17 Oct Tribune Media Company and 21st Century Fox Renew and Extend Affiliate Agreement in Seattle
Tribune Media Company (OTC:TRBAA) and 21st Century Fox have reached agreement on a new multi-year extension of the FOX affiliation in Seattle with Tribune owned station, KCPQ-TV. Under the terms of the agreement, Tribune will continue its FOX affiliation with KCPQ-TV in Seattle through July 2018, which is concurrent with the timing of seven other Tribune Broadcasting FOX affiliation agreements. As part of the agreement, FOX has withdrawn its previously delivered termination notice and has agreed that the affiliation will no longer be subject to early termination prior to July 2018.
“We are pleased to have secured a multi-year agreement with FOX to extend our affiliation with KCPQ-TV in Seattle through July 2018,” said Peter Liguori, President and Chief Executive Officer, Tribune Media. “Tribune is not only FOX’s largest local affiliate group, but also has a far-reaching business partnership with FOX on nearly 20 syndicated programs as well as Salem, a WGN America original series. Today’s agreement illustrates the value both parties place on resolving issues on mutually satisfactory and beneficial terms.”
“KCPQ is an outstanding station driven by the high-quality local news, entertainment and sports programming offered by the station and its continued affiliation with FOX,” said Larry Wert, president of Tribune Broadcasting. “This extension serves the community of Seattle, and reinforces the vibrancy of our station group.”
KCPQ provides 10 hours of local news throughout all of western Washington each weekday in addition to the FOX prime time entertainment and weekend sports programming through its affiliation. KCPQ is the official television partner of the Seattle Seahawks and has exclusive rights to their pre-season games. As a FOX affiliate, the television station carries the network’s prime time and sports programming including the regular season Seattle Seahawks and other NFL games, Major League Baseball’s World Series, Pac-12 Football and NASCAR.
As part of the extended affiliation agreement Tribune has agreed, as of January 1, 2015, to pay additional programming fees to FOX for the prime time and sports content provided by the network. Including this additional programming fee, Tribune expects that, for the term of the agreement, KCPQ will deliver profitability in excess of its previously disclosed 2013 annual EBITDA of $13 million.
Tribune Media Company(OTC:TRBAA) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching 50 million households, national entertainment network WGN America, available in 72 million households, Tribune Studios, and Tribune Digital Ventures, including Gracenote, one of the world’s leading sources of TV and music metadata powering electronic program guides in televisions, automobiles and mobile devices. Tribune Media also includes Chicago’s WGN-AM and the national multicast networks Antenna TV and THIS TV. Additionally, the company owns and manages a significant number of real estate properties across the U.S. and holds other strategic investments in media. For more information please visit www.tribunemedia.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain disclosures in this press release include certain forward-looking statements that are based largely on our current expectations and reflect various estimates and assumptions by the Company. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements, and are in some instances beyond our control. Such risks, trends and uncertainties include those described under the heading “Risk Factors” in the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission on September 19, 2014, including among other things the possible non-renewal or termination of any of our network affiliation agreements and other events beyond our control that may result in unexpected adverse operating results. The words “believe,” “expect,” “anticipate,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “will,” “designed,” “assume,” “implied” and similar expressions generally identify forward-looking statements. Whether or not any such forward-looking statements are in fact achieved will depend on future events, some of which are beyond the control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements, which are being made as of the date of this press release. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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