Its roots were in print journalism, but the Tribune Media Company (formerly known as Tribune Company) has evolved to embrace virtually every aspect of modern media. Tribune Media currently owns 42 TV stations in about 30 markets, cable network WGN America, and a stake in the Food Network. In addition, Tribune Media owns a number of online media properties, Tribune Studios, Tribune Digital Ventures, WGN-Radio, and a significant number of iconic real estate properties and strategic investments. In 2014 Tribune Company spun off its cornerstone newspaper publishing business into a newly formed company called Tribune Publishing Company and changed the name of the TV, radio, and digital business to Tribune Media.
The company's revenue decreased in fiscal 2013 compared to the prior fiscal period. It reported $2.9 billion in revenue for fiscal 2013, down from $3.1 billion in revenue in fiscal 2012.
More alarming was the drop in net income in fiscal 2013 compared to the previous fiscal year. The company reported net income of $241 million for fiscal 2013, down from a net income of $422 million for fiscal 2012.
In 2013 the company filed paperwork with the SEC for a spinoff of its newspaper publishing operations (Tribune Publishing) to shareholders. The transaction, which was completed in the first half of 2014, allows Tribune Media to focus on its growing television operations and digital properties.