Tribune Media Co. said Wednesday that its three largest
shareholders plan to collectively cut their stake in the company by
25% through a secondary share offering.
Oaktree Capital Management LP, Angelo Gordon & Co. LP and JP
Morgan Chase Bank N.A. plan to sell about 9.2 million Class A
shares, with an option for underwriters to buy an additional $1.4
Class A shares.
Tribune's shares, inactive premarket, are down 7.7% in the past
month and closed at $61.04 on Tuesday.
The television and entertainment company, like other peers in
the media industry, has sought to focus less on print products.
Last August, Tribune Media shed its publishing business--which
included newspapers such as the Los Angeles Times and the Chicago
Tribune--through a spinoff.
The company's recent results have been boosted by higher
advertising revenue and retransmission fees.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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