UPDATE: Tribune Media Posts Higher Q2 Profit

Tribune Media Co

reported a 25% rise in its second-quarter profit. The Chicago, Illinois-based company posted a quarterly profit of $82.9 million, or $0.83 per share, versus a year-ago profit of $66.3 million, or $0.66 per share. Its revenue climbed 23% to $894.5 million. However, analysts were expecting earnings of $0.62 per share on revenue of $865.53 million. Tribune Media's broadcasting segment revenue climbed 63% to $425.8 million, while retransmission revenue jumped 78% to $57.1 million. Its advertising revenue declined 2.2% to $329.1 million, while publishing segment revenue declined 0.2% to $468.7 million. Consolidated Adjusted EBITDA surged 20% to $211.9 million, while consolidated operating profit fell to $61.3 million from $89.6 million. Peter Liguori, Tribune Media president and chief executive officer said, "I am very pleased with our accomplishments in the second quarter. The premiere of WGN America's original series, Salem, exceeded our expectations and we have renewed it for a second season.” Tribune Media shares fell 0.63% to $78.50 at 10:15 a.m. ET.