Intrinsic value of Tribune Media Cl A - TRCO

Previous Close

$42.24

  Intrinsic Value

$2.86

stock screener

  Rating & Target

str. sell

-93%

Previous close

$42.24

 
Intrinsic value

$2.86

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of TRCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2012), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2012(a)
   2013
   2014
   2015
   2016
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.09
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,145
  3,208
  3,282
  3,366
  3,461
  3,566
  3,681
  3,806
  3,942
  4,088
  4,245
  4,413
  4,592
  4,782
  4,985
  5,200
  5,428
  5,669
  5,924
  6,194
  6,479
  6,779
  7,096
  7,429
  7,781
  8,151
  8,541
  8,952
  9,384
  9,838
  10,316
Variable operating expenses, $m
 
  564
  576
  590
  605
  622
  641
  661
  683
  707
  733
  719
  748
  780
  813
  848
  885
  924
  966
  1,010
  1,056
  1,105
  1,157
  1,211
  1,268
  1,329
  1,392
  1,459
  1,530
  1,604
  1,682
Fixed operating expenses, $m
 
  2,304
  2,362
  2,421
  2,481
  2,543
  2,607
  2,672
  2,739
  2,807
  2,878
  2,950
  3,023
  3,099
  3,176
  3,256
  3,337
  3,421
  3,506
  3,594
  3,684
  3,776
  3,870
  3,967
  4,066
  4,168
  4,272
  4,379
  4,488
  4,600
  4,715
Total operating expenses, $m
  2,748
  2,868
  2,938
  3,011
  3,086
  3,165
  3,248
  3,333
  3,422
  3,514
  3,611
  3,669
  3,771
  3,879
  3,989
  4,104
  4,222
  4,345
  4,472
  4,604
  4,740
  4,881
  5,027
  5,178
  5,334
  5,497
  5,664
  5,838
  6,018
  6,204
  6,397
Operating income, $m
  396
  340
  344
  356
  374
  400
  433
  473
  519
  573
  634
  744
  820
  904
  996
  1,097
  1,206
  1,325
  1,453
  1,591
  1,739
  1,898
  2,069
  2,252
  2,447
  2,655
  2,877
  3,114
  3,366
  3,635
  3,920
EBITDA, $m
  562
  514
  521
  536
  559
  589
  627
  672
  724
  784
  852
  927
  1,011
  1,103
  1,203
  1,313
  1,431
  1,560
  1,699
  1,848
  2,008
  2,180
  2,363
  2,560
  2,770
  2,993
  3,232
  3,486
  3,756
  4,043
  4,348
Interest expense (income), $m
  0
  0
  -375
  -372
  -368
  -364
  -360
  -355
  -350
  -345
  -339
  -332
  -325
  -318
  -310
  -302
  -293
  -284
  -274
  -264
  -253
  -241
  -229
  -216
  -203
  -188
  -173
  -157
  -140
  -123
  -104
Earnings before tax, $m
  410
  340
  719
  727
  742
  764
  793
  828
  870
  918
  973
  1,076
  1,146
  1,222
  1,307
  1,399
  1,500
  1,609
  1,727
  1,854
  1,992
  2,140
  2,298
  2,468
  2,649
  2,843
  3,051
  3,271
  3,507
  3,757
  4,024
Tax expense, $m
  -12
  92
  194
  196
  200
  206
  214
  224
  235
  248
  263
  291
  309
  330
  353
  378
  405
  434
  466
  501
  538
  578
  620
  666
  715
  768
  824
  883
  947
  1,015
  1,086
Net income, $m
  422
  248
  525
  531
  542
  558
  579
  604
  635
  670
  710
  786
  836
  892
  954
  1,021
  1,095
  1,174
  1,261
  1,354
  1,454
  1,562
  1,677
  1,801
  1,934
  2,076
  2,227
  2,388
  2,560
  2,743
  2,938

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,284
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,351
  4,150
  4,245
  4,354
  4,477
  4,613
  4,762
  4,924
  5,099
  5,288
  5,491
  5,709
  5,940
  6,187
  6,449
  6,727
  7,022
  7,334
  7,664
  8,013
  8,381
  8,770
  9,179
  9,611
  10,066
  10,545
  11,050
  11,581
  12,140
  12,728
  13,346
Adjusted assets (=assets-cash), $m
  4,067
  4,150
  4,245
  4,354
  4,477
  4,613
  4,762
  4,924
  5,099
  5,288
  5,491
  5,709
  5,940
  6,187
  6,449
  6,727
  7,022
  7,334
  7,664
  8,013
  8,381
  8,770
  9,179
  9,611
  10,066
  10,545
  11,050
  11,581
  12,140
  12,728
  13,346
Revenue / Adjusted assets
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
Average production assets, $m
  1,475
  1,505
  1,539
  1,579
  1,623
  1,672
  1,726
  1,785
  1,849
  1,917
  1,991
  2,070
  2,154
  2,243
  2,338
  2,439
  2,546
  2,659
  2,779
  2,905
  3,038
  3,179
  3,328
  3,484
  3,649
  3,823
  4,006
  4,198
  4,401
  4,614
  4,838
Working capital, $m
  2,494
  218
  223
  229
  235
  242
  250
  259
  268
  278
  289
  300
  312
  325
  339
  354
  369
  386
  403
  421
  441
  461
  482
  505
  529
  554
  581
  609
  638
  669
  702
Total debt, $m
  5
  -10,702
  -10,616
  -10,518
  -10,408
  -10,286
  -10,152
  -10,006
  -9,848
  -9,677
  -9,495
  -9,299
  -9,091
  -8,869
  -8,633
  -8,382
  -8,117
  -7,836
  -7,539
  -7,225
  -6,894
  -6,544
  -6,176
  -5,787
  -5,378
  -4,946
  -4,492
  -4,014
  -3,511
  -2,982
  -2,426
Total liabilities, $m
  14,442
  3,735
  3,821
  3,919
  4,029
  4,151
  4,285
  4,431
  4,589
  4,760
  4,942
  5,138
  5,346
  5,568
  5,804
  6,055
  6,320
  6,601
  6,898
  7,212
  7,543
  7,893
  8,261
  8,650
  9,059
  9,491
  9,945
  10,423
  10,926
  11,455
  12,011
Total equity, $m
  -8,091
  415
  425
  435
  448
  461
  476
  492
  510
  529
  549
  571
  594
  619
  645
  673
  702
  733
  766
  801
  838
  877
  918
  961
  1,007
  1,055
  1,105
  1,158
  1,214
  1,273
  1,335
Total liabilities and equity, $m
  6,351
  4,150
  4,246
  4,354
  4,477
  4,612
  4,761
  4,923
  5,099
  5,289
  5,491
  5,709
  5,940
  6,187
  6,449
  6,728
  7,022
  7,334
  7,664
  8,013
  8,381
  8,770
  9,179
  9,611
  10,066
  10,546
  11,050
  11,581
  12,140
  12,728
  13,346
Debt-to-equity ratio
  -0.001
  -25.790
  -25.010
  -24.150
  -23.250
  -22.300
  -21.320
  -20.320
  -19.310
  -18.300
  -17.290
  -16.290
  -15.300
  -14.330
  -13.390
  -12.460
  -11.560
  -10.680
  -9.840
  -9.020
  -8.230
  -7.460
  -6.730
  -6.020
  -5.340
  -4.690
  -4.070
  -3.470
  -2.890
  -2.340
  -1.820
Adjusted equity ratio
  -2.550
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  422
  248
  525
  531
  542
  558
  579
  604
  635
  670
  710
  786
  836
  892
  954
  1,021
  1,095
  1,174
  1,261
  1,354
  1,454
  1,562
  1,677
  1,801
  1,934
  2,076
  2,227
  2,388
  2,560
  2,743
  2,938
Depreciation, amort., depletion, $m
  166
  174
  177
  181
  185
  189
  194
  199
  205
  211
  217
  183
  191
  198
  207
  216
  225
  235
  246
  257
  269
  281
  294
  308
  323
  338
  355
  372
  389
  408
  428
Funds from operations, $m
  875
  422
  702
  711
  727
  747
  772
  803
  839
  881
  927
  969
  1,027
  1,091
  1,161
  1,237
  1,320
  1,410
  1,507
  1,611
  1,723
  1,843
  1,972
  2,110
  2,257
  2,414
  2,581
  2,760
  2,949
  3,151
  3,366
Change in working capital, $m
  101
  4
  5
  6
  6
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  29
  31
  33
Cash from operations, $m
  774
  418
  697
  706
  720
  740
  765
  795
  830
  871
  917
  957
  1,015
  1,078
  1,147
  1,222
  1,304
  1,393
  1,489
  1,593
  1,704
  1,823
  1,950
  2,087
  2,233
  2,389
  2,555
  2,732
  2,920
  3,120
  3,333
Maintenance CAPEX, $m
  0
  -130
  -133
  -136
  -140
  -144
  -148
  -153
  -158
  -164
  -170
  -176
  -183
  -191
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -281
  -294
  -308
  -323
  -338
  -355
  -372
  -389
  -408
New CAPEX, $m
  -147
  -30
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -224
Cash from investing activities, $m
  -29
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -255
  -267
  -280
  -293
  -308
  -323
  -338
  -355
  -372
  -390
  -410
  -430
  -451
  -473
  -497
  -521
  -548
  -575
  -602
  -632
Free cash flow, $m
  745
  257
  529
  530
  536
  547
  563
  583
  608
  639
  674
  702
  747
  798
  853
  915
  982
  1,055
  1,134
  1,220
  1,313
  1,413
  1,521
  1,636
  1,760
  1,892
  2,034
  2,185
  2,346
  2,518
  2,701
Issuance/(repayment) of debt, $m
  -3
  -10,704
  86
  98
  110
  122
  134
  146
  158
  170
  183
  195
  209
  222
  236
  250
  265
  281
  297
  314
  331
  350
  369
  389
  409
  431
  454
  478
  503
  529
  557
Issuance/(repurchase) of shares, $m
  0
  10,539
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -7
  -165
  86
  98
  110
  122
  134
  146
  158
  170
  183
  195
  209
  222
  236
  250
  265
  281
  297
  314
  331
  350
  369
  389
  409
  431
  454
  478
  503
  529
  557
Total cash flow (excl. dividends), $m
  738
  92
  615
  628
  646
  669
  697
  729
  766
  809
  856
  898
  956
  1,020
  1,089
  1,165
  1,247
  1,336
  1,431
  1,534
  1,644
  1,763
  1,889
  2,025
  2,169
  2,323
  2,488
  2,663
  2,849
  3,047
  3,257
Retained Cash Flow (-), $m
  -525
  -10,787
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
Prev. year cash balance distribution, $m
 
  2,281
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -8,414
  605
  617
  634
  656
  682
  713
  749
  790
  836
  876
  933
  995
  1,063
  1,137
  1,218
  1,304
  1,398
  1,499
  1,608
  1,724
  1,848
  1,981
  2,124
  2,275
  2,437
  2,610
  2,793
  2,988
  3,195
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -8,067
  554
  537
  522
  508
  495
  482
  468
  454
  438
  416
  398
  378
  357
  334
  309
  284
  258
  231
  204
  178
  153
  130
  108
  89
  71
  56
  43
  33
  24
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Tribune Media Company is a diversified media and entertainment business. As of December 31, 2016, the Company consisted of 42 local television stations that were either owned by the Company or owned by others but to which it provides certain services, along with a national general entertainment cable network, a radio station, a production studio, a portfolio of real estate assets and investments in a range of media, Websites and other related assets. Its business consists of its Television and Entertainment operations and the management of certain of its real estate assets. The Television and Entertainment segment provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations and television series and movies on WGN America, including through content produced by Tribune Studios and its production partners, as well as news, entertainment and sports information via its Websites and other digital assets. _tck('aft');

FINANCIAL RATIOS  of  Tribune Media Cl A (TRCO)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 761
Current Ratio 0.3
LT Debt to Equity -0%
Total Debt to Equity -0.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital -5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 68.7%
Return On Equity -5.1%
Return On Equity - 3 Yr. Avg. -6.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 47.9%
Gross Margin - 3 Yr. Avg. 48%
EBITDA Margin 18.3%
EBITDA Margin - 3 Yr. Avg. 19%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 13%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 14.8%
Effective Tax Rate -2.9%
Eff/ Tax Rate - 3 Yr. Avg. -8.3%
Payout Ratio 0%

TRCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRCO stock intrinsic value calculation we used $3145 million for the last fiscal year's total revenue generated by Tribune Media Cl A. The default revenue input number comes from 2012 income statement of Tribune Media Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TRCO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TRCO is calculated based on our internal credit rating of Tribune Media Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tribune Media Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TRCO stock the variable cost ratio is equal to 17.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2248 million in the base year in the intrinsic value calculation for TRCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Tribune Media Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tribune Media Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TRCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TRCO are equal to 46.9%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Tribune Media Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TRCO is equal to 6.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-8091 million for Tribune Media Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 87.159 million for Tribune Media Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tribune Media Cl A at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
TGNA TEGNA 13.62 35.16  str.buy
TRNC tronc 17.30 5.56  str.sell
AHC A. H. Belo Ser 4.75 0.85  str.sell
NEWM New Media Inve 17.03 17.39  hold
LEE Lee Enterprise 2.40 1.90  hold
SNI Scripps Networ 83.21 67.29  sell
DIS Walt Disney 111.27 104.06  hold

COMPANY NEWS

▶ [$$] Sinclair-Tribune Deal Likely to Get Justice Department's Approval   [Dec-14-17 06:55PM  The Wall Street Journal]
▶ FCC to Review TV Station Ownership Cap   [Nov-21-17 11:51AM  Bloomberg]
▶ Sinclair Broadcast plans nearly 400 new jobs through Hunt Valley HQ expansion   [Nov-15-17 12:15PM  American City Business Journals]
▶ Tribune Media reports 3Q loss   [Nov-08-17 06:40PM  Associated Press]
▶ How Trump's FCC chair could limit your media choices   [Oct-27-17 04:59PM  Yahoo Finance]
▶ U.S. FCC to loosen TV, newspaper ownership rules   [Oct-25-17 04:54PM  Reuters]
▶ WLS-Channel 7 taps Teresa Rix for top ad sales post   [Oct-20-17 03:55PM  American City Business Journals]
▶ FCC pauses its review of takeover of 2 Denver TV stations' parent   [09:45AM  American City Business Journals]
▶ Sinclair closes on $240M deal for New York-based television broadcaster   [11:35AM  American City Business Journals]
▶ [$$] New York Daily News Is Sold to Tronc   [12:03AM  The Wall Street Journal]
▶ [$$] New York Daily News Is Sold to Tronc   [Sep-04-17 11:09PM  The Wall Street Journal]
▶ Tribune Media reports 2Q loss   [Aug-09-17 12:31PM  Associated Press]
▶ Murdoch's Ongoing Feud With Sinclair Escalates   [Aug-04-17 03:19PM  Bloomberg]
▶ [$$] 21st Century Fox, ION In Talks for Local Television Joint Venture   [Aug-03-17 05:23PM  The Wall Street Journal]
▶ Sinclair profit falls 10 percent but beats Wall Street expectations   [10:35AM  American City Business Journals]
▶ The Sun's Calvert Street buildings sold for $15.5 million   [03:34PM  American City Business Journals]
▶ ETFs with exposure to Tribune Media Co. : June 20, 2017   [Jun-20-17 03:20PM  Capital Cube]
Financial statements of TRCO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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