Tribune buys $400M of itself


TribuneTribune Media President/CEO Pete Ligouri thinks his company’s stock is grotesquely undervalued. And he proposes to do something about it.

It’s not just Liguouri – the board and the roster of senior management are in agreement.

The plan is to repurchase $400M in outstanding shares of Class A common stock. The plan will not be put into effect until after the company reports its results for the quarter ending 9/28/14.

“Our Board of Directors and senior management strongly believe that Tribune Media’s free cash flows, growth prospects and long-term strategy are not reflected by the company’s current stock price,” said Liguori. “The stock repurchase program that was announced today demonstrates our confidence in the strength of our businesses and commitment to delivering shareholder value.”