(3,796		)	3,376		(4,581		)
Net (Loss) Income	$	(319,918	)	$	(196,968	)	$	(8,835	)	$	205,803	$	(319,918	)
Comprehensive (Loss) Income	$	(344,393	)	$	(201,018	)	$	(19,003	)	$	220,021	$	(344,393	)

Condensed Consolidating Balance Sheets

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 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	$	670,302		$	1,501		$	1,882		$	—		$	673,685
Restricted cash and cash equivalents	17,566			—			—			—			17,566
Accounts receivable, net	143			418,950			1,002			—			420,095
Broadcast rights	—			126,668			2,506			—			129,174
Income taxes receivable	—			18,274			—			—			18,274
Prepaid expenses	8,647			11,245			266			—			20,158
Other	12,487			1,552			—			—			14,039
Total current assets	709,145			578,190			5,656			—			1,292,991
Properties
Property, plant and equipment	58,622			557,394			57,666			—			673,682
Accumulated depreciation	(29,505		)	(196,644		)	(7,238		)	—			(233,387		)
Net properties	29,117			360,750			50,428			—			440,295
Investments in subsidiaries	10,378,948			74,610			—			(10,453,558		)	—
Other Assets
Broadcast rights	—			133,567			116			—			133,683
Goodwill	—			3,220,300			8,688			—			3,228,988
Other intangible assets, net	—			1,534,761			78,904			—			1,613,665
Assets held for sale	—			38,900			—			—			38,900
Investments	850			1,258,851			22,090			—			1,281,791
Intercompany receivables	2,520,570			6,527,083			411,059			(9,458,712		)	—
Other	65,743			135,373			376			(62,477		)	139,015
Total other assets	2,587,163			12,848,835			521,233			(9,521,189		)	6,436,042
Total Assets	$	13,704,373		$	13,862,385		$	577,317		$	(19,974,747	)	$	8,169,328

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 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	$	24,529		$	22,487		$	1,303		$	—		$	48,319
Income taxes payable	—			36,252			—			—			36,252
Contracts payable for broadcast rights	—			250,553			2,691			—			253,244
Deferred revenue	—			11,074			868			—			11,942
Interest payable	30,525			—			—			—			30,525
Deferred spectrum auction proceeds	—			172,102			—			—			172,102
Other	44,817			57,063			3			—			101,883
Total current liabilities	99,871			549,531			4,865			—			654,267
Non-Current Liabilities
Long-term debt	2,919,185			—			—			—			2,919,185
Deferred income taxes	—			485,608			85,043			(62,477		)	508,174
Contracts payable for broadcast rights	—			300,269			151			—			300,420
Intercompany payables	7,044,972			2,148,695			265,045			(9,458,712		)	—
Other	423,209			121,870			25,023			—			570,102
Total non-current liabilities	10,387,366			3,056,442			375,262			(9,521,189		)	4,297,881
Total Liabilities	10,487,237			3,605,973			380,127			(9,521,189		)	4,952,148
Shareholders’ Equity (Deficit)
Common Stock	101			—			—			—			101
Treasury Stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,011,530			9,040,065			202,942			(9,243,007		)	4,011,530
Retained (deficit) earnings	(114,240		)	1,219,023			(6,516		)	(1,212,507		)	(114,240		)
Accumulated other comprehensive (loss) income	(48,061		)	(2,676		)	720			1,956			(48,061		)
Total Tribune Media Company shareholders’ equity (deficit)	3,217,136			10,256,412			197,146			(10,453,558		)	3,217,136
Noncontrolling interests	—			—			44			—			44
Total shareholders’ equity (deficit)	3,217,136			10,256,412			197,190			(10,453,558		)	3,217,180
Total Liabilities and Shareholders’ Equity (Deficit)	$	13,704,373		$	13,862,385		$	577,317		$	(19,974,747	)	$	8,169,328

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

Condensed Consolidating Statement of Cash Flows

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 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	$	(160,529	)	$	391,686		$	(8,655	)	$	—	$	222,502
Investing Activities
Capital expenditures	(8,943		)	(52,784		)	(5,105		)	—		(66,832		)
Investments	—			(65		)	(5,000		)	—		(5,065		)
Net proceeds from the sale of business	574,817			(5,249		)	(11,775		)	—		557,793
Proceeds from FCC spectrum auction	—			172,102			—			—		172,102
Sale of partial interest of equity method investment	—			142,552			—			—		142,552
Proceeds from sales of real estate and other assets	—			61,345			83,119			—		144,464
Proceeds from sales of investments	5,769			—			—			—		5,769
Distributions from equity investment	—			3,768			—			—		3,768
Other	—			984			805			—		1,789
Net cash provided by investing activities	571,643			322,653			62,044			—		956,340
Financing Activities
Long-term borrowings	202,694			—			—			—		202,694
Repayments of long-term debt	(688,708		)	—			(14,819		)	—		(703,527		)
Long-term debt issuance costs	(1,689		)	—			—			—		(1,689		)
Payments of dividends	(586,336		)	—			—			—		(586,336		)
Tax withholdings related to net share settlements of share-based awards	(8,774		)	—			—			—		(8,774		)
Proceeds from stock option exercises	11,317			—			—			—		11,317
Distributions to noncontrolling interests, net	—			—			(9,251		)	—		(9,251		)
Change in intercompany receivables and payables and intercompany contributions (1)	756,046			(717,365		)	(38,681		)	—		—
Net cash used in financing activities	(315,450		)	(717,365		)	(62,751		)	—		(1,095,566		)
Net Increase (Decrease) in Cash and Cash Equivalents	95,664			(3,026		)	(9,362		)	—		83,276
Cash and cash equivalents, beginning of year	574,638			4,527			11,244			—		590,409
Cash and cash equivalents, end of year	$	670,302		$	1,501		$	1,882		$	—	$	673,685

(1) Excludes the impact of a $54 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 YEAR ENDED DECEMBER 31, 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	$	(4,987	)	$	395,861		$	(106,711	)	$	—		$	284,163
Investing Activities
Capital expenditures	(10,199		)	(82,043		)	(7,417		)	—			(99,659		)
Investments	(850		)	(2,643		)	(2,500		)	—			(5,993		)
Proceeds from sales of real estate and other assets	—			507,011			681			—			507,692
Other	—			297			—			—			297
Intercompany dividends	3,326			—			—			(3,326		)	—
Net cash (used in) provided by investing activities	(7,723		)	422,622			(9,236		)	(3,326		)	402,337
Financing Activities
Repayments of long-term debt	(23,792		)	—			(4,050		)	—			(27,842		)
Long-term debt issuance costs	(736		)	—			—			—			(736		)
Payments of dividends	(90,296		)	—			—			—			(90,296		)
Tax withholdings related to net share settlements of share-based awards	(4,553		)	—			—			—			(4,553		)
Common stock repurchases	(232,065		)	—			—			—			(232,065		)
Contributions from noncontrolling interests	—			—			393			—			393
Settlements of contingent consideration, net	—			(750		)	(2,886		)	—			(3,636		)
Intercompany dividends	—			(3,326		)	—			3,326			—
Change in intercompany receivables and payables (1)	703,282			(822,934		)	119,652			—			—
Net cash provided by (used in) financing activities	351,840			(827,010		)	113,109			3,326			(358,735		)
Net Increase (Decrease) in Cash and Cash Equivalents	339,130			(8,527		)	(2,838		)	—			327,765
Cash and cash equivalents, beginning of year	235,508			13,054			14,082			—			262,644
Cash and cash equivalents, end of year	$	574,638		$	4,527		$	11,244		$	—		$	590,409
Cash and Cash Equivalents are Comprised of:
Cash and cash equivalents	$	574,638		$	720		$	2,300		$	—		$	577,658
Cash and cash equivalents classified as discontinued operations	—			3,807			8,944			—			12,751
Cash and cash equivalents, end of year	$	574,638		$	4,527		$	11,244		$	—		$	590,409

(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 YEAR ENDED DECEMBER 31, 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	$	(47,422	)	$	190,327		$	(116,961	)	$	—	$	25,944
Investing Activities
Capital expenditures	(20,775		)	(64,318		)	(3,991		)	—		(89,084		)
Investments	(15,000		)	(542		)	(7,500		)	—		(23,042		)
Acquisitions, net of cash acquired	—			(5,109		)	(69,850		)	—		(74,959		)
Proceeds from sales of real estate and other assets	—			4,930			—			—		4,930
Proceeds from sales of investments	103			36,579			8,300			—		44,982
Distributions from equity investment	—			10,328			—			—		10,328
Other	—			1,112			—			—		1,112
Net cash used in investing activities	(35,672		)	(17,020		)	(73,041		)	—		(125,733		)
Financing Activities
Long-term borrowings	1,100,000			—			—			—		1,100,000
Repayments of long-term debt	(1,110,159		)	(54		)	(4,049		)	—		(1,114,262		)
Long-term debt issuance costs	(20,202		)	—			—			—		(20,202		)
Payments of dividends	(719,919		)	—			—			—		(719,919		)
Tax withholdings related to net share settlements of share-based awards	(4,421		)	—			—			—		(4,421		)
Proceeds from stock option exercises	166			—			—			—		166
Common stock repurchases	(339,942		)	—			—			—		(339,942		)
Contributions from noncontrolling interests	—			—			5,524			—		5,524
Settlements of contingent consideration, net	—			4,088			(2,914		)	—		1,174
Change in excess tax benefits from stock-based awards	(868		)	—			—			—		(868		)
Change in intercompany receivables and payables	(19,441		)	(176,491		)	195,932			—		—
Net cash (used in) provided by financing activities	(1,114,786		)	(172,457		)	194,493			—		(1,092,750		)
Net (Decrease) Increase in Cash and Cash Equivalents	(1,197,880		)	850			4,491			—		(1,192,539		)
Cash and cash equivalents, beginning of year	1,433,388			12,204			9,591			—		1,455,183
Cash and cash equivalents, end of year	$	235,508		$	13,054		$	14,082		$	—	$	262,644
Cash and Cash Equivalents are Comprised of:
Cash and cash equivalents	$	235,508		$	7,011		$	5,301		$	—	$	247,820
Cash and cash equivalents classified as discontinued operations	—			6,043			8,781			—		14,824
Cash and cash equivalents, end of year	$	235,508		$	13,054		$	14,082		$	—	$	262,644