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Total programming costs rose 27.9 percent to $157.1 million in
the second quarter ended June 30.
The media company has been pushed to rethink its business
strategy due to higher programming costs and a challenging
advertising environment as most advertisers shift to digital
platforms.
In November, Tribune hired investment banks Moelis & Co <MC.N>
and Guggenheim Securities as financial advisers to work on a
strategic review of its assets.
The broadcaster subsequently sold off its digital data unit,
Gracenote, to advertising tracking company, Nielsen Holdings Plc
<NLSN.N>, for $560 million in December.
In May, Sinclair Broadcast offered to buy Tribune in a $3.9
billion deal, following a U.S. Federal Communications Commission
(FCC) vote to reverse a 2016 decision that limited the number of
television stations some broadcasters can buy.
The deal, however, has been opposed by conservative media, trade
and liberal advocacy groups, who filed petitions with the FCC
saying it will raise prices while narrowing content and news
viewing choices for millions of Americans.
On Tuesday, satellite television provider Dish Network Corp <DISH.O>
also joined hands with the opposing forces.
Sinclair already owns 173 U.S. television stations while Tribune
owns 42 TV stations in 33 U.S. markets.
Tribune said on Wednesday revenue from the television and
entertainment division, which includes its broadcasting, radio
and studio businesses, fell marginally to $466.1 million.
The company's net loss narrowed to $30.4 million, or 35 cents
per share, in the second quarter, from $161.6 million, or $1.76
per share, a year earlier.
Excluding items, the company earned 36 cents per share, missing
analysts' estimate of 41 cents per share, according to Thomson
Reuters I/B/E/S.
Total operating revenue fell 2.1 percent to $469.5 million,
above analysts average estimate of $375.1 million.
(Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun
Koyyur)
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