The Tribune Company (TRBAA) has emerged from bankruptcy with a strong balance sheet and continues displaying high upside potential, as the company holds several undervalued assets and may create shareholder value by splitting some of its component parts, says Edwin C. Ciskowski, Senior Vice President and Co-Portfolio Manager of Keeley Asset Management Corp.
“We have a fairly large position in Tribune Company (TRBAA). Tribune has emerged from bankruptcy with a much-improved balance sheet, and it’s another stock we believe is highly undervalued. They plan to split the publishing and the broadcasting divisions, which should aid shareholder value creation,” Ciskowski said.
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Ciskowski also says the network part could boost advertising revenue, and he mentions several assets the Tribune Company has a stake in that could be counted toward a higher stock price.
“In addition, WGN could boost ad revenue by dropping its superstation status. In addition, Tribune owns minority interests in a number of undervalued assets, including the Food Network, CareerBuilder and Classified Ventures,” Ciskowski said.
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