Tribune Media, the owner of 42 local TV stations and the WGN America cable network, posted a second-quarter loss as higher expenses and a one-time item thwarted an increase in revenue.
The Chicago company said its loss came to $3.3 million. compared with a profit of $82.9 million in the year-earlier period. The company lost four cents a share in the recently ended second quarter, compared with earnings of 83 cents a share a year earlier.
Revenue increased 5.6% to $501.5 million, the company said.
Tribune’s TV and entertainment operations saw a 4.4% increase in revenue, to $445.6 million, while its digital and data businesses saw revenue increase by 29% to $44.6 million. Advertising revenue in the segment rose 1.4%.
Tribune’s digital and data business’s, meanwhile, saw revenue jump 29% to $43.6 million. Acquisitions during the quarter helped drive the increase.
Revenue growth was offset by one-time costs, including a $37 million pretax charge for a loss on extinguishing of debt related to the refinancing of its term loan facility, and an 8.8% rise in operating expenses.