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Analyst Begins Coverage of Tribune at 'Outperform'

Wells Fargo analyst Marci Ryvicker initiated coverage of Tribune Media Co., rating the company in her "outperform" category.

Ryvicker says Tribune's station group is well positioned for long-term net retransmission revenue growth, will get a boost from the 2016 presidential elections and has opportunities to monetize its spectrum worth $5 to $9 a share.

She also things WGN America, which Tribune is converting from a superstation to a cable network, is "worth the wait." She calculates that WGNA is worth $1.3 billion, only half of which is currently reflected in Tribune's stock price.

Investments including stakes in Food Network and Career Builder now generate more than $200 million in cash flow and present future monetization opportunities.