Tribune Media beat analyst expectations for third-quarter earnings on Tuesday, as company CEO Peter Liguori sounded bullish on over-the-top offerings.
In general we see over-the-top as a tremendous opportunity,” Liguori said Tuesday on the company’s earnings call. “It’s a potential new distribution platform for our broadcast content, and we look forward to discussions with new entrants who are now looking to pay fair-market value for our content.”
Earlier this year Tribune Media struck a deal giving original series Manhattan an exclusive streaming home on Hulu Plus.
Tribune Media earned $38.0 million or 38 cents a share in the third quarter, on revenue of $474 million, up 69 percent from the previous year. Analysts had been predicting earnings of $30.84 million or 31 cents per share, on revenue of $432.2 million.
Liguori also emphasized on the call that Tribune Media “is not just a local broadcaster.” He insisted the year-old company is a “diversified media company.
Tribune Media is made up of the 42 owned or operated broadcast stations, national network WGN America, Tribune Studios, Tribune Digital Ventures, WGN Radio, and real estate holdings. Erstwhile corporate siblings that specialize in print publishing were spun off into a separate company last year.
The company still plans 52 weeks of original programming a year within the next several years, but will probably focus on individual 13-week runs of a few series.
Read More: The Hollywood Reporter, Variety
Brief Take: Tribune Media’s first earnings call shows a company focused on building its original stable while exploring new distribution avenues.
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