Tribune Media stock rose as much as 2% in its first day of trading on the New York Stock Exchange on Dec. 5, reaching as high as $71 per share before finishing the day at $70 each, up 25 cents or 0.4%.
Tribune Media, which includes 42 television stations, cable channel WGN America, Tribune Studios, Gracenote, digital assets Zap2it and TV By The Numbers, and multicast networks Antenna TV and THIS TV, opened on Dec. 5 at $69.75 per share.
Tribune Media was formed after Tribune Co. split off its publishing assets in August – including 10 major daily newspapers, more than 60 digital properties and 180 verticals in markets like Los Angeles; Chicago; South Florida; Hartford, Conn.; Allentown Pa.; Baltimore; and Newport News, Va., under the Tribune Publishing name. Tribune Publishing began trading on the NYSE on Aug. 5 under the symbol TPUB.
“The listing of our stock on the NYSE represents another important step in the transformation of our company,” said Tribune Media CEO Peter Liguori in a statement. “We have built a compelling, diversified media company and are diligently executing the business strategies that we believe will drive profits and value for all of our constituents. We look forward to a long and collaborative partnership with our shareholders and with the NYSE.”