Tribune Media Co., owner of 42 local-TV stations and the WGN America cable network, said it intends to explore “strategic and financial alternatives” to better reflect its value, with its stock down 50 percent in the past year, Bloomberg News reported today. Tribune’s board and the company are working with Moelis & Co. and Guggenheim Securities on potential options, which may include selling or separating assets or pursuing new partnerships and programming alliances. The company hasn’t set a deadline completing a review of alternatives, it said. Tribune spun off Tribune Publishing’s newspaper business in 2014, less than two years after emerging from bankruptcy protection. The company also has minority stakes in the Food Network and in website CareerBuilder, and it owns and manages real estate it values at more than $1 billion.
