TRIBUNE MEDIA CO - FORM 8-K - EX-99.2 - May 8, 2015

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Q1 2015 Performance Summary
Exhibit 99.2
MAY 2015

2
Cautionary Statement Regarding Forward Looking Statements
This presentation contains “forward-looking statements” within the meaning of the federal securities laws.  Forward-looking statements are subject to known and unknown risks 
and uncertainties, many of which may be beyond our control.  Forward-looking statements may include, but are not limited to, statements concerning our financial outlook and 
guidance, including our 2015 forecasted revenues, Adjusted EBITDA and other consolidated and segment financial performance guidance, our expectations for Adjusted EBITDA 
growth in 2016, our long-term outlook for WGN America and Tribune Studios revenue and programming expenses as well as Digital and Data segment revenue growth and 
Adjusted EBITDA margins, our expectation with respect to future cash dividends on our common stock, the conditions in our industry, our operations, our economic performance 
and financial condition, including, in particular, statements relating to our business and growth strategy and product development efforts. Important factors that could cause actual 
results, developments and business decisions to differ materially from these forward-looking statements are uncertainties discussed below and in the “Risk Factors” section of the 
Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2015 and other filings with the SEC.  “Forward-
looking statements” include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “might,” “will,” “could” 
“should,” “estimate,” “project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “seek,” “designed,” “assume,” “implied,” “believe” and other similar expressions. You 
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and 
assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties.  
The following list represents some, but not necessarily all, of the factors that could cause actual results to differ from projected or historical results or those anticipated or predicted 
by these forward-looking statements: competition and other economic conditions including fragmentation of the media landscape and competition from other media alternatives; 
changes in advertising demand and audience shares; changes in the overall market for television advertising, including through regulatory and judicial rulings;  our ability to 
protect our intellectual property and other proprietary rights; availability and cost of broadcast rights; our ability to adapt to technological changes; our ability to develop and 
grow our online businesses; availability and cost of quality network, syndicated and sports programming affecting our television ratings; the loss or modification of our network 
affiliation agreements; our ability to renegotiate retransmission consent agreements; our ability to expand our operations internationally; the incurrence of costs to address 
contamination issues at sites owned, operated or used by our business; adverse results from litigation, governmental investigations or tax-related proceedings or audits; our ability 
to settle unresolved claims filed in connection with our and certain of our direct and indirect wholly-owned subsidiaries’ Chapter 11 cases and resolve the appeals seeking to 
overturn the bankruptcy court order confirming the First Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries; our ability to satisfy pension and other 
postretirement employee benefit obligations; our ability to attract and retain employees; the effect of labor strikes, lock-outs and labor negotiations; our ability to realize benefits or 
synergies from acquisitions or divestitures or to operate our businesses effectively following acquisitions or divestitures; the financial performance of our equity method investments; 
the impairment of our existing goodwill and other intangible assets; changes in accounting standards; our ability to pay cash dividends on our common stock; increased interest 
rate risk due to our variable rate indebtedness; our indebtedness and ability to comply with covenants applicable to our debt financing and other contractual commitments; our 
ability to satisfy future capital and liquidity requirements; our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms and 
other events beyond our control that may result in unexpected adverse operating results.  In addition, in light of these risks and uncertainties, the matters referred to in the forward-
looking statements contained in this presentation may not in fact occur. Any forward-looking information presented herein is made only as of the date of this presentation and we 
undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

3
Non-GAAP Financial Measures
This presentation includes a discussion of Adjusted EBITDA for the Company and our operating segments (Television and Entertainment, Digital and Data, and 
Corporate and Other) and presents Broadcast Cash Flow for our Television and Entertainment segment. Adjusted EBITDA and Broadcast Cash Flow are financial 
measures that are not recognized under accounting principles generally accepted in the U.S. (“GAAP”). Adjusted EBITDA for the Company is defined as net 
income before income (loss) from discontinued operations, net of taxes, income taxes, investment transactions, interest and dividend income, interest expense,
pension expense (credit), equity income and losses, depreciation and amortization, stock-based compensation, certain special items (including severance), non-
operating items, gain (loss) on sales of real estate and reorganization items. Adjusted EBITDA for the Company’s operating segments is calculated as segment 
operating profit plus depreciation, amortization, pension expense (credit), stock-based compensation and certain special items (including severance). Broadcast 
Cash Flow for the Television and Entertainment segment is calculated as Television and Entertainment Adjusted EBITDA plus broadcast rights- amortization 
expense less broadcast rights- cash payments.  We believe that Adjusted EBITDA and Broadcast Cash Flow are measures commonly used by investors to evaluate
our performance with that of our competitors. We also present Adjusted EBITDA because we believe investors, analysts and rating agencies consider it useful in 
measuring our ability to meet our debt service obligations. We further believe that the disclosure of Adjusted EBITDA and Broadcast Cash Flow is useful to 
investors, as these non-GAAP measures are used, among other measures, by our management to evaluate our performance. By disclosing Adjusted EBITDA and 
Broadcast Cash Flow, we believe that we create for investors a greater understanding of, and an enhanced level of transparency into, the means by which our 
management operates our company. Adjusted EBITDA and Broadcast Cash Flow are not measures presented in accordance with GAAP, and our use of these 
terms may vary from that of others in our industry. Adjusted EBITDA and Broadcast Cash Flow should not be considered as an alternative to net income, 
operating profit, revenues, cash provided by operating activities or any other measures derived in accordance with GAAP as measures of operating performance or 
liquidity.  The tables within this presentation include reconciliations of consolidated and segment Adjusted EBITDA and Broadcast Cash Flow to the most directly 
comparable financial measure calculated and presented in accordance with GAAP.  No reconciliation of the forecasted range for Adjusted EBITDA on a 
consolidated or segment basis for fiscal 2015 is included in this release because we are unable to quantify certain amounts that would be required to be included in 
the GAAP measure without unreasonable efforts and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to 
investors.

4
Tribune Media
A diverse combination of media assets that meaningfully touch millions of people
every day, including compelling content in news and entertainment, significant
broadcast distribution, an emerging cable network, and a cutting-edge digital and
data business.
Broadcast:  42 owned or operated broadcast television stations in major markets
across the country.
WGN America:  A national, general entertainment cable network airing high
quality original content and reaching approximately 73 million households.
Digital and Data:  Growing global metadata business, powering some of the
biggest media brands in the world.
Real Estate and Investments:  76 real estate properties and equity investments in
a variety of media, online and other properties.

5
Q1 2015 Financial Highlights
Consolidated operating revenues grew 6.0% as compared to the first quarter of
2014, to $472.7 million, driven by acquisition-related growth in the Digital and
Data segment and increases in the Television and Entertainment segment.
Consolidated operating profit grew 21% as compared to the first quarter of
2014, to $60.9 million.
Consolidated Adjusted EBITDA decreased 6.5% as compared to the first quarter
of 2014, to $129.0 million, due to strategic investments in programming and
the build-out of improved technology applications and shared services
operations.
Basic and diluted earnings per share from continuing operations of $0.37.
Cash distributions received from equity investments of $94.9 million.

6
Consolidated Financial Results
Continued execution against the Company’s strategic objectives drove
positive results.
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Operating Revenues
472,737
$             
446,102
$             
26,635
  
6%
Operating Expenses
411,802
               
395,842
               
15,960
  
4%
Operating Profit
60,935
                  
50,260
                  
10,675
  
21%
Adjusted EBITDA
128,980
$             
137,986
$             
(9,006)
   
-7%
Adjusted EBITDA Margin
27.3%
30.9%
Variance
Three months ended:

7
Television and Entertainment Segment
Operating Results
Revenues
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Operating Revenues
410,300
$                 
400,201
$                 
10,099
     
3%
Operating Expenses
330,952
                   
335,504
                   
(4,552)
     
-1%
Operating Profit
79,348
                     
64,697
                     
14,651
     
23%
Adjusted EBITDA
134,983
$                 
139,681
$                 
(4,698)
     
-3%
Adjusted EBITDA Margin
32.9%
34.9%
Three months ended:
Variance
Increased programming expenses more than offset revenue increases.
Adjusted EBITDA
Increase
driven
by
higher
retransmission
consent
fees
and
higher
carriage
fees,
partially
offset by lower advertising revenues.

8
Television and Entertainment Segment
Revenues
First Quarter Revenues
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Advertising
Core (Local / National)
282,431
$              
288,424
$              
(5,993)
          
-2%
Political
2,005
                     
3,279
                     
(1,274)
          
-39%
Digital
12,241
                   
10,447
                   
1,794
           
17%
Other
3,025
                     
3,613
                     
(588)
             
-16%
Total Advertising
299,702
$              
305,763
$              
(6,061)
          
-2%
Retransmission consent fees
68,813
                   
55,565
                   
13,248
         
24%
Carriage fees
21,502
                   
14,128
                   
7,374
           
52%
Barter/trade
9,226
                     
10,311
                   
(1,085)
          
-11%
Copyright royalties
4,265
                     
6,532
                     
(2,267)
          
-35%
Other
6,792
                     
7,902
                     
(1,110)
          
-14%
Total operating revenues
410,300
$              
400,201
$              
10,099
         
3%
Three months ended:
% Variance
Retransmission consent fees up 24% to
$68.8 million.
Carriage fees up 52% to $21.5 million.
Core advertising down $6.0 million or
2.1%, primarily attributable to an
approximate $10 million decrease in
Super Bowl ad revenues as the Super
Bowl aired on 14 Fox-affiliated stations
in 2014 versus 2 NBC-affiliated stations
in 2015.
Excluding the impact of Super Bowl,
core advertising increased 1.4%.

9
Television and Entertainment Segment
Adjusted EBITDA
Adjusted EBITDA
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Operating Profit
79,348
$                             
64,697
$                      
14,651
    
23%
Depreciation
11,423
12,376
(953)
        
-8%
Amortization
41,510
56,655
(15,145)
   
-27%
Stock-based compensation
2,493
2,523
(30)
          
-1%
Severance and related charges
196
1,414
(1,218)
     
-86%
Transaction-related costs
—
417
(417)
        
-100%
Other
13
1,556
(1,543)
     
-99%
Pension expense
—
43
(43)
          
-100%
Adjusted EBITDA
134,983
$                           
139,681
$                    
(4,698)
     
-3%
Broadcast rights - Amortization
72,008
                               
55,694
                        
16,314
    
29%
Broadcast rights - Cash Payments
(84,715)
                             
(60,818)
                       
(23,897)
   
39%
Broadcast Cash Flow
122,276
$                           
134,557
$                    
(12,281)
   
-9%
Three months ended:
Variance
Adjusted EBITDA primarily impacted by higher programming costs associated with new syndicated content and
original programming at WGN America.

10
Digital and Data Segment
Operating Results
Revenues and Expenses
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Operating Revenues
50,202
$             
31,485
$             
18,717
     
59%
Operating Expenses
46,468
               
33,571
               
12,897
     
38%
Operating Profit (Loss)
3,734
                  
(2,086)
                 
5,820
       
*
Adjusted EBITDA
12,478
$             
5,027
$               
7,451
       
*
Adjusted EBITDA Margin
24.9%
16.0%
* Represents positive change in excess of 100%
Variance
Three months ended:
Impacted by the acquisitions of Gracenote (acquired in January 2014) and HWW, What’s
On and Baseline (all acquired in the second half of 2014).

11
Digital and Data Segment
Revenues & Adjusted EBITDA
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Video
26,222
$             
20,772
$             
5,450
       
26%
Music
23,980
               
10,713
               
13,267
     
*
Total operating revenues
50,202
$             
31,485
$             
18,717
     
59%
Operating Profit (Loss)
3,734
$               
(2,086)
$              
5,820
       
*
Depreciation
2,105
1,813
292
          
16%
Amortization
6,261
4,019
2,242
       
56%
Stock-based compensation
551
649
(98)
          
-15%
Severance and related
charges
(173)
632
(805)
        
*
Adjusted EBITDA
12,478
$             
5,027
$               
7,451
       
*
* Represents positive or negative change in excess of 100%
Three months ended:
Variance
Revenue and Adjusted
EBITDA increased primarily
due to the impact of
acquisitions made
throughout 2014.
Revenues grew on an
organic basis driven by
strong contract renewals
in the automotive music
business.

12
Corporate and Other
Revenues and Expenses
•
The implementation of improved technology
applications, and
•
The establishment of new shared services
operations following the separation of
Tribune Publishing in August 2014.
(USD thousands)
March 29, 2015
March 30, 2014
$
%
Operating Revenues
12,235
$              
14,416
$              
(2,181)
     
-15%
Operating Expenses
34,382
                 
26,767
                 
7,615
       
28%
Operating Loss
(22,147)
              
(12,351)
              
(9,796)
     
79%
Depreciation
3,526
                   
2,522
                   
1,004
       
40%
Stock-based compensation
4,801
                   
5,277
                   
(476)
        
-9%
Severance and related charges
878
                      
393
                      
485
          
*
Transaction-related costs
1,638
                   
5,282
                   
(3,644)
     
-69%
Loss on sales of real estate
106
                      
—
106
          
*
Other
20
                        
2
                          
18
            
*
Pension credit
(7,303)
                 
(7,847)
                 
544
          
-7%
Adjusted EBITDA
(18,481)
$            
(6,722)
$              
(11,759)
   
*
* Represents positive or negative change in excess of 100%
Three months ended:
Variance
Revenues represent real estate rental
revenues earned from third parties, including
Tribune Publishing.
Revenues declined due to a reduction in space
leased by Tribune Publishing at several properties
and the sale of the production facility and land in
Baltimore, MD in December 2014.
Corporate expenses increased as a result of:

13
Real Estate
Property Overview –
as of December 28, 2014
Segment
Owned
Leased
Square Feet
Acres
Square Feet
Television & Entertainment
1,252,143
91
522,991
--
781
--
Digital & Data
105,074
--
240,274
Other Real Estate
--
--
33,027
4,309,053
186
--
275,582
14
--
Vacant: Available for lease or redevelopment
1,505,102
63
--
(1) Two properties which occupied 248,582 square feet and 12 acres were sold in the first quarter of 2015.
Office and studio buildings
Antenna land
Office buildings and other
Corporate
Leased to outside parties
Vacant: Properties to be sold (1)

14
Real Estate
Premier Redevelopment Properties
Premier Redevelopment Properties represent ~70% of portfolio’s value
Property
Location
Sq.Ft
Acres
Redevelopment Status
Current Occupancy
Tribune Tower
Chicago, IL
737K
3.2
Operating as an office tower
TPUB;
TRCO;
other
3  
parties
Freedom Center North
Chicago, IL
117K
7.0
Seeking JV Partner
Vacant
Freedom Center South
Chicago, IL
854K
30.4
Operating as an industrial site
TPUB
Times Mirror Square
Los Angeles, CA
834K
6.3
Operating as an office building -
Seeking JV Partner
TPUB;
other
3   parties
Olympic Plant
Los Angeles, CA
626K
24.6
Active printing plant for LA Times
TPUB
Costa Mesa
Costa Mesa, CA
334K
21.1
Seeking JV Partner
Vacant
Ft. Lauderdale –
Las Olas Way
Ft. Lauderdale, FL
--
1.4
JV partner identified
3    party
parking
operator
Orlando Sentinel Site
Orlando, FL
365K
18.8
Operating as an office building -
Seeking JV Partner
TPUB;
other
3 
parties
rd
rd
rd
rd

15
Debt and Cash
(USD thousands)
March 29, 2015
December 28, 2014
Cash and cash equivalents (1)
1,171,830
$                      
1,455,183
$                      
Debt:
Term Loan Facility, due 2020
3,471,316
                        
3,471,017
                        
Dreamcatcher Credit Facility, due 2018
22,905
                             
23,914
                             
Other
-
                                   
54
                                    
Total Debt
3,494,221
$                      
3,494,985
$                      
(1) In the first quarter of 2015, approximately $252 million of taxes was paid for the sale of the Company’s interest in Classified Ventures. On
April 9, 2015, the Company paid out approximately $649 million related to the special dividend.

16
Focus on Shareholder Return
$400 million share repurchase program.
•
Approximately $233 million purchased through the first quarter of 2015.
Paid one-time special dividend of approximately $649 million on April 9,
2015.
Adopted quarterly dividend policy.
•
The Company intends to commence payments of regular quarterly cash dividends of $0.25
per share.
•
The Company expects the first quarterly dividend to be declared by the Board in May,
2015 and paid in the second fiscal quarter of 2015.
(1)
Strong Balance Sheet and Cash Generation Driving Capital Allocation Policy
(1)
The
declaration
of
any
future
dividends
are
subject
to
the
discretion
of
the
Board
taking
into
account,
among
other
things,
future
earnings,
cash
flows,
financial
requirements
and
other
factors,
as
well
as
restrictions
contained
in
the
credit
agreement
governing
our
Secured
Credit
Facility.

2015 Guidance

18
2015 Guidance
Consolidated
2015 Guidance Range
Implied Y-o-Y Change
Revenues
$2.00 billion to $2.03
billion
~ +2.5% to +4%
Adjusted EBITDA
$480 million to $495
million
~ (18.5)% to (21)%

19
2015 Guidance
Television and Entertainment Segment
Guidance Range
Implied Y-o-Y
Change
Revenues
$1.75 billion to $1.77 billion
~ +2% to +3%
Low to mid-single digit increases over 2014
$275 million to $277 million
~ +20%
$85 million to $87 million
~ +50%
WGN America / Tribune Studios
Programming Expenses
Approximately $(144) million
~ +60%
Adjusted EBITDA
$500 million to $515 million
~ (16)% to (18.5)%
Core Advertising
Retransmission Consent Fees
Cable Network Carriage Fees

20
2015 Guidance
Digital and Data Segment
2015 Guidance Range
Implied Y-o-Y Change
Revenues
$200 million to $205 million
~ +15% to +18%
Adjusted EBITDA
$46 million to $48 million
~ +19% to +24.5%

21
2015 Guidance
Corporate and Other
Guidance Range
Implied Y-o-Y Change
Real Estate Revenues
Approximately $50 million
~ (9)%
Real Estate Expenses
Approximately $(30) million
~ 22%
Corporate Expenses
(excluding
stock-based compensation)
$(86) million to $(88) million
~ 13.5% to 16%
$(66) million to $(68) million
~ 45% to 49%
Adjusted EBITDA

22
2015 Guidance
Cash Flow
Guidance Range
Total Capital Expenditures
Approximately $100 million
(1)
Cash Taxes
$135 million -
$140 million
(2)
Cash Interest
Approximately $140 million
Depreciation & Amortization
Approximately $260 million
Stock-based Compensation
Approximately $35 million
(1)
The $100 million of expected capital expenditures includes approximately $50 million of non-recurring capital expenditures.
(2)
Cash taxes guidance excludes tax payment of approximately $252 million related to the gain on the sale of the Company’s interest in Classified
Ventures in the fourth quarter of 2014, paid in the first quarter of 2015.

23
Long-Term Outlook
The Company currently expects:
For the period 2016-2019:
2016 Consolidated Adjusted EBITDA year-over-year growth of greater than
30%.
WGN America and Tribune Studios revenue growth to be greater than 20%
annually.
WGN America and Tribune Studios programming expenses approximating
50% of net revenues.
Digital and Data net revenue growth of 10% to 12% annually.
Digital and Data Adjusted EBITDA margins growing to low 30% range.

Non-GAAP Reconciliations

25
Consolidated
Reconciliation of Net Income to Adjusted EBITDA
March 29, 2015
March 30, 2014
Revenues
472,737
$                     
446,102
$                     
Net Income
36,417
$                        
41,068
$                        
Income from discontinued operations, net of taxes
—
12,601
                          
Income from Continuing Operations
36,417
28,467
Income tax expense
22,302
                          
17,649
                          
Reorganization items, net
992
                                
2,216
                            
Other non-operating gain
—
(157)
Gain on investment transaction
(687)
                              
—
Interest expense
39,212
                          
40,519
                          
Interest and dividend income
(367)
                              
(171)
                              
Income on equity investments, net
(36,934)
                        
(38,263)
                        
Operating Profit
60,935
50,260
Depreciation
17,054
16,711
Amortization
47,771
60,674
Stock-based compensation
7,845
8,449
Severance and related charges
901
2,439
Transaction-related costs
1,638
5,699
Loss on sales of real estate
106
—
Other
33
1,558
Pension credit
(7,303)
(7,804)
Adjusted EBITDA
128,980
$                     
137,986
$                     
Three Months Ended

26
Television and Entertainment
Reconciliation of Operating Profit to Adjusted EBITDA and Broadcast Cash Flow
(1) At the beginning of fiscal 2015, the Company moved its Zap2it.com entertainment website business from the Digital and Data
reportable segment to the Television and Entertainment reportable segment. Certain previously reported amounts have been reclassified
to conform to the current presentation; the impact of this reclassification was immaterial.
March 29, 2015
March 30, 2014
Advertising
299,702
$               
305,763
$               
Retransmission consent fees
68,813
55,565
Carriage fees
21,502
14,128
Barter/trade
9,226
10,311
Copyright royalties
4,265
6,532
Other
6,792
7,902
Total Revenues (1)
410,300
$               
400,201
$               
Operating Profit (1)
79,348
$                  
64,697
$                  
Depreciation
11,423
12,376
Amortization
41,510
56,655
Stock-based compensation
2,493
2,523
Severance and related charges
196
1,414
Transaction-related costs
—
417
Other
13
1,556
Pension expense
—
43
Adjusted EBITDA (1)
134,983
$               
139,681
$               
Broadcast rights -
Amortization
72,008
55,694
Broadcast rights -
Cash Payments
(84,715)
(60,818)
Broadcast Cash Flow
122,276
$               
134,557
$               
Three Months Ended

27
Digital and Data
Reconciliation of Operating Profit to Adjusted EBITDA
(1) At the beginning of fiscal 2015, the Company moved its Zap2it.com entertainment website business from the Digital and Data
reportable segment to the Television and Entertainment reportable segment. Certain previously reported amounts have been reclassified
to conform to the current presentation; the impact of this reclassification was immaterial.
March 29, 2015
March 30, 2014
Video
26,222
$                      
20,772
$                      
Music
23,980
10,713
Total Revenues (1)
50,202
$                      
31,485
$                      
Operating Profit (Loss) (1)
3,734
$                         
(2,086)
$                       
Depreciation
2,105
1,813
Amortization
6,261
4,019
Stock-based compensation
551
649
Severance and related charges
(173)
632
Adjusted EBITDA (1)
12,478
$                      
5,027
$                         
Three Months Ended

28
Corporate and Other
Reconciliation of Operating Profit to Adjusted EBITDA
March 29, 2015
March 30, 2014
Total Revenues
12,235
$                            
14,416
$                            
Operating Loss
(22,147)
$                           
(12,351)
$                           
Depreciation
3,526
2,522
Stock-based compensation
4,801
5,277
Severance and related charges
878
393
Transaction-related costs
1,638
5,282
Loss on sales of real estate
106
—
Other
20
2
Pension credit
(7,303)
(7,847)
Adjusted EBITDA
(18,481)
$                           
(6,722)
$                             
Three Months Ended

Q1 2015 Performance Summary
M
A
Y
2
0
1
5

TRIBUNE MEDIA CO Reports