Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information 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 JUNE 30, 2019
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	482,885		$	1,151		$	—		$	484,036
Programming and direct operating expenses	—			231,508			662			—			232,170
Selling, general and administrative	24,615			104,221			864			—			129,700
Depreciation and amortization	1,558			44,468			2,859			—			48,885
Total Operating Expenses	26,173			380,197			4,385			—			410,755
Operating (Loss) Profit	(26,173		)	102,688			(3,234		)	—			73,281
Income (loss) on equity investments, net	—			47,177			(650		)	—			46,527
Interest income	7,720			—			6			—			7,726
Interest expense	(43,777		)	—			—			—			(43,777		)
Pension and other postretirement periodic benefit credit, net	4,524			—			—			—			4,524
Other non-operating items, net	(842		)	—			46			—			(796		)
Intercompany income (charges)	23,578			(23,578		)	—			—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(34,970		)	126,287			(3,832		)	—			87,485
Income tax (benefit) expense	(8,336		)	33,094			(923		)	—			23,835
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	90,291			(188		)	—			(90,103		)	—
Net Income (Loss)	$	63,657		$	93,005		$	(2,909	)	$	(90,103	)	$	63,650
Net loss attributable to noncontrolling interests	—			—			7			—			7
Net Income (Loss) attributable to Tribune Media Company	$	63,657		$	93,005		$	(2,902	)	$	(90,103	)	$	63,657
Comprehensive Income (Loss)	$	53,271		$	92,998		$	(2,692	)	$	(90,306	)	$	53,271

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

THREE MONTHS ENDED JUNE 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	486,549		$	2,809		$	—		$	489,358
Programming and direct operating expenses	—			209,872			580			—			210,452
Selling, general and administrative	19,570			105,564			744			—			125,878
Depreciation and amortization	2,069			49,949			2,944			—			54,962
Total Operating Expenses	21,639			365,385			4,268			—			391,292
Operating (Loss) Profit	(21,639		)	121,164			(1,459		)	—			98,066
Income on equity investments, net	—			42,684			9,884			—			52,568
Interest and dividend income	2,336			—			—			—			2,336
Interest expense	(41,990		)	—			—			—			(41,990		)
Pension and other post retirement periodic benefit credit, net	6,985			—			—			—			6,985
Other non-operating items	(711		)	—			—			—			(711		)
Intercompany income (charges)	12,412			(12,369		)	(43		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(42,607		)	151,479			8,382			—			117,254
Income tax (benefit) expense	(9,620		)	40,272			2,164			—			32,816
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	117,429			(198		)	—			(117,231		)	—
Net Income (Loss)	$	84,442		$	111,009		$	6,218		$	(117,231	)	$	84,438
Net loss attributable to noncontrolling interests	—			—			4			—			4
Net Income (Loss) attributable to Tribune Media Company	$	84,442		$	111,009		$	6,222		$	(117,231	)	$	84,442
Comprehensive Income (Loss)	$	83,011		$	110,968		$	5,561		$	(116,529	)	$	83,011

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

SIX MONTHS ENDED JUNE 30, 2019
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	936,522		$	2,502		$	—		$	939,024
Programming and direct operating expenses	—			449,860			1,360			—			451,220
Selling, general and administrative	48,188			213,025			1,749			—			262,962
Depreciation and amortization	3,301			87,838			5,719			—			96,858
Total Operating Expenses	51,489			750,723			8,828			—			811,040
Operating (Loss) Profit	(51,489		)	185,799			(6,326		)	—			127,984
Income (loss) on equity investments, net	—			93,634			(1,422		)	—			92,212
Interest income	13,966			—			7			—			13,973
Interest expense	(87,392		)	—			—			—			(87,392		)
Pension and other postretirement periodic benefit credit, net	9,154			—			—			—			9,154
Gain on investment transaction	—			—			86,272			—			86,272
Other non-operating items, net	(2,044		)	(1,000		)	(693		)	—			(3,737		)
Intercompany income (charges)	47,156			(47,156		)	—			—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(70,649		)	231,277			77,838			—			238,466
Income tax (benefit) expense	(17,124		)	61,741			16,995			—			61,612
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	230,390			(348		)	—			(230,042		)	—
Net Income (Loss)	$	176,865		$	169,188		$	60,843		$	(230,042	)	$	176,854
Net loss attributable to noncontrolling interests	—			—			11			—			11
Net Income (Loss) attributable to Tribune Media Company	$	176,865		$	169,188		$	60,854		$	(230,042	)	$	176,865
Comprehensive Income (Loss)	$	160,867		$	169,166		$	60,751		$	(229,917	)	$	160,867

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

SIX MONTHS ENDED JUNE 30, 2018
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	927,440		$	5,553		$	—		$	932,993
Programming and direct operating expenses	—			411,215			1,366			—			412,581
Selling, general and administrative	42,434			213,936			1,464			—			257,834
Depreciation and amortization	4,473			99,881			6,070			—			110,424
Gain on sales of spectrum	—			(133,197		)	—			—			(133,197		)
Total Operating Expenses	46,907			591,835			8,900			—			647,642
Operating (Loss) Profit	(46,907		)	335,605			(3,347		)	—			285,351
Income on equity investments, net	—			82,042			9,663			—			91,705
Interest income	4,234			—			—			—			4,234
Interest expense	(82,621		)	—			—			—			(82,621		)
Pension and other postretirement periodic benefit credit, net	14,069			—			—			—			14,069
Gain on investment transaction	—			—			3,888			—			3,888
Other non-operating items, net	(1,487		)	—			—			—			(1,487		)
Intercompany income (charges)	24,825			(24,740		)	(85		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(87,887		)	392,907			10,119			—			315,139
Income tax (benefit) expense	(17,175		)	104,122			2,571			—			89,518
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	296,343			(536		)	—			(295,807		)	—
Net Income (Loss)	$	225,631		$	288,249		$	7,548		$	(295,807	)	$	225,621
Net loss attributable to noncontrolling interests	—			—			10			—			10
Net Income (Loss) attributable to Tribune Media Company	$	225,631		$	288,249		$	7,558		$	(295,807	)	$	225,631
Comprehensive Income (Loss)	$	232,692		$	288,183		$	7,357		$	(295,540	)	$	232,692

Condensed Consolidating Balance Sheets

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF JUNE 30, 2019
(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	$	1,309,266		$	1,730		$	3,112		$	—		$	1,314,108
Restricted cash and cash equivalents	16,607			—			—			—			16,607
Accounts receivable, net	60			420,860			389			—			421,309
Broadcast rights	—			71,923			675			—			72,598
Income taxes receivable	—			17,607			—			—			17,607
Prepaid expenses	10,608			16,121			280			—			27,009
Other	7,035			1,233			597			—			8,865
Total current assets	1,343,576			529,474			5,053			—			1,878,103
Properties
Property, plant and equipment	45,237			571,828			29,678			—			646,743
Accumulated depreciation	(34,768		)	(248,736		)	(1,758		)	—			(285,262		)
Net properties	10,469			323,092			27,920			—			361,481
Investments in subsidiaries	11,147,221			59,140			—			(11,206,361		)	—
Other Assets
Broadcast rights	—			69,723			304			—			70,027
Operating lease right-of-use assets	7,796			188,474			138			—			196,408
Goodwill	—			3,220,300			8,247			—			3,228,547
Other intangible assets, net	—			1,309,032			61,582			—			1,370,614
Assets held for sale	—			62,789			—			—			62,789
Investments	850			1,145,684			8,166			—			1,154,700
Intercompany receivables	3,203,083			7,113,348			1,480,848			(11,797,279		)	—
Other	65,491			135,641			7,849			(68,870		)	140,111
Total other assets	3,277,220			13,244,991			1,567,134			(11,866,149		)	6,223,196
Total Assets	$	15,778,486		$	14,156,697		$	1,600,107		$	(23,072,510	)	$	8,462,780

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF JUNE 30, 2019
(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	$	21,464		$	19,609		$	1,429		$	—		$	42,502
Income taxes payable	—			55,509			—			—			55,509
Contracts payable for broadcast rights	—			211,176			870			—			212,046
Deferred revenue	—			12,973			894			—			13,867
Interest payable	30,652			—			—			—			30,652
Operating lease liabilities	1,664			18,204			36			—			19,904
Other	54,004			56,229			1,003			—			111,236
Total current liabilities	107,784			373,700			4,232			—			485,716
Non-Current Liabilities
Long-term debt	2,929,522			—			—			—			2,929,522
Deferred income taxes	—			585,086			—			(68,870		)	516,216
Contracts payable for broadcast rights	—			170,803			340			—			171,143
Operating lease liabilities	8,227			184,049			102			—			192,378
Intercompany payables	8,681,608			2,393,930			721,741			(11,797,279		)	—
Other obligations	390,251			87,306			23,731			—			501,288
Total non-current liabilities	12,009,608			3,421,174			745,914			(11,866,149		)	4,310,547
Total liabilities	12,117,392			3,794,874			750,146			(11,866,149		)	4,796,263
Shareholders’ Equity (Deficit)
Common stock	102			—			—			—			102
Treasury stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,045,530			8,307,898			913,902			(9,221,800		)	4,045,530
Retained earnings (deficit)	368,621			2,055,177			(69,198		)	(1,985,979		)	368,621
Accumulated other comprehensive (loss) income	(120,965		)	(1,252		)	(166		)	1,418			(120,965		)
Total Tribune Media Company shareholders’ equity (deficit)	3,661,094			10,361,823			844,538			(11,206,361		)	3,661,094
Noncontrolling interests	—			—			5,423			—			5,423
Total shareholders’ equity (deficit)	3,661,094			10,361,823			849,961			(11,206,361		)	3,666,517
Total Liabilities and Shareholders’ Equity (Deficit)	$	15,778,486		$	14,156,697		$	1,600,107		$	(23,072,510	)	$	8,462,780

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2018
(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	$	1,058,961		$	904		$	3,176		$	—		$	1,063,041
Restricted cash and cash equivalents	16,607			—			—			—			16,607
Accounts receivable, net	323			415,836			779			—			416,938
Broadcast rights	—			96,308			1,961			—			98,269
Income taxes receivable	—			23,922			—			—			23,922
Prepaid expenses	6,992			12,139			313			—			19,444
Other	6,201			1,305			3			—			7,509
Total current assets	1,089,084			550,414			6,232			—			1,645,730
Properties
Property, plant and equipment	45,684			612,282			29,411			—			687,377
Accumulated depreciation	(31,920		)	(232,469		)	(1,689		)	—			(266,078		)
Net properties	13,764			379,813			27,722			—			421,299
Investments in subsidiaries	10,899,707			59,488			—			(10,959,195		)	—
Other Assets
Broadcast rights	—			95,482			394			—			95,876
Goodwill	—			3,220,300			8,301			—			3,228,601
Other intangible assets, net	—			1,375,180			67,276			—			1,442,456
Investments	850			1,233,522			30,065			—			1,264,437
Intercompany receivables	2,987,672			6,571,444			1,447,586			(11,006,702		)	—
Other	69,856			141,117			3,229			(61,210		)	152,992
Total other assets	3,058,378			12,637,045			1,556,851			(11,067,912		)	6,184,362
Total Assets	$	15,060,933		$	13,626,760		$	1,590,805		$	(22,027,107	)	$	8,251,391

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 31, 2018
(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	$	23,051		$	20,357		$	1,489		$	—		$	44,897
Income taxes payable	—			9,973			—			—			9,973
Contracts payable for broadcast rights	—			230,501			2,186			—			232,687
Deferred revenue	—			11,639			869			—			12,508
Interest payable	30,086			—			—			—			30,086
Other	44,702			76,694			246			—			121,642
Total current liabilities	97,839			349,164			4,790			—			451,793
Non-Current Liabilities
Long-term debt	2,926,083			—			—			—			2,926,083
Deferred income taxes	—			570,933			64,201			(61,210		)	573,924
Contracts payable for broadcast rights	—			232,850			425			—			233,275
Intercompany payables	8,121,544			2,176,908			708,250			(11,006,702		)	—
Other	397,559			121,497			24,163			—			543,219
Total non-current liabilities	11,445,186			3,102,188			797,039			(11,067,912		)	4,276,501
Total Liabilities	11,543,025			3,451,352			801,829			(11,067,912		)	4,728,294
Shareholders’ Equity (Deficit)
Common stock	102			—			—			—			102
Treasury stock	(632,194		)	—			—			—			(632,194		)
Additional paid-in-capital	4,031,233			8,307,898			913,902			(9,221,800		)	4,031,233
Retained (deficit) earnings	223,734			1,868,740			(130,052		)	(1,738,688		)	223,734
Accumulated other comprehensive (loss) income	(104,967		)	(1,230		)	(63		)	1,293			(104,967		)
Total Tribune Media Company shareholders’ equity (deficit)	3,517,908			10,175,408			783,787			(10,959,195		)	3,517,908
Noncontrolling interests	—			—			5,189			—			5,189
Total shareholders’ equity (deficit)	3,517,908			10,175,408			788,976			(10,959,195		)	3,523,097
Total Liabilities and Shareholders’ Equity (Deficit)	$	15,060,933		$	13,626,760		$	1,590,805		$	(22,027,107	)	$	8,251,391

Condensed Consolidating Statement of Cash Flows

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2019
(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	$	(51,751	)	$	350,238		$	(88,224	)	$	—	$	210,263
Investing Activities
Capital expenditures	(1,188		)	(29,558		)	139			—		(30,607		)
Spectrum repack reimbursements	—			5,947			—			—		5,947
Proceeds from the sales of investments	—			—			107,547			—		107,547
Other, net	—			(919		)	—			—		(919		)
Net cash (used in) provided by investing activities	(1,188		)	(24,530		)	107,686			—		81,968
Financing Activities
Payments of dividends	(44,175		)	—			—			—		(44,175		)
Tax withholdings related to net share settlements of share-based awards	(8,630		)	—			—			—		(8,630		)
Proceeds from stock option exercises	11,396			—			—			—		11,396
Contribution from noncontrolling interest	—			—			245			—		245
Change in intercompany receivables and payables and intercompany contributions	344,653			(324,882		)	(19,771		)	—		—
Net cash provided by (used in) financing activities	303,244			(324,882		)	(19,526		)	—		(41,164		)
Net Increase (decrease) in Cash, Cash Equivalents and Restricted Cash	250,305			826			(64		)	—		251,067
Cash, cash equivalents and restricted cash, beginning of period	1,075,568			904			3,176			—		1,079,648
Cash, cash equivalents and restricted cash, end of period	$	1,325,873		$	1,730		$	3,112		$	—	$	1,330,715
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	$	1,309,266		$	1,730		$	3,112		$	—	$	1,314,108
Restricted cash and cash equivalents	16,607			—			—			—		16,607
Total cash, cash equivalents and restricted cash	$	1,325,873		$	1,730		$	3,112		$	—	$	1,330,715

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2018

(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	$	(83,042	)	$	327,636		$	(23,653	)	$	—	$	220,941
Investing Activities
Capital expenditures	(6,087		)	(18,785		)	(75		)	—		(24,947		)
Spectrum repack reimbursement	—			1,698			—			—		1,698
Proceeds from sales of investments	—			—			3,890			—		3,890
Other	—			2			1,613			—		1,615
Net cash (used in) provided by investing activities	(6,087		)	(17,085		)	5,428			—		(17,744		)
Financing Activities
Payments of dividends	(43,847		)	—			—			—		(43,847		)
Tax withholdings related to net share settlements of share-based awards	(5,723		)	—			—			—		(5,723		)
Proceeds from stock option exercises	581			—			—			—		581
Distribution to noncontrolling interests	—			—			(2		)	—		(2		)
Change in intercompany receivables and payables and intercompany contributions	291,389			(310,622		)	19,233			—		—
Net cash provided by (used in) financing activities	242,400			(310,622		)	19,231			—		(48,991		)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	153,271			(71		)	1,006			—		154,206
Cash, cash equivalents and restricted cash, beginning of period	687,868			1,501			1,882			—		691,251
Cash, cash equivalents and restricted cash, end of period	$	841,139		$	1,430		$	2,888		$	—	$	845,457
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents	$	824,532		$	1,430		$	2,888		$	—	$	828,850
Restricted cash and cash equivalents	16,607			—			—			—		16,607
Total cash, cash equivalents and restricted cash	$	841,139		$	1,430		$	2,888		$	—	$	845,457