NEW YORK—Tribune Media announced that it anticipates receiving approximately $190 million in pre-tax proceeds from the Federal Communication Commission’s recently completed reverse auction for broadcast spectrum.
Tribune indicated that the commission accepted one more if its bids or those of its channel-sharing partners: “ The anticipated proceeds reflect the FCC’s acceptance of one or more bids placed by Tribune Media or channel share partners of television stations owned or operated by Tribune Media during the auction to modify and/or surrender spectrum used by certain of such bidder’s television stations.” Tribune said it did not expect any “material change in operations” as a result of the spectrum sale.
Both Gray and Fox TV announced expected proceeds of $91 million and $350 million respectively, and both indicated there would be “material change in operations,” with Gray going so far as saying there would be no job cuts. Tribune, however, is the first among sellers to mention channel sharing, although presents the most likely scenario for selling spectrum without materially affecting operations.
Tribune owns and/or operates 42 TV stations reaching 50 million TV households. The company said it expects proceeds in the second half of 2017.
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