NOTE 22: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

The Company is the Issuer of the registered debt (see Note 9) and such debt is guaranteed by the Subsidiary Guarantors. The Subsidiary Guarantors are direct or indirect 100% owned domestic subsidiaries of the Company. The Company’s payment obligations under the Notes are jointly and severally guaranteed by the Subsidiary Guarantors, and all guarantees are full and unconditional. The subsidiaries of the Company that do not guarantee the Notes (the “Non-Guarantor Subsidiaries”) are direct or indirect subsidiaries of the Company that primarily include the Company’s international operations.

The guarantees are subject to release under certain circumstances, including: (a) upon the sale, exchange, disposition or other transfer (including through merger, consolidation or dissolution) of the interests in such Subsidiary Guarantor, after which such Subsidiary Guarantor is no longer a restricted subsidiary of the Company, or all or substantially all the assets of such Subsidiary Guarantor, in any case, if such sale, exchange, disposition or other transfer is not prohibited by the Indenture, (b) upon the Company designating such Subsidiary Guarantor to be an unrestricted subsidiary in accordance with the Indenture, (c) in the case of any restricted subsidiary of the Company that after the issue date is required to guarantee the Notes, upon the release or discharge of the guarantee by such restricted subsidiary of any indebtedness of the Company or another Subsidiary Guarantor or the repayment of any indebtedness of the Company or another Subsidiary Guarantor, in each case, which resulted in the obligation to guarantee the Notes, (d) upon the Company’s exercise of its legal defeasance option or covenant defeasance option in accordance with the Indenture or if the Company’s obligations under the Indenture are discharged in accordance with the terms of the Indenture, (e) upon the release or discharge of direct obligations of such Subsidiary Guarantor, or the guarantee by such Guarantor of the obligations, under the Senior Credit Agreement, or (f) during the period when the rating of the Notes is changed to investment grade.

In lieu of providing separate audited financial statements for the Subsidiary Guarantors, the Company has included the accompanying condensed consolidating financial statements in accordance with the requirements of Rule 3-10(f) of SEC Regulation S-X. The following Condensed Consolidating Financial Statements present the Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statements of Cash Flows of Tribune Media Company, the Subsidiary Guarantors, the Non-guarantor Subsidiaries and the eliminations necessary to arrive at the Company’s information on a consolidated basis.

These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10.

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 goodwill and 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 transactions, 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) Income 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	)

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

YEAR ENDED DECEMBER 28, 2014
(In thousands of dollars)



	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,775,555		$	5,070		$	—		$	1,780,625

Programming and direct operating expenses	—			717,791			1,072			—			718,863
Selling, general and administrative	67,211			447,405			4,515			—			519,131
Depreciation and amortization	2,162			244,820			12,515			—			259,497
Gain on sales of real estate	—			(21,690		)	—			—			(21,690		)
Total Operating Expenses	69,373			1,388,326			18,102			—			1,475,801

Operating (Loss) Profit	(69,373		)	387,229			(13,032		)	—			304,824

Income on equity investments, net	—			236,713			—			—			236,713
Interest and dividend income	961			250			53			—			1,264
Interest expense	(139,067		)	(1,440		)	(1,122		)	—			(141,629		)
Gain on investment transaction, net	—			371,785			—			—			371,785
Other non-operating items, net	(8,563		)	(3,537		)	28			—			(12,072		)
Intercompany income (charges)	75,808			(76,285		)	477			—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(140,234		)	914,715			(13,596		)	—			760,885
Income tax (benefit) expense	(50,781		)	342,730			(7,683		)	—			284,266
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	579,624			(1,145		)	—			(578,479		)	—
Income (Loss) from Continuing Operations	490,171			570,840			(5,913		)	(578,479		)	476,619
(Loss) Income from Discontinued Operations, net of taxes	(13,508		)	(5,917		)	11,492			7,977			44
Net Income (Loss)	$	476,663		$	564,923		$	5,579		$	(570,502	)	$	476,663

Comprehensive Income (Loss)	$	291,527		$	562,558		$	5,191		$	(567,749	)	$	291,527

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 held for sale	—			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 held for sale	—			531,376			93,953			—			625,329
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 held for sale	—			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
Contract intangible liability, net	—			12			—			—			12
Intercompany payables	6,065,424			1,912,259			254,954			(8,232,637		)	—
Other	468,227			50,227			20			—			518,474
Non-current liabilities held for sale	—			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 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		$	7,011		$	5,301		$	—		$	247,820
Restricted cash and cash equivalents	17,595			—			—			—			17,595
Accounts receivable, net	672			415,117			1,088			—			416,877
Broadcast rights	—			157,538			2,702			—			160,240
Income taxes receivable	—			42,683			—			—			42,683
Current assets held for sale	—			49,784			22,914			—			72,698
Prepaid expenses	16,747			40,333			155			—			57,235
Other	4,494			2,299			4			—			6,797
Total current assets	275,016			714,765			32,164			—			1,021,945
Properties
Property, plant and equipment	47,909			604,911			105,427			—			758,247
Accumulated depreciation	(10,607		)	(126,944		)	(5,126		)	—			(142,677		)
Net properties	37,302			477,967			100,301			—			615,570

Investments in subsidiaries	10,374,921			104,432			—			(10,479,353		)	—

Other Assets
Broadcast rights	—			203,376			46			—			203,422
Goodwill	—			3,220,300			7,924			—			3,228,224
Other intangible assets, net	—			1,889,646			100,356			—			1,990,002
Non-current assets held for sale	—			739,954			98,910			—			838,864
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			113,412			2,509			(187,302		)	118,136
Total other assets	1,795,574			12,091,674			557,013			(6,372,913		)	8,071,348
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	$	29,799		$	22,755		$	1,318		$	—		$	53,872
Debt due within one year (1)	15,874			—			3,988			—			19,862
Income taxes payable	—			2,373			—			—			2,373
Contracts payable for broadcast rights	—			233,660			3,016			—			236,676
Deferred revenue	—			14,719			30			—			14,749
Interest payable	33,826			—			2			—			33,828
Current liabilities held for sale	—			43,204			16,758			—			59,962
Other	44,615			74,628			235			—			119,478
Total current liabilities	124,114			391,339			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	—			909,521			168,487			(187,302		)	890,706
Contracts payable for broadcast rights	—			385,052			55			—			385,107
Contract intangible liability, net	—			13,772			—			—			13,772
Intercompany payables	4,651,615			1,398,655			108,341			(6,158,611		)	—
Other	486,133			51,488			23			—			537,644
Non-current liabilities held for sale	—			88,391			11,232			—			99,623
Total non-current liabilities	8,532,501			2,873,879			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.

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
Transfers from restricted cash	—			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		)
Payment of dividends	(90,296		)	—			—			—			(90,296		)
Settlements of contingent consideration, net	—			(750		)	(2,886		)	—			(3,636		)
Common stock repurchases	(232,065		)	—			—			—			(232,065		)
Tax withholdings related to net share settlements of share-based awards	(4,553		)	—			—			—			(4,553		)
Contributions from noncontrolling interests	—			—			393			—			393
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 assets held for sale	—			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
Transfers from restricted cash	—			1,112			—			—		1,112
Distributions from equity investments	—			10,328			—			—		10,328
Proceeds from sales of investments	103			36,579			8,300			—		44,982
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		)
Payment of dividends	(719,919		)	—			—			—		(719,919		)
Settlements of contingent consideration, net	—			4,088			(2,914		)	—		1,174
Common stock repurchases	(339,942		)	—			—			—		(339,942		)
Change in excess tax benefits from stock-based awards	(868		)	—			—			—		(868		)
Tax withholdings related to net share settlements of share-based awards	(4,421		)	—			—			—		(4,421		)
Proceeds from stock option exercises	166			—			—			—		166
Contributions from noncontrolling interests	—			—			5,524			—		5,524
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 assets held for sale	—			6,043			8,781			—		14,824
Cash and cash equivalents, end of year	$	235,508		$	13,054		$	14,082		$	—	$	262,644

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 28, 2014
(In thousands of dollars)



	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Tribune Media Company Consolidated
Net cash provided by (used in) operating activities	$	144,792		$	399,228		$	87,998		$	(253,563	)	$	378,455

Investing Activities
Capital expenditures	(33,485		)	(48,793		)	(7,160		)	—			(89,438		)
Investments	—			(830		)	(1,500		)	—			(2,330		)
Acquisitions, net of cash acquired	(157,814		)	(68,537		)	(53,482		)	—			(279,833		)
Proceeds from sales of real estate and other assets	—			49,870			—			—			49,870
Transfers to restricted cash	—			(1,109		)	—			—			(1,109		)
Decrease in restricted cash related to acquisition of Local TV	—			201,922			—			—			201,922
Distributions from equity investments	—			180,521			—			—			180,521
Intercompany dividends	21,437			—			—			(21,437		)	—
Proceeds from sales of investments	103			659,292			—			—			659,395
Net cash (used in) provided by investing activities	(169,759		)	972,336			(62,142		)	(21,437		)	718,998

Financing Activities
Long-term borrowings related to Publishing Spin-off	—			—			346,500			—			346,500
Repayments of long-term debt	(293,865		)	(2,383		)	(3,037		)	—			(299,285		)
Repayment of Senior Toggle Notes	—			(172,237		)	—			—			(172,237		)
Long-term debt issuance costs related to Publishing Spin-off	—			—			(10,179		)	—			(10,179		)
Common stock repurchases	(60,211		)	—			—			—			(60,211		)
Cash and restricted cash distributed to tronc	—			—			(86,530		)	—			(86,530		)
Change in excess tax benefits from stock-based awards	868			—			—			—			868
Tax withholdings related to net share settlements of share-based awards	(3,201		)	—			—			—			(3,201		)
Proceeds from stock option exercises	1,308			—			—			—			1,308
Intercompany dividends	—			—			(275,000		)	275,000			—
Change in intercompany receivables and payables	1,258,014			(1,256,528		)	(1,486		)	—			—
Net cash provided by (used in) financing activities	902,913			(1,431,148		)	(29,732		)	275,000			(282,967		)

Net Increase (Decrease) in Cash and Cash Equivalents	877,946			(59,584		)	(3,876		)	—			814,486
Cash and cash equivalents, beginning of year	555,442			71,788			13,467			—			640,697
Cash and cash equivalents, end of year	$	1,433,388		$	12,204		$	9,591		$	—		$	1,455,183