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.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.