Shares of Tribune Media (TRCO) were slightly higher Thursday morning after the company announced it sealed a broad-based, multi-year content and media agreement with Cablevision Systems (CVC).
Under the terms of the agreement, Cablevision renewed rights to distribute Tribune Media’s local TV stations in New York; Hartford, Connecticut; and Philadelphia. Cablevision also said it will launch Tribune Media’s new general entertainment cable network WGN America to video customers in New York, New Jersey and Connecticut starting in Jan. 2016.
Cablevision also renewed its use of TV listings and movie data provided by Tribune Media’s digital data and entertainment company Gracenote.
In the joint press release, Cablevision added it acquired Tribune Media’s 2.8% stake in Newsday Holdings LLC, making Newsday a wholly-owned unit of Cablevision.
In recent morning trade, TRCO was moving in the lower end of the 52-week range of $36.75 to $78.75. CVC was off 1%, edging away from the top end of the 52-week range of $16.94 to $28.97.
Price: 38.55 Price Change: +0.23 Percent Change: +0.60