Condensed Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

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 (LOSS) INCOME

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	$	—		$	1,975,463		$	53,834		$	(18,837	)	$	2,010,460
Programming and direct operating expenses	—			960,385			23,264			(12,619		)	971,030
Selling, general and administrative	97,093			529,400			27,325			(6,218		)	647,600
Depreciation and amortization	7,465			243,303			18,751			—			269,519
Impairment of goodwill and other intangible assets	—			385,000			—			—			385,000
Total Operating Expenses	104,558			2,118,088			69,340			(18,837		)	2,273,149
Operating Loss	(104,558		)	(142,625		)	(15,506		)	—			(262,689		)
(Loss) income on equity investments, net	(240		)	147,199			—			—			146,959
Interest and dividend income	510			208			111			—			829
Interest expense	(163,336		)	(7		)	(1,087		)	—			(164,430		)
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	7,880			(1,277		)	—			—			6,603
Intercompany interest income (expense)	1,755			(1,755		)	—			—			—
Intercompany income (charges)	100,260			(99,904		)	(356		)	—			—
(Loss) Income Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(193,978		)	(90,029		)	(13,588		)	—			(297,595		)
Income tax (benefit) expense	(74,417		)	101,493			(4,753		)	—			22,323
(Deficit) equity in earnings of consolidated subsidiaries, net of taxes	(200,357		)	(5,446		)	—			205,803			—
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 (LOSS) INCOME

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	$	—		$	1,935,338		$	30,140		$	(16,119	)	$	1,949,359
Programming and direct operating expenses	—			768,397			13,676			(6,644		)	775,429
Selling, general and administrative	73,685			502,134			17,930			(9,475		)	584,274
Depreciation and amortization	2,162			271,953			14,359			—			288,474
Total Operating Expenses	75,847			1,542,484			45,965			(16,119		)	1,648,177
Operating (Loss) Profit	(75,847		)	392,854			(15,825		)	—			301,182
Income on equity investments, net	—			236,713			—			—			236,713
Interest and dividend income	961			250			157			—			1,368
Interest expense	(155,227		)	(1,442		)	(1,197		)	—			(157,866		)
Gain on investment transaction, net	—			372,485			—			—			372,485
Other non-operating items	(8,563		)	(3,537		)	28			—			(12,072		)
Intercompany interest income (expense)	1,760			(1,760		)	—			—			—
Intercompany income (charges)	80,851			(81,328		)	477			—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(156,065		)	914,235			(16,360		)	—			741,810
Income tax (benefit) expense	(55,573		)	342,659			(8,387		)	—			278,699
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	577,155			(6,653		)	—			(570,502		)	—
Income (Loss) from Continuing Operations	476,663			564,923			(7,973		)	(570,502		)	463,111
Income from Discontinued Operations, net of taxes	—			—			13,552			—			13,552
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 STATEMENTS OF OPERATIONS AND

COMPREHENSIVE (LOSS) INCOME

YEAR ENDED DECEMBER 29, 2013
(In thousands of dollars)

	Parent (Tribune Media Company)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Tribune Media Company Consolidated
Operating Revenues	$	—		$	1,140,243		$	7,236	$	(239	)	$	1,147,240
Programming and direct operating expenses	—			478,022			2,127		—			480,149
Selling, general and administrative	38,501			271,186			2,699		(239		)	312,147
Depreciation and amortization	427			154,122			1,355		—			155,904
Total Operating Expenses	38,928			903,330			6,181		(239		)	948,200
Operating (Loss) Profit	(38,928		)	236,913			1,055		—			199,040
Income on equity investments, net	—			145,241			—		—			145,241
Interest and dividend income	410			2			1		—			413
Interest expense	(38,655		)	(479		)	—		—			(39,134		)
Gain on investment transaction, net	—			150			—		—			150
Other non-operating items	(51,570		)	1,226			3,541		—			(46,803		)
Intercompany income (charges)	20,814			(21,594		)	780		—			—
(Loss) Income from Continuing Operations Before Income Taxes and Earnings (Losses) from Consolidated Subsidiaries	(107,929		)	361,459			5,377		—			258,907
Income tax (benefit) expense	(35,306		)	128,035			3,236		—			95,965
Equity (deficit) in earnings of consolidated subsidiaries, net of taxes	314,178			(531		)	—		(313,647		)	—
Income (Loss) from Continuing Operations	241,555			232,893			2,141		(313,647		)	162,942
Income from Discontinued Operations, net of taxes	—			—			78,613		—			78,613
Net Income (Loss)	$	241,555		$	232,893		$	80,754	$	(313,647	)	$	241,555
Comprehensive Income (Loss)	$	382,240		$	232,935		$	80,497	$	(313,432	)	$	382,240

Condensed Consolidating Balance Sheets

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		$	13,054		$	14,082		$	—		$	262,644
Restricted cash and cash equivalents	17,595			—			—			—			17,595
Accounts receivable, net	672			452,722			13,234			—			466,628
Broadcast rights	—			157,538			2,702			—			160,240
Income taxes receivable	—			42,816			22			—			42,838
Prepaid expenses	16,747			44,817			1,773			—			63,337
Other	4,494			3,818			351			—			8,663
Total current assets	275,016			714,765			32,164			—			1,021,945
Properties
Property, plant and equipment	47,909			662,094			108,655			—			818,658
Accumulated depreciation	(10,607		)	(144,089		)	(6,105		)	—			(160,801		)
Net properties	37,302			518,005			102,550			—			657,857
Investments in subsidiaries	10,374,921			104,432			—			(10,479,353		)	—
Other Assets
Broadcast rights	—			203,376			46			—			203,422
Goodwill	—			3,508,718			53,094			—			3,561,812
Other intangible assets, net	—			2,091,010			149,189			—			2,240,199
Assets held for sale	—			206,422			—			—			206,422
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	239,046			117,124			5,310			(187,302		)	174,178
Total other assets	1,845,103			12,051,636			554,907			(6,372,913		)	8,078,733
Total Assets	$	12,532,342		$	13,388,838		$	689,621		$	(16,852,266	)	$	9,758,535

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	$	29,587		$	24,153		$	6,654		$	—		$	60,394
Debt due within one year	22,443			—			4,036			—			26,479
Income taxes payable	—			2,700			758			—			3,458
Contracts payable for broadcast rights	—			233,660			3,016			—			236,676
Deferred revenue	—			39,654			5,067			—			44,721
Interest payable	33,826			—			2			—			33,828
Other	44,615			91,384			5,862			—			141,861
Total current liabilities	130,471			391,551			25,395			—			547,417
Non-Current Liabilities
Long-term debt	3,437,713			—			14,831			—			3,452,544
Intercompany loan payable	—			27,000			—			(27,000		)	—
Deferred income taxes	—			994,083			177,251			(187,302		)	984,032
Contracts payable for broadcast rights	—			385,052			55			—			385,107
Contract intangible liability, net	—			13,772			—			—			13,772
Intercompany payables	4,652,289			1,397,981			108,341			(6,158,611		)	—
Other	485,671			55,779			2,491			—			543,941
Total non-current liabilities	8,575,673			2,873,667			302,969			(6,372,913		)	5,379,396
Total liabilities	8,706,144			3,265,218			328,364			(6,372,913		)	5,926,813
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)	$	12,532,342		$	13,388,838		$	689,621		$	(16,852,266	)	$	9,758,535

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 28, 2014
(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	$	1,433,388		$	12,204		$	9,591		$	—		$	1,455,183
Restricted cash and cash equivalents	17,600			—			—			—			17,600
Accounts receivable, net	7,073			426,574			7,075			—			440,722
Broadcast rights	—			144,619			2,804			—			147,423
Income taxes receivable	—			4,891			1,521			(1,481		)	4,931
Deferred income taxes	8,546			21,096			33			—			29,675
Prepaid expenses	15,593			9,435			1,272			—			26,300
Other	4,048			34,869			72			—			38,989
Total current assets	1,486,248			653,688			22,368			(1,481		)	2,160,823
Properties
Property, plant and equipment	24,699			830,942			97,797			—			953,438
Accumulated depreciation	(3,636		)	(95,692		)	(3,513		)	—			(102,841		)
Net properties	21,063			735,250			94,284			—			850,597
Investments in subsidiaries	10,512,753			87,963			—			(10,600,716		)	—
Other Assets
Broadcast rights	—			156,949			65			—			157,014
Goodwill	—			3,889,609			28,527			—			3,918,136
Other intangible assets, net	—			2,270,955			126,839			—			2,397,794
Assets held for sale	—			5,645			—			—			5,645
Investments	8,958			1,695,289			12,945			—			1,717,192
Intercompany receivables	979,345			3,578,837			477,242			(5,035,424		)	—
Intercompany loan receivable	27,000			—			—			(27,000		)	—
Other	261,229			108,936			7,625			(188,536		)	189,254
Total other assets	1,276,532			11,706,220			653,243			(5,250,960		)	8,385,035
Total Assets	$	13,296,596		$	13,183,121		$	769,895		$	(15,853,157	)	$	11,396,455

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

AS OF DECEMBER 28, 2014
(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	$	36,123		$	39,680		$	1,492		$	—		$	77,295
Debt due within one year	—			54			4,034			—			4,088
Income taxes payable	—			254,051			—			(1,481		)	252,570
Contracts payable for broadcast rights	—			172,133			6,552			—			178,685
Deferred revenue	—			30,442			3,910			—			34,352
Interest payable	12,155			—			83			—			12,238
Other	47,288			68,067			9,597			—			124,952
Total current liabilities	95,566			564,427			25,668			(1,481		)	684,180
Non-Current Liabilities
Long-term debt	3,471,017			—			19,880			—			3,490,897
Intercompany loan payable	—			27,000			—			(27,000		)	—
Deferred income taxes	—			1,050,751			293,999			(188,536		)	1,156,214
Contracts payable for broadcast rights	—			279,662			157			—			279,819
Contract intangible liability, net	—			34,425			—			—			34,425
Intercompany payables	4,022,344			887,352			125,728			(5,035,424		)	—
Other	512,238			39,679			3,572			—			555,489
Total non-current liabilities	8,005,599			2,318,869			443,336			(5,250,960		)	5,516,844
Total liabilities	8,101,165			2,883,296			469,004			(5,252,441		)	6,201,024
Shareholders’ Equity (Deficit)
Common Stock	98			—			—			—			98
Treasury Stock	(67,814		)	—			—			—			(67,814		)
Additional paid-in-capital	4,591,470			9,504,260			215,621			(9,719,881		)	4,591,470
Retained earnings (deficit)	718,218			797,819			85,680			(883,499		)	718,218
Accumulated other comprehensive (loss) income	(46,541		)	(2,254		)	(410		)	2,664			(46,541		)
Total shareholders’ equity (deficit)	5,195,431			10,299,825			300,891			(10,600,716		)	5,195,431
Total Liabilities and Shareholders’ Equity (Deficit)	$	13,296,596		$	13,183,121		$	769,895		$	(15,853,157	)	$	11,396,455

Condensed Consolidating Statement of Cash Flows

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		)
Acquisitions, net of cash acquired	—			(5,109		)	(69,850		)	—		(74,959		)
Transfers from restricted cash	—			1,112			—			—		1,112
Investments	(15,000		)	(542		)	(7,500		)	—		(23,042		)
Distributions from equity investments	—			10,328			—			—		10,328
Proceeds from sales of investments	103			36,579			8,300			—		44,982
Proceeds from sales of real estate	—			4,930			—			—		4,930
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

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		)
Acquisitions, net of cash acquired	(157,814		)	(68,537		)	(53,482		)	—			(279,833		)
Decrease in restricted cash related to acquisition of Local TV	—			201,922			—			—			201,922
Transfers to restricted cash	—			(1,109		)	—			—			(1,109		)
Investments	—			(830		)	(1,500		)	—			(2,330		)
Distributions from equity investments	—			180,521			—			—			180,521
Intercompany dividends	21,437			—			—			(21,437		)	—
Proceeds from sales of investments	103			659,292			—			—			659,395
Proceeds from sales of real estate	—			49,870			—			—			49,870
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 Tribune Publishing	—			—			(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

TRIBUNE MEDIA COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 29, 2013
(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	$	(119,522	)	$	383,994		$	95,099		$	—		$	359,571
Investing Activities
Capital expenditures	(30,340		)	(23,424		)	(17,105		)	—			(70,869		)
Acquisitions, net of cash acquired	—			(2,523,410		)	(27,000		)	—			(2,550,410		)
Increase in restricted cash related to acquisition of Local TV	—			(201,922		)	—			—			(201,922		)
Intercompany notes issuance	(27,000		)	—			—			27,000			—
Investments	(275		)	(2,373		)	(169		)	—			(2,817		)
Distributions from equity investments	—			53,871			—			—			53,871
Proceeds from sales of investments	2,074			—			100			—			2,174
Proceeds from sales of real estate	—			10,739			—			—			10,739
Net cash (used in) provided by investing activities	(55,541		)	(2,686,519		)	(44,174		)	27,000			(2,759,234		)
Financing Activities
Long-term borrowings	3,763,567			—			26,933			—			3,790,500
Repayments of long-term debt	(1,100,000		)	(2,234		)	—			—			(1,102,234		)
Long-term debt issuance costs	(78,480		)	—			—			—			(78,480		)
Intercompany notes borrowing	—			27,000			—			(27,000		)	—
Change in intercompany receivables and payables	(2,264,883		)	2,346,758			(81,875		)	—			—
Net cash provided by (used in) financing activities	320,204			2,371,524			(54,942		)	(27,000		)	2,609,786
Net Increase (Decrease) in Cash and Cash Equivalents	145,141			68,999			(4,017		)	—			210,123
Cash and cash equivalents, beginning of year	410,301			2,789			17,484			—			430,574
Cash and cash equivalents, end of year	$	555,442		$	71,788		$	13,467		$	—		$	640,697