TRNC Tribune Pubg Co. New (delisted)

Tribune Media Co. on Monday said it is exploring strategic alternatives as the television and entertainment company reported it swung to a loss in the final quarter of the year.

Results beat expectations, and shares in the company added 9.4% in early trading to $36.03—though they are still down 45% in the past 12 months.

Tribune said it would review "the full range of strategic and financial alternatives to enhance shareholder value," as Chairman Bruce Karsh said "the value of the portfolio of businesses of Tribune Media is not fully reflected in the stock price."

The broadcaster also announced a $400 million stock-buyback program and a shuffling among three of its top executives.

Chief Executive Peter Liguori began a new two-year employment agreement while the company named Chandler Bigelow chief financial officer. General Counsel Eddie Lazarus added the chief strategy officer title.

Tribune, like other peers in the media industry, has sought to focus less on print products. Last summer, Tribune Media shed its publishing business—which included newspapers such as the Los Angeles Times and the Chicago Tribune—through a spinoff.

In the most recent period, the company's television-and-entertainment business reported revenue skidded 3.4% to $464 million. The company said the decline was driven by a $46.5 million decrease in political advertising as 2015 is an off-cycle political year.

Tribune's digital and data businesses, meanwhile, saw revenue jump 18% to $71.1 million, driven by an increase in music revenue associated with auto contracts as well as the favorable impact of the acquisitions closed in the second quarter.

In all for the latest quarter, the company reported a loss of $380.9 million, or $4.07 a share, compared with a year-earlier profit of $314.7 million, or $3.14 a share. Adjusted earnings fell to 63 cents a share from 81 cents.

Revenue edged down 1.1% to $547.6 million.

Revenue was further offset by one-time costs, including a $385 million noncash impairment charge in the television and entertainment business. The company more than doubled operating expenses in the quarter while overhead expenses shot up 38%.

Analysts projected adjusted earnings of 55 cents a share on $543.1 million in revenue, according to Thomson Reuters.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

February 29, 2016 10:25 ET (15:25 GMT)

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