|        |
|--------|
|        |
|   |

|   |
|---|
|   |  |
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |
|---|
|   |  |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |
| Delaware                                                       |   | 36-1880355 |
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |   |
| 435 North Michigan Avenue, Chicago, Illinois                   |   | 60611 |
| (Address of principal executive offices)                       |   | (Zip Code) |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |
| Title of Each Class                              |   | Name of Each Exchange on Which Registered |
| Class A Common Stock, par value $0.001 per share |   | The New York Stock Exchange |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
| Large accelerated filer | o | Accelerated filer | o | Non-accelerated filer | x | Smaller reporting company | o |

|        |
|--------|
|        |
|   |

----

|          |
|----------|
|          |  |  |
| Item No. |   | Page |
|     | Part I |   |
| 1.       | Business | 4 |
| 1A.      | Risk Factors | 23 |
| 1B.      | Unresolved Staff Comments | 44 |
| 2.       | Properties | 44 |
| 3.       | Legal Proceedings | 45 |
| 4.       | Mine Safety Disclosures | 45 |
|     | Part II |   |
| 5.       | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 46 |
| 6.       | Selected Financial Data | 50 |
| 7.       | Management's Discussion and Analysis of Financial Condition and Results of Operations | 51 |
| 7A.      | Quantitative and Qualitative Disclosures about Market Risk | 94 |
| 8.       | Financial Statements and Supplementary Data | 95 |
| 9.       | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 95 |
| 9A.      | Controls and Procedures | 95 |
| 9B.      | Other Information | 95 |
|     | Part III |   |
| 10.      | Directors, Executive Officers and Corporate Governance | 96 |
| 11.      | Executive Compensation | 96 |
| 12.      | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 96 |
| 13.      | Certain Relationships and Related Transactions, and Director Independence | 96 |
| 14.      | Principal Accountant Fees and Services | 96 |
|     | Part IV |   |
| 15.      | Exhibits and Financial Statement Schedules | 97 |
|     | Signatures | 100 |
|     | Index to Consolidated Financial Statements | F-1 |
|     | Report of Independent Registered Public Accounting Firm | F-2 |
|     | Consolidated Financial Statements and Notes | F-4 |
|     | Exhibits |   |

----

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | competition and other economic conditions including incremental fragmentation of the media landscape and competition from other media alternatives; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | changes in advertising demand and audience shares; |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | changes in the overall market for broadcast and cable television advertising, including through regulatory and judicial rulings; |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | our ability to protect our intellectual property and other proprietary rights; |

|         |                                                |
|---------|------------------------------------------------|
| • | our ability to adapt to technological changes; |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | our ability to develop and grow or maintain our online businesses; |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | availability and cost of quality network, syndicated and sports programming affecting our television ratings; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | the loss, cost and / or modification of our network affiliation agreements; |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to renegotiate retransmission consent agreements with multichannel video programming distributors (“MVPDs”); |

|         |                                                                         |
|---------|-------------------------------------------------------------------------|
| • | our ability to expand our metadata business operations internationally; |

|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | the incurrence of costs to address contamination issues at physical sites owned, operated or used by our businesses; |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | adverse results from litigation, governmental investigations or tax-related proceedings or audits; |

|         |                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | our ability to settle unresolved claims filed in connection with the Debtors’ Chapter 11 cases and resolve the appeals seeking to overturn the Confirmation Order (as defined and described below in “Item 1A. Risk Factors—Risks Related to Our Emergence from Bankruptcy”); |

|         |                                                                                       |
|---------|---------------------------------------------------------------------------------------|
| • | 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; |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | impact of increases in interest rates on our variable rate indebtedness or refinancings thereof; |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | 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; |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | the factors discussed in “Item 1A. Risk Factors” of this Annual Report; and |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | other events beyond our control that may result in unexpected adverse operating results. |

|         |                                                                                                                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Television and Entertainment: Provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations and distinctive, high quality television series and movies on WGN America, including through content produced by Tribune Studios and its production partners. |

|         |                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Digital and Data: Provides innovative technology and services that collect and distribute video, music and entertainment data primarily through wholesale distribution channels to consumers globally. |

----

----

|        |
|--------|
|        |
|   |

----

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Maximize utility of our existing real estate footprint; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Generate revenues on excess space by leasing to third parties; |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | Opportunistically dispose of underutilized or non-essential properties; and |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | Develop vacant properties or properties with redevelopment options. |

----

----

|         |                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Television broadcasting services through Tribune Broadcasting, which owns or provides services to 42 broadcast television stations located in 33 U.S. markets; |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Digital multicast network services through Antenna TV and through the operation and distribution of THIS TV, both of which are digital networks that air in households nationally; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | National program services through WGN America, a national general entertainment network; |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | Tribune Studios, a development and production studio; and |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Radio program services on WGN, a Chicago radio station. |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |
| Stations              |   | Market |   | Market Rank(1) |   | % of U.S. Households |   | Primary Network Affiliations |   | Affiliation Expiration |
| WPIX                  |   | New York |   | 1 |   | 6.5% |   | CW |   | 2016 |
| KTLA                  |   | Los Angeles |   | 2 |   | 4.9% |   | CW |   | 2016 |
| WGN                   |   | Chicago |   | 3 |   | 3.1% |   | CW |   | 2016 |
| WPHL                  |   | Philadelphia |   | 4 |   | 2.6% |   | MY |   | 2015 |
| KDAF                  |   | Dallas |   | 5 |   | 2.3% |   | CW |   | 2016 |
| WDCW                  |   | Washington |   | 8 |   | 2.1% |   | CW |   | 2016 |
| KIAH                  |   | Houston |   | 10 |   | 2.0% |   | CW |   | 2016 |
| KCPQ / KZJO |   | Seattle |   | 14 |   | 1.6% |   | FOX / MY |   | 2018/2015 |
| WSFL                  |   | Miami |   | 16 |   | 1.4% |   | CW |   | 2016 |
| KDVR / KWGN |   | Denver |   | 17 |   | 1.4% |   | FOX / CW |   | 2018/2016 |
| WJW                   |   | Cleveland |   | 19 |   | 1.3% |   | FOX |   | 2018 |
| KTXL                  |   | Sacramento |   | 20 |   | 1.2% |   | FOX |   | 2016(4) |
| KTVI / KPLR           |   | St. Louis |   | 21 |   | 1.1% |   | FOX / CW |   | 2018/2016 |
| KRCW                  |   | Portland |   | 23 |   | 1.0% |   | CW |   | 2016 |
| WXIN / WTTV           |   | Indianapolis |   | 27 |   | 1.0% |   | FOX / CBS(2) |   | 2016(4)/2019 |
| KSWB                  |   | San Diego |   | 28 |   | 0.9% |   | FOX |   | 2017(4) |
| WTIC / WCCT           |   | Hartford |   | 30 |   | 0.9% |   | FOX / CW |   | 2016(4)/2016 |
| WDAF                  |   | Kansas City |   | 31 |   | 0.8% |   | FOX |   | 2018 |
| KSTU                  |   | Salt Lake City |   | 34 |   | 0.8% |   | FOX |   | 2018 |
| WITI                  |   | Milwaukee |   | 35 |   | 0.8% |   | FOX |   | 2018 |
| WXMI                  |   | Grand Rapids |   | 40 |   | 0.6% |   | FOX |   | 2016(4) |
| WTKR(3) / WGNT(3)     |   | Norfolk |   | 42 |   | 0.6% |   | CBS / CW |   | 2019/2016 |
| KFOR / KAUT           |   | Oklahoma City |   | 44 |   | 0.6% |   | NBC / IND |   | 2015/NA |
| WPMT                  |   | Harrisburg |   | 45 |   | 0.6% |   | FOX |   | 2016(4) |
| WGHP                  |   | Greensboro |   | 46 |   | 0.6% |   | FOX |   | 2018 |
| WREG                  |   | Memphis |   | 50 |   | 0.6% |   | CBS |   | 2019 |
| WGNO / WNOL           |   | New Orleans |   | 51 |   | 0.6% |   | ABC / CW |   | 2019/2016 |
| WNEP(3)               |   | Wilkes Barre |   | 55 |   | 0.5% |   | ABC |   | 2019 |
| WTVR                  |   | Richmond |   | 57 |   | 0.5% |   | CBS |   | 2019 |
| WHO                   |   | Des Moines |   | 72 |   | 0.4% |   | NBC |   | 2015 |
| WHNT                  |   | Huntsville |   | 79 |   | 0.3% |   | CBS |   | 2019 |
| WQAD                  |   | Davenport |   | 100 |   | 0.3% |   | ABC |   | 2019 |
| KFSM / KXNW           |   | Ft. Smith |   | 101 |   | 0.3% |   | CBS / MY |   | 2019/2016 |

|        |
|--------|
|        |
|   |

----

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | News and entertainment programs that are developed and executed by the local television stations; |

|         |                                               |
|---------|-----------------------------------------------|
| • | Acquired and original syndicated programming; |

|         |                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Programming received from our network affiliates that is retransmitted by our local television stations (primarily prime time and sports programming); and |

|         |                   |
|---------|-------------------|
| • | Paid programming. |

----

----

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Negotiating with MVPDs to facilitate the conversion of WGN America’s signal from a superstation to a cable network, which commenced, in part, in December 2014; |

|         |                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Negotiating with MVPDs to expand the household reach of the station (as measured by Nielsen) from approximately 73 million households today; and |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Improving the overall quality of programming on WGN America through greater investments in original scripted and unscripted content, exclusive syndication deals and premiere feature films. |

|         |                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Advertising revenues—We sell national advertising, with pricing based on audience size, the demographics of our audiences and the demand for our limited inventory of commercial time. |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | Paid Programming—Third parties pay for a block of time to air long-form advertising, typically in overnight time blocks. |

|         |                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Subscriber (carriage) fees—We earn revenues from agreements with MVPDs. The revenue we receive is typically based on the number of subscribers the MVPD has in their franchise area. |

|         |                                                                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Copyright revenue—We receive fee revenues distributed by the U.S. Copyright Office based on original programming that is retransmitted and not directly paid for by MVPDs. As MVPDs switch to a cable signal from the superstation signal, we will no longer receive copyright revenue. |

|                      |
|----------------------|
|                      |  |  |  |  |  |  |
| Name of Series       |   | Type  |   | Network/Station Aired  |   | Air Date  |
| Salem                |   | WGN America Licensed Original |   | WGN America |   | Spring 2015 (season 2) |
| Manhattan            |   | WGN America Co-owned Original |   | WGN America |   | Fall 2015 (season 2) |
| Outsiders            |   | WGN America Co-owned Original Ordered to Series |   | WGN America |   | TBD |
| Underground          |   | WGN America Co-owned Original Ordered to Series |   | WGN America |   | TBD |
| Wrestling with Death |   | WGN America Owned Original |   | WGN America |   | January 2015 |
| Outlaw Country       |   | WGN America Owned Original |   | WGN America |   | February 2015 |
| Celebrity Name Game  |   | First-run Syndication-Equity Participant |   | Local Stations |   | Ongoing |
| Bill Cunningham      |   | First-run Syndication-Owned |   | Local Stations |   | Ongoing |

----

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Gracenote Video: Powering television and video listings on mobile applications, streaming devices and televisions through leading video metadata and other video services and technologies; |

|         |                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------|
| • | Gracenote Music: Offering leading music, metadata and recognition and discovery technologies; and |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | Entertainment Websites: Providing powerful entertainment resources to consumers. |

----

|         |                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Gracenote On Entertainment: TV metadata, schedules, and other content carefully organized and delivered in a cloud-based API to power television on-screen guides, second screen apps and discovery platforms. |

|         |                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | ResearchTV: A web-based measurement tool that tracks TV show airings in order to provide valuable insights for studios analyzing royalties, broadcasters evaluating programming line-ups and advertisers looking to make quick decisions on media buys. |

|         |                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Baseline’s The Studio System: A leading business intelligence platform, with the most comprehensive database of historical and forward-looking television and film data, deeply embedded in the daily workflow of film studios, television networks, talent agencies and production companies. |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | What’s ON EPG Engine: TV and EPG data and services for pay-TV operators in India, the Middle East and other regions. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | What’s ON TV Street Maps: A broadcast TV monitoring service that provides TV channel placement and availability reports to broadcaster customers. Spanning approximately 2,400 pay-TV operators in approximately 2,000 towns and cities across India, TV Street Maps provides broadcasters and content distributors insight into where their channels are placed in pay-TV line-ups throughout the country. |

----

|         |                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Gracenote MusicID®: enables the identification of CDs, digital music files and music streams by a variety of devices and applications. MusicID delivers relevant music metadata, links to streaming music services, and cover art upon identification. |

|         |                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Scan and Match: advanced form of music recognition technology that helps music fans identify and migrate their local music collections, stored on laptops and mobile devices, to the cloud. |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Gracenote Rhythm™: music discovery platform that enables the creation of internet radio and music recommendation services. |

----

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Costs associated with operating the corporate office functions and our predominantly frozen company-sponsored defined benefit pension plans; and |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Management of real estate assets, including revenues from leasing office space and operating facilities. |

----

----

----

----

----

----

----

----

----

----

----

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | problems implementing disclosure controls and procedures for the newly acquired business; |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | the challenges in achieving strategic objectives, cost savings and other anticipated benefits; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | unforeseen difficulties extending internal control over financial reporting and performing the required assessment at the newly acquired business; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | potential adverse short-term effects on operating results through increased costs or otherwise; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | potential future impairments of goodwill associates with the acquired business; |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | diversion of management’s attention or failure to recruit new, and retain existing, key personnel of the acquired business; |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | failure to successfully implement technological integration; |

----

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | exceeding the capability of our technology infrastructure and applications; and |

|         |                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the risks inherent in the technology environment of the acquired business and risks associated with unanticipated events or liabilities, any of which could have a material adverse effect on our business, financial condition and results of operations. |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | different technological solutions for digital products and services than those used in the United States; |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | varied, unfamiliar and unclear legal and regulatory restrictions; |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | unexpected changes in international regulatory requirements and tariffs; |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Foreign Corrupt Practices Act compliance and related risks; |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | difficulties in staffing and managing foreign operations; |

|         |                            |
|---------|----------------------------|
| • | currency fluctuations; and |

|         |                                     |
|---------|-------------------------------------|
| • | potential adverse tax consequences. |

----

----

----

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | making it more difficult for us to satisfy our obligations with respect to our $4.1 billion secured credit facility entered into by us and certain of our operating subsidiaries as guarantors, with a syndicate of lenders led by JPMorgan in connection with the Local TV Acquisition (the “Secured Credit Facility”), consisting of a $3.8 billion term loan facility (the “Term Loan Facility”) and a $300 million revolving credit facility (the “Revolving Credit Facility”), and our other debt; |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements; |

|         |                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes; |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | increasing our vulnerability to general adverse economic and industry conditions; |

|         |                                                                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | exposing us to the risk of increased interest rates as certain of our borrowings, including borrowings under the Secured Credit Facility, are at variable rates of interest; |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | limiting our flexibility in planning for and reacting to changes in the industry in which we compete; |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | placing us at a disadvantage compared to other, less leveraged competitors or competitors with comparable debt and more favorable terms and thereby affecting our ability to compete; and |

|         |                                   |
|---------|-----------------------------------|
| • | increasing our cost of borrowing. |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | discretionary spending available to advertisers and consumers; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | technological change in the broadcasting industry; |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | shifts in consumer habits and advertising expenditures toward digital media; and |

|         |                                      |
|---------|--------------------------------------|
| • | changes in the regulatory landscape. |

----

----

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | incur additional indebtedness and guarantee indebtedness; |

|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | pay dividends or make other distributions in respect of, or repurchase or redeem, capital stock; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | prepay, redeem or repurchase subordinated debt; |

|         |                             |
|---------|-----------------------------|
| • | make loans and investments; |

|         |                                      |
|---------|--------------------------------------|
| • | sell or otherwise dispose of assets; |

|         |              |
|---------|--------------|
| • | incur liens; |

|         |                                          |
|---------|------------------------------------------|
| • | enter into transactions with affiliates; |

|         |                         |
|---------|-------------------------|
| • | acquire new businesses; |

|         |                                  |
|---------|----------------------------------|
| • | alter the businesses we conduct; |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | designate any of our subsidiaries as unrestricted subsidiaries; |

|         |                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------|
| • | enter into agreements restricting our subsidiaries’ ability to pay dividends or make other intercompany transfers; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | consolidate, merge or sell all or substantially all of our assets; and |

|         |                                     |
|---------|-------------------------------------|
| • | amend subordinated debt agreements. |

----

|         |                                         |
|---------|-----------------------------------------|
| • | limited in how we conduct our business; |

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | unable to raise additional debt or equity financing to operate during general economic or business downturns; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | unable to compete effectively or to take advantage of new business opportunities; or |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | limited or unable to pay dividends to our shareholders in certain circumstances. |

----

|         |                                                                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | establish a classified board of directors, as a result of which our Board of Directors is divided into three classes, with members of each class serving staggered three-year terms, which prevents stockholders from electing an entirely new board of directors at an annual or special meeting; |

|         |                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| • | authorize the issuance of “blank check” preferred stock that could be issued by our Board of Directors to thwart a takeover attempt; |

|         |                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | provide that vacancies on our Board of Directors, including vacancies resulting from an enlargement of our Board of Directors, may be filled only by a majority vote of directors then in office; and |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | establish advance notice requirements for nominations of candidates for elections as directors or to bring other business before an annual meeting of our stockholders. |

----

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | declining operating revenues derived from our core business; |

|         |                                  |
|---------|----------------------------------|
| • | variations in quarterly results; |

|         |                                    |
|---------|------------------------------------|
| • | announcements regarding dividends; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | announcements of technological innovations by us or by competitors; |

----

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | introductions of new products or services or new pricing policies by us or by competitors; |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | acquisitions or strategic alliances by us or by competitors; |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | recruitment or departure of key personnel or key groups of personnel; |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | the gain or loss of significant advertisers or other customers; |

|         |                                                                                                                              |
|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | changes in securities analysts’ estimates of our performance or lack of research and reports by industry analysts; and |

|         |                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------|
| • | market conditions in the media industry, the industries of our customers, and the economy as a whole. |

----

----

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | the sum of its debts, including contingent and unliquidated liabilities, was greater than the fair market value of all of its assets; |

|         |                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the present fair market value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or |

|         |                                            |
|---------|--------------------------------------------|
| • | it could pay its debts as they become due. |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |
| Television and Entertainment Segment         |   | Owned(1)  |   | Leased  |
|                                         |   | Square Feet |   | Acres  |   | Square Feet  |
| Office and studio buildings                  |   | 1,252,143 |  |   | 91 |  |   | 522,991 |  |
| Antenna land                                 |   | — |  |   | 781 |  |   | — |  |
|                                         |   |   |   |   |
| Digital and Data Segment                     |   | Owned(1)  |   | Leased  |
|                                         |   | Square Feet |   | Acres  |   | Square Feet  |
| Office buildings and other(2)                |   | 105,074 |  |   | — |  |   | 240,274 |  |
|                                         |   |   |   |   |
| Other Real Estate                            |   | Owned(1)  |   | Leased  |
|                                         |   | Square Feet |   | Acres  |   | Square Feet  |
| Corporate                                    |   | — |  |   | — |  |   | 33,027 |  |
| Leased to outside parties(3)                 |   | 4,309,053 |  |   | 186 |  |   | — |  |
| Vacant: Properties to be sold                |   | 275,582 |  |   | 14 |  |   |   |  |
| Vacant: Available for lease or redevelopment |   | 1,505,102 |  |   | 63 |  |   | — |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Square feet represent the amount of office, studio or other building space currently utilized, while acres represent the land on which these offices, studios and other buildings are located. |

|     |                                                                                         |
|-----|-----------------------------------------------------------------------------------------|
| (2) | Includes approximately 74,297 square feet of property leased outside the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | We retained all owned real estate in the Publishing Spin-off transaction and have entered into lease and license agreements with Tribune Publishing for continued use of the applicable facilities. These lease arrangements with Tribune Publishing cover approximately 3.5 million square feet. Tribune Publishing currently represents our largest third-party tenant. |

----

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      |   | Class ACommon Stock* |   | Class BCommon Stock* |
| Fiscal Year Ending December 28, 2014 |   | High  |   | Low  |   | High |   | Low |
| Quarter ended December 28, 2014           |   | $ | 71.00 |  |   | $ | 55.40 |  |   | $ | 69.20 |  |   | $ | 57.50 |  |
| Quarter ended September 28, 2014     |   | $ | 87.50 |  |   | $ | 65.55 |  |   | $ | 86.95 |  |   | $ | 67.25 |  |
| Quarter ended June 29, 2014          |   | $ | 83.70 |  |   | $ | 70.37 |  |   | $ | 80.73 |  |   | $ | 70.53 |  |
| Quarter ended March 30, 2014         |   | $ | 79.35 |  |   | $ | 66.40 |  |   | $ | 77.79 |  |   | $ | 69.86 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Class ACommon Stock*  |   | Class BCommon Stock*  |
| Fiscal Year Ended December 29, 2013 |   | High  |   | Low  |   | High |   | Low |
| Quarter ended December 29, 2013     |   | $ | 72.71 |  |   | $ | 57.48 |  |   | $ | 64.13 |  |   | $ | 57.74 |  |
| Quarter ended September 29, 2013    |   | $ | 63.12 |  |   | $ | 54.23 |  |   | $ | 62.22 |  |   | $ | 55.78 |  |
| Quarter ended June 30, 2013         |   | $ | 54.47 |  |   | $ | 49.44 |  |   | $ | 53.17 |  |   | $ | 51.30 |  |
| Quarter ended March 31, 2013        |   | $ | 53.68 |  |   | $ | 45.24 |  |   | $ | 53.23 |  |   | $ | 48.04 |  |

|        |
|--------|
|        |
|   |

|   |                                                                                                                                                                                                                                                                                                                                                                                                     |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | The prices above for our Class A Common Stock for the periods prior to December 5, 2014 and for our Class B Common Stock for all periods are as reported by Bloomberg, L.P. (adjusted for the Publishing Spin-off) based on information provided by OTC and may reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions. |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |
| Plan category                                             |   | Number of securitiesto be issued uponexercise ofoutstanding optionsand vesting ofrestricted stockunits andperformance shareunits (1)(2)  |   | Weighted-averageexercise price ofoutstandingoptions  |   | Number of securitiesremaining available forfuture issuance underequity compensationplans (excludingsecurities reflected incolumn (a))  |
|                                                           |   | (a) |   | (b) |   | (c) |
| Equity compensation plans approved by security holders         |   | — |  |   | — |  |   | — |  |
| Equity compensation plans not approved by security holders (3) |   | 1,809,112 |  |   | $ | 70.90 |  |   | 3,234,850 |  |
| Total                                                          |   | 1,809,112 |  |   | $ | 70.90 |  |   | 3,234,850 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Does not include 42,773 of vested and unvested restricted stock awards issued to members of our Board of Directors from the 2013 Equity Incentive Plan. |

|     |                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Performance share units are assumed to be issued at a maximum 200% of target for all periods, although performance targets for some of them have not been set and no expense is being recognized. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Our final plan of reorganization authorized our Board of Directors to adopt an equity incentive plan for the purpose of granting awards to our directors, officers and employees and to set aside a reserve under such plan of up to five percent of our common stock on a fully diluted basis. In accordance with the plan of reorganization, the 2013 Equity Incentive Plan was adopted by our Board of Directors on March 1, 2013. |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Period                                    |   | Total Number of Shares Purchased |   | Average Price Paid per Share |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) |
| September 29, 2014 - October 26, 2014     |   | — |  |   | $ | — |  |   | — |  |   | $ | 400,000 |  |
| October 27, 2014 - November 23, 2014      |   | 203,287 |  |   | $ | 64.22 |  |   | 203,287 |  |   | $ | 386,944 |  |
| November 24, 2014 - December 28, 2014 (1) |   | 897,873 |  |   | $ | 60.99 |  |   | 897,873 |  |   | $ | 332,186 |  |
| Quarter Ended  December 28, 2014 (1)      |   | 1,101,160 |  |   | $ | 61.58 |  |   | 1,101,160 |  |   | $ | 332,186 |  |

|        |
|--------|
|        |
|   |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |
| Company/Peer Group Index/Market Index(In Dollars) |   | December 5, 2014 |   | December 28, 2014 |
| Tribune Media Company (TRCO)                      |   | 100.0 |  |   | 85.4 |  |
| Peer Group Index                                  |   | 100.0 |  |   | 97.6 |  |
| S&P 500                                       |   | 100.0 |  |   | 99.3 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 | Successor |   |   | Predecessor |
|                                                                                 | As of and for the yearended  |   |   | As of and for |   | As of and for the years ended |
| (in thousands, except per share data)                                                | Dec. 28, 2014 |   | Dec. 29, 2013 |   |   | Dec. 31, 20121 |   | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
| STATEMENT OF OPERATIONS DATA:                                                        |   |   |   |   |   |   |   |   |   |   |
| Operating Revenues                                                                   | $ | 1,949,359 |  |   | $ | 1,147,240 |  |   |   | $ | — |  |   | $ | 1,232,847 |  | $ | 1,187,940 |  | $ | 1,184,346 |  |
| Operating Profit                                                                     | $ | 301,182 |  |   | $ | 199,040 |  |   |   | $ | — |  |   | $ | 250,903 |  | $ | 254,382 |  | $ | 279,885 |  |
| Income from Continuing Operations                                                    | $ | 463,111 |  |   | $ | 162,942 |  |   |   | $ | 7,214,125 |  |   | $ | 283,635 |  | $ | 336,778 |  | $ | 384,602 |  |
| Earnings Per Share from Continuing Operations Attributable to Common Shareholders(2) |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                | $ | 4.63 |  |   | $ | 1.63 |  |   |   |   |  |   |   |  |   |  |   |  |
| Diluted                                                                              | $ | 4.62 |  |   | $ | 1.62 |  |   |   |   |  |   |   |  |   |  |   |  |
| BALANCE SHEET DATA:                                                                  |   |   |   |   |   |   |   |   |   |   |
| Total Assets                                                                         | $ | 11,396,455 |  |   | $ | 11,476,009 |  |   |   | $ | 8,673,280 |  |   | $ | 6,351,036 |  | $ | 5,884,428 |  | $ | 5,466,755 |  |
| Total Non-Current Liabilities                                                        | $ | 5,516,844 |  |   | $ | 5,751,611 |  |   |   | $ | 3,308,899 |  |   | $ | 716,724 |  | $ | 800,446 |  | $ | 528,018 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Operating results for December 31, 2012 include only (i) reorganization adjustments which resulted in a net gain of $4.739 billion before taxes ($4.543 billion after taxes), including a $5 million gain ($9 million loss after taxes) recorded in income from discontinued operations, net of taxes and (ii) fresh-start reporting adjustments which resulted in a net loss of $3.372 billion before taxes ($2.567 billion after taxes, including a loss of $178 million ($95 million after taxes) reflected in income from discontinued operations, net of taxes). See Notes 2, 3 and 4 to our audited consolidated financial statements for further information. |

|     |                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | See Note 17 to our audited consolidated financial statements for a description of our computation of basic and diluted earnings per share attributable to the holders of our common stock. |

----

----

|         |                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Television and Entertainment: Provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations and distinctive, high quality television series and movies on WGN America, including content produced by Tribune Studios. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Digital and Data: Provides innovative technology and services that collect and distribute video, music and entertainment data primarily through wholesale distribution channels to consumers globally. |

----

----

----

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     | Successor |   |   | Predecessor |
|                                                     | Year Ended |   |   |   |   | Year Ended |
|                                                     | December 28, 2014 (1) |   | December 29, 2013 |   |   | Dec. 31, 2012 |   | December 30, 2012 |
| Operating revenues                                       | $ | 970,501 |  |   | $ | 1,755,989 |  |   |   | $ | — |  |   | $ | 1,911,851 |  |
| Operating profit                                         | 38,712 |  |   | 149,906 |  |   |   | — |  |   | 145,553 |  |
| Loss on equity investments, net                          | (626 | ) |   | (1,187 | ) |   |   | — |  |   | (1,540 | ) |
| Interest income                                          | — |  |   | 35 |  |   |   | — |  |   | 5 |  |
| Interest expense (2)                                     | (6,837 | ) |   | (11,042 | ) |   |   | — |  |   | (37 | ) |
| Gain on investment transaction (3)                       | 1,484 |  |   | — |  |   |   | — |  |   | — |  |
| Reorganization items, net                                | (9 | ) |   | (284 | ) |   |   | (173,449 | ) |   | (381 | ) |
| Income (loss) before income taxes                        | 32,724 |  |   | 137,428 |  |   |   | (173,449 | ) |   | 143,600 |  |
| Income tax expense (benefit)                             | 19,172 |  |   | 58,815 |  |   |   | (69,548 | ) |   | 4,747 |  |
| Income (loss) from discontinued operations, net of taxes | $ | 13,552 |  |   | $ | 78,613 |  |   |   | $ | (103,901 | ) |   | $ | 138,853 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Results of operations for the Tribune Publishing businesses are reflected through August 4, 2014, the date of the Publishing Spin-off. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | In connection with the Publishing Spin-off, we received a $275 million cash dividend from Tribune Publishing utilizing borrowings of $350 million under a senior term loan facility entered into by Tribune Publishing prior to the Publishing Spin-off. The full amount of the $275 million cash dividend was used to permanently repay $275 million of outstanding borrowings under our Term Loan Facility (as defined and described below). Interest expense associated with our outstanding debt was allocated to discontinued operations based on the ratio of the $275 million cash dividend received from Tribune Publishing to the total outstanding indebtedness under the outstanding credit facilities in effect in each respective period prior to the Publishing Spin-off and totaled $7 million and $11 million for the years ended December 28, 2014 and December 29, 2013, respectively. Interest expense included in discontinued operations for the year ended December 30, 2012 relates to capital leases held by Tribune Publishing and does not include any allocated interest expense from the Company’s debt facilities while in bankruptcy. |

|     |                                                                                                                                                                                                                                                                                                        |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Gain on investment transaction consists of a $1.5 million gain on the remeasurement of Tribune Publishing’s investment in McClatchy/Tribune Information News Services (“MCT”) as a result of the acquisition of the remaining 50% interest in MCT during the second quarter of 2014. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The effective tax rate on pretax income from discontinued operations was 58.6%, 42.8% for the years ended December 28, 2014 and December 29, 2013, respectively. This rate differs from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit) and the impact of certain nondeductible transaction costs. While the Company operated as an S Corporation, the effective tax rate on pretax income from discontinued operations was 3.3% for the year ended December 30, 2012. |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |
| Assets:                                           |   |
| Current Assets                                    |   |
| Cash and cash equivalents                         | $ | 59,030 |  |
| Restricted cash                                   | 27,500 |  |
| Accounts receivable, net                          | 187,153 |  |
| Inventories                                       | 14,623 |  |
| Deferred income taxes                             | 32,557 |  |
| Prepaid expenses and other                        | 20,956 |  |
| Total current assets                              | 341,819 |  |
|                                              |   |
| Property, plant and equipment, net                | 160,087 |  |
|                                              |   |
| Other Assets                                      |   |
| Goodwill                                          | 35,450 |  |
| Intangible assets, net                            | 73,300 |  |
| Investments                                       | 1,924 |  |
| Other long-term assets                            | 10,179 |  |
| Deferred income taxes                             | 12,352 |  |
| Total other assets                                | 133,205 |  |
| Total Assets                                      | $ | 635,111 |  |
|                                              |   |
| Liabilities:                                      |   |
| Current Liabilities                               |   |
| Accounts payable                                  | $ | 39,422 |  |
| Employee compensation and benefits                | 98,156 |  |
| Debt due within one year                          | 12,680 |  |
| Deferred revenue                                  | 74,505 |  |
| Accrued expenses and other current liabilities    | 31,031 |  |
| Total current liabilities                         | 255,794 |  |
|                                              |   |
| Non-Current Liabilities                           |   |
| Postretirement, medical life and other benefits   | 45,255 |  |
| Long-term debt                                    | 333,820 |  |
| Other obligations                                 | 19,589 |  |
| Total non-current liabilities                     | 398,664 |  |
|                                              |   |
| Net Liabilities Distributed to Tribune Publishing | $ | (19,347 | ) |

----

----

----

----

----

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Successor |   |   | Predecessor |
|                                 | 2014 |   |   | 2013 |   | 2012 |
| Loss on extinguishment of debt       | $ | — |  |   |   | $ | (28,380 | ) |   | $ | — |  |
| Gain on investment transactions, net | 372,485 |  |   |   | 150 |  |   | 21,811 |  |
| Write-downs of investments           | (94 | ) |   |   | — |  |   | (7,041 | ) |
| Other non-operating gain (loss), net | (4,710 | ) |   |   | (1,492 | ) |   | 294 |  |
| Total non-operating items            | $ | 367,681 |  |   |   | $ | (29,722 | ) |   | $ | 15,064 |  |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      | Successor |   |   | Predecessor |
|                                      | 2014 |   | 2013 |   |   | December 31, 2012 |   | 2012 |
| Reorganization costs, net:                |   |   |   |   |   |   |   |   |
| Professional advisory fees                | $ | 4,272 |  |   | $ | 13,515 |  |   |   | $ | — |  |   | $ | 101,280 |  |
| Contract rejections and claim settlements | 575 |  |   | (446 | ) |   |   | — |  |   | 86,310 |  |
| Debt valuation adjustments                | — |  |   | — |  |   |   | — |  |   | 3,147 |  |
| Interest income                           | — |  |   | — |  |   |   | — |  |   | (43 | ) |
| Other                                     | 2,421 |  |   | 3,862 |  |   |   | — |  |   | 7,176 |  |
| Total reorganization costs, net           | 7,268 |  |   | 16,931 |  |   |   | — |  |   | 197,870 |  |
| Reorganization adjustments, net           | — |  |   | — |  |   |   | (4,734,050 | ) |   | — |  |
| Fresh-start reporting adjustments, net    | — |  |   | — |  |   |   | (3,550,264 | ) |   | — |  |
| Total reorganization items, net           | $ | 7,268 |  |   | $ | 16,931 |  |   |   | $ | (8,284,314 | ) |   | $ | 197,870 |  |

|        |
|--------|
|        |
|   |

----

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              | Successor |   |   | Predecessor |   | Change |
| (in thousands)                               | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Operating revenues                                | $ | 1,949,359 |  |   | $ | 1,147,240 |  |   |   | $ | 1,232,847 |  |   | +70 |  % |   | -7 |  % |
|                                              |   |   |   |   |   |   |   |   |   |   |
| Operating profit                                  | $ | 301,182 |  |   | $ | 199,040 |  |   |   | $ | 250,903 |  |   | +51 |  % |   | -21 |  % |
|                                              |   |   |   |   |   |   |   |   |   |   |
| Income on equity investments, net                 | $ | 236,713 |  |   | $ | 145,241 |  |   |   | $ | 198,690 |  |   | +63 |  % |   | -27 |  % |
|                                              |   |   |   |   |   |   |   |   |   |   |
| Income from continuing operations                 | $ | 463,111 |  |   | $ | 162,942 |  |   |   | $ | 283,635 |  |   | * |  |   | -43 |  % |
|                                              |   |   |   |   |   |   |   |   |   |   |
| Income from discontinued operations, net of taxes | $ | 13,552 |  |   | $ | 78,613 |  |   |   | $ | 138,853 |  |   | -83 |  % |   | -43 |  % |
|                                              |   |   |   |   |   |   |   |   |   |   |
| Net income                                        | $ | 476,663 |  |   | $ | 241,555 |  |   |   | $ | 422,488 |  |   | +97 |  % |   | -43 |  % |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | Successor |   |   | Predecessor |   | Change |
| (in thousands)          | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Operating revenues           |   |   |   |   |   |   |   |   |   |   |
| Television and Entertainment | $ | 1,720,536 |  |   | $ | 1,014,424 |  |   |   | $ | 1,141,701 |  |   | +70 |  % |   | -11 |  % |
| Digital and Data             | 174,031 |  |   | 79,217 |  |   |   | 84,512 |  |   | * |  |   | -6 |  % |
| Corporate and Other          | 54,792 |  |   | 53,599 |  |   |   | 6,634 |  |   | +2 |  % |   | * |  |
| Total operating revenues     | $ | 1,949,359 |  |   | $ | 1,147,240 |  |   |   | $ | 1,232,847 |  |   | +70 |  % |   | -7 |  % |
| Operating profit (loss)      |   |   |   |   |   |   |   |   |   |   |
| Television and Entertainment | $ | 336,921 |  |   | $ | 195,940 |  |   |   | $ | 366,472 |  |   | +72 |  % |   | -47 |  % |
| Digital and Data             | 3,409 |  |   | 16,497 |  |   |   | 24,365 |  |   | -79 |  % |   | -32 |  % |
| Corporate and Other          | (39,148 | ) |   | (13,397 | ) |   |   | (139,934 | ) |   | * |  |   | -90 |  % |
| Total operating profit       | $ | 301,182 |  |   | $ | 199,040 |  |   |   | $ | 250,903 |  |   | +51 |  % |   | -21 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Successor |   |   | Predecessor |   | Change |
| (in thousands)                 | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Programming                         | $ | 354,666 |  |   | $ | 254,225 |  |   |   | $ | 300,870 |  |   | +40 | % |   | -16 |  % |
| Direct operating expenses           | 420,763 |  |   | 225,924 |  |   |   | 238,230 |  |   | +86 | % |   | -5 |  % |
| Selling, general and administrative | 584,274 |  |   | 312,147 |  |   |   | 387,931 |  |   | +87 | % |   | -20 |  % |
| Depreciation                        | 70,187 |  |   | 41,187 |  |   |   | 42,988 |  |   | +70 | % |   | -4 |  % |
| Amortization                        | 218,287 |  |   | 114,717 |  |   |   | 11,925 |  |   | +90 | % |   | * |  |
| Total operating expenses            | $ | 1,648,177 |  |   | $ | 948,200 |  |   |   | $ | 981,944 |  |   | +74 | % |   | -3 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | Successor |   |   | Predecessor |   | Change |
| (in thousands) | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Operating revenues  | $ | 1,720,536 |  |   | $ | 1,014,424 |  |   |   | $ | 1,141,701 |  |   | +70 | % |   | -11 |  % |
| Operating expenses  | 1,383,615 |  |   | 818,484 |  |   |   | 775,229 |  |   | +69 | % |   | +6 |  % |
| Operating profit    | $ | 336,921 |  |   | $ | 195,940 |  |   |   | $ | 366,472 |  |   | +72 | % |   | -47 |  % |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                        | Successor |   |   | Predecessor |   | Change |
| (in thousands)         | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Advertising                 | $ | 1,335,964 |  |   | $ | 809,732 |  |   |   | $ | 874,117 |  |   | +65 |  % |   | -7 |  % |
| Retransmission consent fees | 229,243 |  |   | 49,586 |  |   |   | 24,975 |  |   | * |  |   | +99 |  % |
| Carriage fees               | 57,137 |  |   | 53,795 |  |   |   | 59,877 |  |   | +6 |  % |   | -10 |  % |
| Barter/trade                | 41,267 |  |   | 31,292 |  |   |   | 80,189 |  |   | +32 |  % |   | -61 |  % |
| Copyright royalties         | 27,161 |  |   | 32,954 |  |   |   | 68,954 |  |   | -18 |  % |   | -52 |  % |
| Other                       | 29,764 |  |   | 37,065 |  |   |   | 33,589 |  |   | -20 |  % |   | +10 |  % |
| Total operating revenues    | $ | 1,720,536 |  |   | $ | 1,014,424 |  |   |   | $ | 1,141,701 |  |   | +70 |  % |   | -11 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Successor |   |   | Predecessor |   | Change |
| (in thousands)      | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Compensation             | $ | 496,562 |  |   | $ | 274,981 |  |   |   | $ | 282,679 |  |   | +81 | % |   | -3 |  % |
| Programming              | 354,666 |  |   | 254,225 |  |   |   | 300,870 |  |   | +40 | % |   | -16 |  % |
| Depreciation             | 50,262 |  |   | 29,947 |  |   |   | 37,995 |  |   | +68 | % |   | -21 |  % |
| Amortization             | 197,054 |  |   | 105,526 |  |   |   | 10,594 |  |   | +87 | % |   | * |  |
| Other                    | 285,071 |  |   | 153,805 |  |   |   | 143,091 |  |   | +85 | % |   | +7 |  % |
| Total operating expenses | $ | 1,383,615 |  |   | $ | 818,484 |  |   |   | $ | 775,229 |  |   | +69 | % |   | +6 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | Successor |   |   | Predecessor |   | Change |
| (in thousands) | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Operating revenues  | $ | 174,031 |  |   | $ | 79,217 |  |   |   | $ | 84,512 |  |   | * |  |   | -6 |  % |
| Operating expenses  | 170,622 |  |   | 62,720 |  |   |   | 60,147 |  |   | * |  |   | +4 |  % |
| Operating profit    | $ | 3,409 |  |   | $ | 16,497 |  |   |   | $ | 24,365 |  |   | -79 |  % |   | -32 |  % |

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Successor |   |   | Predecessor |   | Change |
| (in thousands)              | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Video                            | $ | 91,299 |  |   | $ | 68,708 |  |   |   | $ | 63,465 |  |   | +33 |  % |   | +8 |  % |
| Music                            | 77,729 |  |   | — |  |   |   | — |  |   | * |  |   | * |  |
| Entertainment websites and other | 5,003 |  |   | 10,509 |  |   |   | 21,047 |  |   | -52 |  % |   | -50 |  % |
| Total operating revenues         | $ | 174,031 |  |   | $ | 79,217 |  |   |   | $ | 84,512 |  |   | * |  |   | -6 |  % |

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Successor |   |   | Predecessor |   | Change |
| (in thousands)      | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Compensation             | $ | 94,167 |  |   | $ | 35,280 |  |   |   | $ | 35,023 |  |   | * |   | +1 |  % |
| Outside services         | 14,950 |  |   | 6,998 |  |   |   | 11,068 |  |   | * |   | -37 |  % |
| Depreciation             | 7,744 |  |   | 2,576 |  |   |   | 2,755 |  |   | * |   | -6 |  % |
| Amortization             | 21,233 |  |   | 9,191 |  |   |   | 1,133 |  |   | * |   | * |  |
| Other                    | 32,528 |  |   | 8,675 |  |   |   | 10,168 |  |   | * |   | -15 |  % |
| Total operating expenses | $ | 170,622 |  |   | $ | 62,720 |  |   |   | $ | 60,147 |  |   | * |   | +4 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

----

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                     | Successor |   |   | Predecessor |   | Change |
| (in thousands)      | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Real estate revenues     | $ | 54,792 |  |   | $ | 53,599 |  |   |   | $ | 6,634 |  |   | +2 |  % |  | * |  |
|                     |   |   |   |   |   |   |   |   |   |   |
| Operating Expenses       |   |   |   |   |   |   |   |   |   |   |
| Real estate (1)          | 14,396 |  |   | 28,167 |  |   |   | 5,238 |  |   | -49 |  % |   | * |  |
| Corporate (2)            | 110,311 |  |   | 73,523 |  |   |   | 47,322 |  |   | +50 |  % |   | +55 |  % |
| Pension cost (credit)    | (30,767 | ) |   | (34,694 | ) |   |   | 94,008 |  |   | -11 |  % |   | * |  |
| Total operating expenses | $ | 93,940 |  |   | $ | 66,996 |  |   |   | $ | 146,568 |  |   | +40 |  % |   | -54 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Real estate operating expenses included $9.8 million, $8.2 million and $2.0 million of depreciation expense in 2014, 2013 and 2012, respectively. |

|     |                                                                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Corporate operating expenses included $2.4 million, $0.5 million and $0.2 million of depreciation expense in 2014, 2013 and 2012, respectively, and $0.2 million of amortization expense in 2012. |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                             | Successor |   |   | Predecessor |   | Change |
| (in thousands)                                                                   | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Income from equity investments, net, before amortization of basis difference (1) | $ | 379,048 |  |   | $ | 243,528 |  |   |   | $ | 199,947 |  |   | +56 | % |   | +22 |  % |
| Amortization of basis difference                                                 | (142,335 | ) |   | (98,287 | ) |   |   | (1,257 | ) |   | +45 | % |   | * |  |
| Income from equity investments, net (1)                                          | $ | 236,713 |  |   | $ | 145,241 |  |   |   | $ | 198,690 |  |   | +63 | % |   | -27 |  % |

|        |
|--------|
|        |
|   |

|   |                                                                         |
|---|-------------------------------------------------------------------------|
| * |    Represents positive or negative change in excess of 100% |

|     |                                                                                                                                                                                                                                                                 |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Income from equity investments, net excludes $1 million, $1 million and $2 million of losses in 2014, 2013 and 2012, respectively, related to discontinued operations for investments contributed to Tribune Publishing in the Publishing Spin-off. |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Successor |   |   | Predecessor |   | Change |
| (in thousands)                        | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Cash distributions from equity investments | $ | 370,310 |  |   | $ | 207,994 |  |   |   | $ | 232,319 |  |   | +78 | % |   | -10 |  % |

|        |
|--------|
|        |
|   |

|   |                                                          |
|---|----------------------------------------------------------|
| * | Represents positive or negative change in excess of 100% |

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             | Successor |   |   | Predecessor |   | Change |
| (in thousands)              | 2014 |   | 2013 |   |   | 2012 |   | 14-13 |   | 13-12 |
| Interest and dividend income (1) | $ | 1,368 |  |   | $ | 413 |  |   |   | $ | 99 |  |   | * |   | * |
|                             |   |   |   |   |   |   |   |   |   |   |
| Interest expense (2)             | $ | 157,866 |  |   | $ | 39,134 |  |   |   | $ | 156 |  |   | * |   | * |
|                             |   |   |   |   |   |   |   |   |   |   |
| Income tax expense (benefit) (3) | $ | 278,699 |  |   | $ | 95,965 |  |   |   | $ | (16,905 | ) |   | * |   | * |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Interest and dividend income excludes $0.04 million and $0.01 million in 2013 and 2012, respectively, related to discontinued operations. |

|     |                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |  Interest expense excludes $7 million, $11 million and $0.04 million in 2014, 2013 and 2012, respectively, related to discontinued operations. |

|     |                                                                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) |  Income tax expense (benefit) excludes $19 million, $59 million and $5 million of expense in 2014, 2013 and 2012, respectively, related to discontinued operations. |

----

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands)                                      | Successor |   |   | Predecessor |
| Year Ended                                          |   |   |   |   | Year Ended |
| December 28, 2014                              |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Net cash provided by (used in) operating activities | $ | 378,455 |  |   | $ | 359,571 |  |   |   | $ | (244,731 | ) |   | $ | 774,262 |  |
| Net cash provided by (used in) investing activities | 718,998 |  |   | (2,759,234 | ) |   |   | 707,468 |  |   | (28,584 | ) |
| Net cash provided by (used in) financing activities | (282,967 | ) |   | 2,609,786 |  |   |   | (2,316,589 | ) |   | (7,230 | ) |
| Net increase (decrease) in cash                     | $ | 814,486 |  |   | $ | 210,123 |  |   |   | $ | (1,853,852 | ) |   | $ | 738,448 |  |

----

----

|                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                                | December 28, 2014 |   | December 29, 2013 |
| Term Loan Facility due 2020, effective interest rate of 4.04%, net of unamortized discount of $8,118 and $9,423     | $ | 3,471,017 |  |   | $ | 3,763,577 |  |
| Dreamcatcher Credit Facility due 2018, effective interest rate of 4.08%, net of unamortized discount of $49 and $67 | 23,914 |  |   | 26,933 |  |
| 9.25%/10% Senior Toggle Notes due 2015(1)                                                                           | — |  |   | 172,237 |  |
| Other obligations                                                                                                   | 54 |  |   | 2,437 |  |
| Total debt                                                                                                          | $ | 3,494,985 |  |   | $ | 3,965,184 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On December 27, 2013 we provided a notice of redemption to holders of the Senior Toggle Notes. The Senior Toggle Notes were fully repaid on January 27, 2014. |

----

----

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                | Required or Expected Payments by Fiscal Year |
| (in thousands)                      | Total |   | 2015 |   | 2016-2017 |   | 2018-2019 |   | Thereafter |
| Long-term debt                      | $ | 3,503,098 |  |   | $ | 4,050 |  |   | 9,113 |  |   | $ | 10,800 |  |   | $ | 3,479,135 |  |
| Interest on long-term debt          | 861,144 |  |   | 142,754 |  |   | 295,108 |  |   | 270,973 |  |   | 152,309 |  |
| Broadcast rights contracts payable  | 458,504 |  |   | 178,685 |  |   | 149,029 |  |   | 83,182 |  |   | 47,608 |  |
| Minimum operating lease payments    | 149,823 |  |   | 28,059 |  |   | 47,400 |  |   | 30,590 |  |   | 43,774 |  |
| Talent and employment contracts (1) | 137,281 |  |   | 61,245 |  |   | 59,481 |  |   | 10,767 |  |   | 5,788 |  |
| Other purchase obligations (2)      | 1,102,171 |  |   | 271,672 |  |   | 496,636 |  |   | 280,022 |  |   | 53,841 |  |
| Total (3)                           | $ | 6,212,021 |  |   | $ | 686,465 |  |   | $ | 1,056,767 |  |   | $ | 686,334 |  |   | $ | 3,782,455 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) |  Our talent and employment contracts primarily secure our on-air talent and other personnel for our television and entertainment businesses through multi-year talent and employment agreements. Certain agreements may be terminated under certain circumstances or at certain dates prior to expiration. We expect our contracts will be renewed or replaced with similar agreements upon their expiration. Amounts due under the contracts, assuming the contracts are not terminated prior to their expiration, are included in the contractual commitments table. |

|     |                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Other purchase obligations shown in the above table include contractual commitments of $960 million for broadcast rights that were not available for broadcast at December 28, 2014 and approximately $143 million for the purchase of news and marketing data services and other legally binding commitments. |

|     |                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The above table does not include $19 million of liabilities as of December 28, 2014 associated with our uncertain tax positions as we cannot reliably estimate the timing of the future cash outflows related to these liabilities. See Note 13 to our audited consolidated financial statements. |

----

----

----

----

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Pension Plans |   | Other Postretirement Plans |
|                                                        | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Discount rate for expense through Publishing Spin-Off (1)   | 4.70 | % |   | 3.85 | % |   | 3.95 | % |   | 3.15 | % |
| Discount rate for expense following Publishing Spin-Off (1) | 4.70 | % |   | N/A |  |   | 3.35 | % |   | N/A |  |
| Discount rate for obligations                               | 3.95 | % |   | 4.70 | % |   | 3.30 | % |   | 3.95 | % |
| Increase in future salary levels for expense                | 3.50 | % |   | 3.50 | % |   | — |  |   | — |  |
| Increase in future salary levels for obligations            | 3.50 | % |   | 3.50 | % |   | — |  |   | — |  |
| Long-term rate of return on plans’ assets for expense | 7.50 | % |   | 7.50 | % |   | — |  |   | — |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In connection with the Publishing Spin-off, we distributed to Tribune Publishing approximately $44 million of postretirement health care and life insurance liabilities. As a result, we remeasured our remaining other post retirement plan obligations as of the date of the Publishing Spin-off. |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Percentage of Plan Assets |
|                                  | Actual Allocations |   | Target Allocations |
| Asset category:                  | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Equity securities                     | 51.9 | % |   | 55.0 | % |   | 50.0 | % |   | 50.0 | % |
| Fixed income securities               | 41.4 | % |   | 38.8 | % |   | 45.0 | % |   | 45.0 | % |
| Cash and other short-term investments | 1.8 | % |   | 1.4 | % |   | — |  |   | — |  |
| Other alternative investments         | 4.9 | % |   | 4.8 | % |   | 5.0 | % |   | 5.0 | % |
| Total                                 | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | 1% Increase |   | 1% Decrease |
| Service cost and interest cost | $ | 40 |  |   | $ | (36 | ) |
| Projected benefit obligation   | $ | 682 |  |   | $ | (616 | ) |

|                |
|----------------|
|                |  |  |  |  |  |  |  |
| (in thousands) | Qualified Pension Plan Benefits |   | Other Postretirement Benefits |
| 2015           | $ | 123,002 |  |   | $ | 1,495 |  |
| 2016           | $ | 112,004 |  |   | $ | 1,394 |  |
| 2017           | $ | 114,818 |  |   | $ | 1,353 |  |
| 2018           | $ | 117,931 |  |   | $ | 1,280 |  |
| 2019           | $ | 119,930 |  |   | $ | 1,224 |  |
| Thereafter     | $ | 621,462 |  |   | $ | 5,341 |  |

----

----

----

----

|                 |
|-----------------|
|                 |  |  |
| Exhibit No.     |   | Description |
|   2.1 |   | Separation and Distribution Agreement, dated as of August 3, 2014, by and between Tribune Media Company and Tribune Publishing Company (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Tribune Publishing Company, filed August 7, 2014). |
|            |   |   |
|   2.2 |   | Fourth Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries by the Debtors, the Official Committee of Unsecured Creditors, Oaktree Capital Management, L.P., Angelo, Gordon & Co., L.P., and JPMorgan Chase Bank, N.A., dated July 19, 2012 (incorporated by reference to Exhibit 2.2 to the Registration Statement on Form 10 of Tribune Media Company, filed November 14, 2014). |
|            |   |   |
|   3.1 |   | Second Amended and Restated Certificate of Incorporation of Tribune Media Company (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|            |   |   |
|   3.2 |   | Amended and Restated By-laws of Tribune Media Company (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|            |   |   |
| 10.1            |   | Transition Services Agreement, dated August 4, 2014, by and between Tribune Media Company and Tribune Publishing Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Tribune Publishing Company, filed August 7, 2014). |
|            |   |   |
| 10.2            |   | Tax Matters Agreement, dated as of August 4, 2014, by and between Tribune Media Company and Tribune Publishing Company (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Tribune Publishing Company, filed August 7, 2014). |
|            |   |   |
| 10.3            |   | Employee Matters Agreement, dated as of August 4, 2014, by and between Tribune Media Company and Tribune Publishing Company (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Tribune Publishing Company, filed August 7, 2014). |
|            |   |   |
| 10.4            |   | Registration Rights Agreement, dated as of December 31, 2012, among Tribune Company and Stockholders party thereto (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|            |   |   |
| 10.5            |   | Credit Agreement, dated as of December 27, 2013, among Tribune Company, JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, swing line lender and L/C issuer and the other lenders party thereto (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|            |   |   |

----

|             |
|-------------|
|             |  |  |
| Exhibit No. |   | Description |
| 10.6        |   | Guaranty, dated as of December 27, 2013, made among Tribune Company, each of the subsidiaries party thereto and JPMorgan Chase Bank, N.A., as collateral agent (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.7        |   | Security Agreement, dated as of December 27, 2013, among Tribune Company, each of the subsidiaries party thereto and JPMorgan Chase Bank, N.A., as collateral agent (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.8        |   | Pledge Agreement, dated as of December 27, 2013, among Tribune Company, each of the subsidiaries party thereto and JPMorgan Chase Bank, N.A., as collateral agent (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.9        |   | Warrant Agreement, dated as of December 31, 2012, between Tribune Company and Computershare Inc. and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.10§ |   | Tribune Company 2013 Equity Incentive Plan (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.11§ |   | Employment Agreement, dated June 18, 2013, between Tribune Company and Steven Berns (incorporated by reference to Exhibit 10.11 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.12§ |   | Employment Agreement, dated November 20, 2013, between Tribune Company and Chandler Bigelow (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.13§ |   | Employment Agreement, dated May 13, 2013, between Tribune Company and Melanie Hughes (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.14§ |   | Employment Agreement, dated as of January 17, 2013, between Tribune Company and Edward Lazarus (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.15§ |   | Employment Agreement, dated as of January 2, 2013, between Tribune Company and Peter Liguori (incorporated by reference to Exhibit 10.15 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.16§ |   | Employment Agreement, dated as of February 12, 2013, between Tribune Company and Lawrence Wert (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.17§ |   | Employment Agreement, dated August 1, 2008, between Tribune Company and Eddy Hartenstein (incorporated by reference to Exhibit 10.17 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |
| 10.18§ |   | Employment Agreement, dated May 4, 2011, between Tribune Company and Eddy Hartenstein (incorporated by reference to Exhibit 10.18 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|        |   |   |

----

|              |
|--------------|
|              |  |  |
| Exhibit No.  |   | Description |
| 10.19§  |   | Separation Agreement, dated August 1, 2014, by and between Tribune Company and Eddy Hartenstein (incorporated by reference to Exhibit 10.19 to the Registration Statement on Form 10 of Tribune Media Company, filed September 22, 2014). |
|         |   |   |
| 10.20§s |   | Form of Stock Option Agreement |
|         |   |   |
| 10.21§s |   | Form of Restricted Stock Unit Agreement |
|         |   |   |
| 10.22§s |   | Form of Performance Share Unit Agreement |
|         |   |   |
| 21.1s        |   | Subsidiaries of the Registrant. |
|         |   |   |
| 23.1s        |   | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm |
|         |   |   |
| 23.2s        |   | Consent of Deloitte & Touche LLP (regarding Television Food Network, G.P.) |
|         |   |   |
| 31.1s        |   | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 |
|         |   |   |
| 31.2s        |   | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 |
|         |   |   |
| 32.1s        |   | Section 1350 Certification |
|         |   |   |
| 32.2s        |   | Section 1350 Certification |
|         |   |   |
| 99.1s        |   | Television Food Network, G.P. Consolidated Financial Statements |

|        |                                                 |
|--------|-------------------------------------------------|
| § | Constitutes a compensatory plan or arrangement. |

|   |              |
|---|--------------|
| s | Filed herein |

----

|                       |
|-----------------------|
|                       |  |
| TRIBUNE MEDIA COMPANY |
|                  |   |
| By:                   | /s/ Peter Liguori |
| Name:                 | Peter Liguori |
| Title:                | President and Chief Executive Officer |

|                       |
|-----------------------|
|                       |  |  |  |  |
| Signature             |   | Title |   | Date |
|                  |   |   |   |   |
| /s/ Peter Liguori     |   | Director, President and Chief Executive Officer (Principal Executive Officer) |   | March 6, 2015 |
| Peter Liguori         |   |   |   |   |
|                  |   |   |   |   |
| /s/ Steven Berns      |   | Executive Vice President and Chief Financial Officer(Principal Financial Officer) |   | March 6, 2015 |
| Steven Berns          |   |   |   |   |
|                  |   |   |   |   |
| /s/ Brian F. Litman   |   | Vice President and Controller(Principal Accounting Officer) |   | March 6, 2015 |
| Brian F. Litman       |   |   |   |   |
|                  |   |   |   |   |
| /s/ Bruce A. Karsh    |   | Director and Chairman |   | March 6, 2015 |
| Bruce A. Karsh        |   |   |   |   |
|                  |   |   |   |   |
| /s/ Craig A. Jacobson |   | Director |   | March 6, 2015 |
| Craig A. Jacobson     |   |   |   |   |
|                  |   |   |   |   |
| /s/ Ross Levinsohn    |   | Director |   | March 6, 2015 |
| Ross Levinsohn        |   |   |   |   |
|                  |   |   |   |   |
| /s/ Kenneth Liang     |   | Director |   | March 6, 2015 |
| Kenneth Liang         |   |   |   |   |
|                  |   |   |   |   |
| /s/ Peter E. Murphy   |   | Director |   | March 6, 2015 |
| Peter E. Murphy       |   |   |   |   |
|                  |   |   |   |   |
| /s/ Laura R. Walker   |   | Director |   | March 6, 2015 |
| Laura R. Walker       |   |   |   |   |

----

|                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                          |  |  |
|                                                                                                                                                                                                                                     | Page |
| Report of Independent Registered Public Accounting Firm                                                                                                                                                                                  | F-2 |
| Consolidated Statements of Operations for each of the two years in the period ended December 28, 2014 (Successor), for December 31, 2012 (Predecessor) and for the year ended December 30, 2012 (Predecessor)                            | F-4 |
| Consolidated Statements of Comprehensive Income for each of the two years in the period ended December 28, 2014 (Successor), for December 31, 2012 (Predecessor) and for the year ended  December 30, 2012 (Predecessor)                 | F-5 |
| Consolidated Balance Sheets at December 28, 2014 (Successor) and December 29, 2013 (Successor)                                                                                                                                           | F-6 |
| Consolidated Statements of Shareholders’ Equity (Deficit) for each of the two years in the period ended December 28, 2014 (Successor), for December 31, 2012 (Predecessor) and for the year ended  December 30, 2012 (Predecessor) | F-8 |
| Consolidated Statements of Cash Flows for each of the two years in the period ended December 28, 2014 (Successor), for December 31, 2012 (Predecessor) and for the year ended December 30, 2012 (Predecessor)                            | F-9 |
| Notes to Consolidated Financial Statements                                                                                                                                                                                               |   |
| Note 1:                                                                                                                                                                                                                                  | Basis of Presentation and Significant Accounting Policies | F-11 |
| Note 2:                                                                                                                                                                                                                                  | Discontinued Operations | F-17 |
| Note 3:                                                                                                                                                                                                                                  | Proceedings Under Chapter 11 | F-23 |
| Note 4:                                                                                                                                                                                                                                  | Fresh-Start Reporting | F-35 |
| Note 5:                                                                                                                                                                                                                                  | Acquisitions | F-44 |
| Note 6:                                                                                                                                                                                                                                  | Changes in Operations and Non‑Operating Items | F-56 |
| Note 7:                                                                                                                                                                                                                                  | Goodwill, Other Intangible Assets and Intangible Liabilities | F-58 |
| Note 8:                                                                                                                                                                                                                                  | Investments | F-61 |
| Note 9:                                                                                                                                                                                                                                  | Debt | F-67 |
| Note 10:                                                                                                                                                                                                                                 | Contracts Payable for Broadcast Rights | F-71 |
| Note 11:                                                                                                                                                                                                                                 | Fair Value Measurements | F-71 |
| Note 12:                                                                                                                                                                                                                                 | Commitments and Contingencies | F-73 |
| Note 13:                                                                                                                                                                                                                                 | Income Taxes | F-76 |
| Note 14:                                                                                                                                                                                                                                 | Pension and Other Retirement Plans | F-81 |
| Note 15:                                                                                                                                                                                                                                 | Capital Stock | F-91 |
| Note 16:                                                                                                                                                                                                                                 | Stock-Based Compensation | F-94 |
| Note 17:                                                                                                                                                                                                                                 | Earnings Per Share | F-98 |
| Note 18:                                                                                                                                                                                                                                 | Accumulated Other Comprehensive Income (Loss) | F-100 |
| Note 19:                                                                                                                                                                                                                                 | Related Parties | F-100 |
| Note 20:                                                                                                                                                                                                                                 | Business Segments | F-101 |
| Note 21:                                                                                                                                                                                                                                 | Quarterly Financial Information (Unaudited) | F-103 |
| Note 22:                                                                                                                                                                                                                                 | Subsequent Events | F-105 |

----

----

----

| TRIBUNE MEDIA COMPANY AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of dollars, except for per share data) |
|------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                               | Successor |   |   | Predecessor |
|                                                                                                                               | Year Ended |   |   |   |   | Year Ended |
|                                                                                                                               | December 28, 2014 |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Operating Revenues                                                                                                                 |   |   |   |   |   |   |   |   |
| Television and Entertainment                                                                                                       |   |   |   |   |   |   |   |   |
| Advertising                                                                                                                        | $ | 1,335,964 |  |   | $ | 809,732 |  |   |   | $ | — |  |   | $ | 874,117 |  |
| Retransmission consent and carriage fees                                                                                           | 286,380 |  |   | 103,381 |  |   |   | — |  |   | 84,852 |  |
| Other                                                                                                                              | 98,192 |  |   | 101,311 |  |   |   | — |  |   | 182,732 |  |
| Total                                                                                                                              | 1,720,536 |  |   | 1,014,424 |  |   |   | — |  |   | 1,141,701 |  |
| Digital and Data                                                                                                                   | 174,031 |  |   | 79,217 |  |   |   | — |  |   | 84,512 |  |
| Other                                                                                                                              | 54,792 |  |   | 53,599 |  |   |   | — |  |   | 6,634 |  |
| Total operating revenues                                                                                                           | 1,949,359 |  |   | 1,147,240 |  |   |   | — |  |   | 1,232,847 |  |
| Operating Expenses                                                                                                                 |   |   |   |   |   |   |   |   |
| Programming                                                                                                                        | 354,666 |  |   | 254,225 |  |   |   | — |  |   | 300,870 |  |
| Direct operating expenses                                                                                                          | 420,763 |  |   | 225,924 |  |   |   | — |  |   | 238,230 |  |
| Selling, general and administrative                                                                                                | 584,274 |  |   | 312,147 |  |   |   | — |  |   | 387,931 |  |
| Depreciation                                                                                                                       | 70,187 |  |   | 41,187 |  |   |   | — |  |   | 42,988 |  |
| Amortization                                                                                                                       | 218,287 |  |   | 114,717 |  |   |   | — |  |   | 11,925 |  |
| Total operating expenses                                                                                                           | 1,648,177 |  |   | 948,200 |  |   |   | — |  |   | 981,944 |  |
| Operating Profit                                                                                                                   | 301,182 |  |   | 199,040 |  |   |   | — |  |   | 250,903 |  |
| Income on equity investments, net                                                                                                  | 236,713 |  |   | 145,241 |  |   |   | — |  |   | 198,690 |  |
| Interest and dividend income                                                                                                       | 1,368 |  |   | 413 |  |   |   | — |  |   | 99 |  |
| Interest expense                                                                                                                   | (157,866 | ) |   | (39,134 | ) |   |   | — |  |   | (156 | ) |
| Loss on extinguishment of debt                                                                                                     | — |  |   | (28,380 | ) |   |   | — |  |   | — |  |
| Gain on investment transactions, net                                                                                               | 372,485 |  |   | 150 |  |   |   | — |  |   | 21,811 |  |
| Write-downs of investments                                                                                                         | (94 | ) |   | — |  |   |   | — |  |   | (7,041 | ) |
| Other non-operating gain (loss), net                                                                                               | (4,710 | ) |   | (1,492 | ) |   |   | — |  |   | 294 |  |
| Reorganization items, net                                                                                                          | (7,268 | ) |   | (16,931 | ) |   |   | 8,284,314 |  |   | (197,870 | ) |
| Income from Continuing Operations Before Income Taxes                                                                              | 741,810 |  |   | 258,907 |  |   |   | 8,284,314 |  |   | 266,730 |  |
| Income tax expense (benefit)                                                                                                       | 278,699 |  |   | 95,965 |  |   |   | 1,070,189 |  |   | (16,905 | ) |
| Income from Continuing Operations                                                                                                  | 463,111 |  |   | 162,942 |  |   |   | 7,214,125 |  |   | 283,635 |  |
| Income (Loss) from Discontinued Operations, net of taxes (Note 2)                                                                  | 13,552 |  |   | 78,613 |  |   |   | (103,901 | ) |   | 138,853 |  |
| Net Income                                                                                                                         | $ | 476,663 |  |   | $ | 241,555 |  |   |   | $ | 7,110,224 |  |   | $ | 422,488 |  |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| Basic Earnings Per Common Share from:                                                                                              |   |   |   |   |   |   |   |   |
|    Continuing Operations                                                                                            | $ | 4.63 |  |   | $ | 1.63 |  |   |   |   |   |   |
|    Discontinued Operations                                                                                          | 0.13 |  |   | 0.79 |  |   |   |   |   |   |
|    Net Earnings Per Common Share                                                                                    | $ | 4.76 |  |   | $ | 2.42 |  |   |   |   |   |   |
|                                                                                                                               |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Common Share from:                                                                                            |   |   |   |   |   |   |   |   |
|    Continuing Operations                                                                                            | $ | 4.62 |  |   | $ | 1.62 |  |   |   |   |   |   |
|    Discontinued Operations                                                                                          | 0.13 |  |   | 0.79 |  |   |   |   |   |   |
|    Net Earnings Per Common Share                                                                                    | $ | 4.75 |  |   | $ | 2.41 |  |   |   |   |   |   |

----

| TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands of dollars)                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                             | Successor |   |   | Predecessor |
|                                                                                                                                                             | Year Ended |   |   |   |   | Year Ended |
|                                                                                                                                                             | December 28, 2014 |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Net Income                                                                                                                                                       | $ | 476,663 |  |   | $ | 241,555 |  |   |   | $ | 7,110,224 |  |   | $ | 422,488 |  |
| Less: Income (Loss) from Discontinued Operations, net of taxes                                                                                                   | 13,552 |  |   | 78,613 |  |   |   | (103,901 | ) |   | 138,853 |  |
| Income from Continuing Operations                                                                                                                                | $ | 463,111 |  |   | $ | 162,942 |  |   |   | $ | 7,214,125 |  |   | $ | 283,635 |  |
|                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Other Comprehensive Income (Loss) from Continuing Operations, net of taxes                                                                                       |   |   |   |   |   |   |   |   |
| Unrecognized benefit plan gains and losses:                                                                                                                      |   |   |   |   |   |   |   |   |
| Change in unrecognized benefit plan gains and losses arising during the period, net of taxes of $(121,030), $91,922, and $221, respectively                      | (187,720 | ) |   | 140,900 |  |   |   | — |  |   | 16,437 |  |
| Adjustment for previously unrecognized benefit plan gains and losses included in net income, net of taxes of $(71) and $1,434, respectively                      | (110 | ) |   | — |  |   |   | — |  |   | 120,386 |  |
| Fresh-start reporting adjustment included in net income to eliminate Predecessor’s accumulated other comprehensive income (loss), net of taxes of $169,642 | — |  |   | — |  |   |   | 934,661 |  |   | — |  |
| Change in unrecognized benefit plan gains and losses, net of taxes                                                                                               | (187,830 | ) |   | 140,900 |  |   |   | 934,661 |  |   | 136,823 |  |
| Unrealized gain on marketable securities:                                                                                                                        |   |   |   |   |   |   |   |   |
| Changes in unrealized holding gain arising during the period, net of taxes of $3,512                                                                             | 5,447 |  |   | — |  |   |   | — |  |   | — |  |
| Foreign currency translation adjustments:                                                                                                                        |   |   |   |   |   |   |   |   |
| Change in foreign currency translation adjustments, net of taxes of $(1,779), $58, and $15, respectively                                                         | (2,753 | ) |   | 89 |  |   |   | — |  |   | 1,264 |  |
| Fresh-start reporting adjustment included in net income to eliminate Predecessor’s accumulated other comprehensive income (loss), net of taxes of $(552)   | — |  |   | — |  |   |   | 2,846 |  |   | — |  |
| Change in foreign currency translation adjustments, net of taxes                                                                                                 | (2,753 | ) |   | 89 |  |   |   | 2,846 |  |   | 1,264 |  |
| Other Comprehensive Income (Loss) from Continuing Operations, net of taxes                                                                        | (185,136 | ) |   | 140,989 |  |   |   | 937,507 |  |   | 138,087 |  |
| Comprehensive Income from Continuing Operations, net of taxes                                                                                                    | 277,975 |  |   | 303,931 |  |   |   | 8,151,632 |  |   | 421,722 |  |
| Comprehensive Income (Loss) from Discontinued Operations, net of taxes                                                                                           | 13,552 |  |   | 78,309 |  |   |   | (133,284 | ) |   | 146,443 |  |
| Comprehensive Income                                                                                                                                             | $ | 291,527 |  |   | $ | 382,240 |  |   |   | $ | 8,018,348 |  |   | $ | 568,165 |  |

----

| TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of dollars) |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |
|                                                                                              | December 28, 2014 |   | December 29, 2013 |
| Assets                                                                                            |   |   |   |
| Current Assets                                                                                    |   |   |   |
| Cash and cash equivalents                                                                         | $ | 1,455,183 |  |   | $ | 640,697 |  |
| Restricted cash and cash equivalents                                                              | 17,600 |  |   | 221,879 |  |
| Accounts receivable (net of allowances of $7,313 and $16,254)                                     | 440,722 |  |   | 644,024 |  |
| Inventories                                                                                       | — |  |   | 14,222 |  |
| Broadcast rights                                                                                  | 147,423 |  |   | 105,325 |  |
| Income taxes receivable                                                                           | 4,931 |  |   | 11,240 |  |
| Deferred income taxes                                                                             | 29,675 |  |   | 54,221 |  |
| Prepaid expenses and other                                                                        | 65,289 |  |   | 43,672 |  |
| Total current assets                                                                              | 2,160,823 |  |   | 1,735,280 |  |
| Properties                                                                                        |   |   |   |
| Machinery, equipment and furniture                                                                | 240,507 |  |   | 340,800 |  |
| Buildings and leasehold improvements                                                              | 253,426 |  |   | 276,856 |  |
|                                                                                              | 493,933 |  |   | 617,656 |  |
| Accumulated depreciation                                                                          | (102,841 | ) |   | (74,446 | ) |
|                                                                                              | 391,092 |  |   | 543,210 |  |
| Land                                                                                              | 422,635 |  |   | 436,641 |  |
| Construction in progress                                                                          | 36,870 |  |   | 60,956 |  |
| Net properties                                                                                    | 850,597 |  |   | 1,040,807 |  |
| Other Assets                                                                                      |   |   |   |
| Broadcast rights                                                                                  | 157,014 |  |   | 61,175 |  |
| Goodwill                                                                                          | 3,918,136 |  |   | 3,815,196 |  |
| Other intangible assets, net                                                                      | 2,397,794 |  |   | 2,516,543 |  |
| Investments                                                                                       | 1,717,192 |  |   | 2,163,162 |  |
| Other                                                                                             | 194,899 |  |   | 143,846 |  |
| Total other assets                                                                                | 8,385,035 |  |   | 8,699,922 |  |
| Total assets                                                                                      | $ | 11,396,455 |  |   | $ | 11,476,009 |  |

----

| TRIBUNE MEDIA COMPANY AND SUBSIDIARIES  CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except for share and per share data)                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                       |  |  |  |  |  |  |  |
|                                                                                                                                                                                  | December 28, 2014 |   | December 29, 2013 |
| Liabilities and Shareholders’ Equity                                                                                                                                            |   |   |   |
| Current Liabilities                                                                                                                                                                   |   |   |   |
| Accounts payable                                                                                                                                                                      | $ | 77,295 |  |   | $ | 93,396 |  |
| Senior Toggle Notes (Note 9)                                                                                                                                                          | — |  |   | 172,237 |  |
| Debt due within one year                                                                                                                                                              | 4,088 |  |   | 32,472 |  |
| Income taxes payable                                                                                                                                                                  | 252,570 |  |   | 2,276 |  |
| Employee compensation and benefits                                                                                                                                                    | 80,270 |  |   | 200,033 |  |
| Contracts payable for broadcast rights                                                                                                                                                | 178,685 |  |   | 139,146 |  |
| Deferred revenue                                                                                                                                                                      | 34,352 |  |   | 77,029 |  |
| Other                                                                                                                                                                                 | 56,920 |  |   | 82,248 |  |
| Total current liabilities                                                                                                                                                             | 684,180 |  |   | 798,837 |  |
| Non-Current Liabilities                                                                                                                                                               |   |   |   |
| Long-term debt                                                                                                                                                                        | 3,490,897 |  |   | 3,760,475 |  |
| Deferred income taxes                                                                                                                                                                 | 1,156,214 |  |   | 1,393,413 |  |
| Contracts payable for broadcast rights                                                                                                                                                | 279,819 |  |   | 80,942 |  |
| Contract intangible liability, net                                                                                                                                                    | 34,425 |  |   | 193,730 |  |
| Pension obligations, net                                                                                                                                                              | 469,116 |  |   | 199,176 |  |
| Postretirement medical, life and other benefits                                                                                                                                       | 21,456 |  |   | 63,123 |  |
| Other obligations                                                                                                                                                                     | 64,917 |  |   | 60,752 |  |
| Total non-current liabilities                                                                                                                                                         | 5,516,844 |  |   | 5,751,611 |  |
|                                                                                                                                                                                  |   |   |   |
| Commitments and Contingent Liabilities (Note 12)                                                                                                                                 |   |   |   |
|                                                                                                                                                                                  |   |   |   |
| Shareholders’ Equity                                                                                                                                                            |   |   |   |
| Preferred stock ($0.001 par value per share)                                                                                                                                          |   |   |   |
| Authorized: 40,000,000 shares; No shares issued and outstanding at December 28, 2014 and at December 29, 2013                                                                    | — |  |   | — |  |
| Class A Common Stock ($0.001 par value per share)                                                                                                                                     |   |   |   |
| Authorized: 1,000,000,000 shares; 95,708,401 shares issued and 94,732,807 shares outstanding at December 28, 2014; 89,933,876 shares issued and outstanding at December 29, 2013 | 96 |  |   | 90 |  |
| Class B Common Stock ($0.001 par value per share)                                                                                                                                     |   |   |   |
| Authorized: 200,000,000 shares; Issued and outstanding: 2,438,083 shares at December 28, 2014 and 3,185,181 shares at December 29, 2013                                          | 2 |  |   | 3 |  |
| Treasury stock, at cost: 975,594 shares at December 28, 2014 and no shares at December 29, 2013 (Note 15)                                                                             | (67,814 | ) |   | — |  |
| Additional paid-in-capital                                                                                                                                                            | 4,591,470 |  |   | 4,543,228 |  |
| Retained earnings                                                                                                                                                                     | 718,218 |  |   | 241,555 |  |
| Accumulated other comprehensive (loss) income                                                                                                                                         | (46,541 | ) |   | 140,685 |  |
| Total shareholders’ equity                                                                                                                                                      | 5,195,431 |  |   | 4,925,561 |  |
| Total liabilities and shareholders’ equity                                                                                                                                      | $ | 11,396,455 |  |   | $ | 11,476,009 |  |

----

|                                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| TRIBUNE MEDIA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)(In thousands of dollars) |
|                                                                                                                      |   |   |   |   | Accumulated Other Comprehensive Income (Loss) |   | Predecessor Stock Purchase Warrants |   | Successor Additional Paid-In Capital |   |   |   | Successor Common Stock |
|                                                                                                                      |   |   | Retained Earnings (Deficit) |   |   |   |   |   |   | Class A |   | Class B |
|                                                                                                                      | Total |   |   |   |   |   | Treasury Stock |   | Amount (at Cost) |   | Shares |   | Amount (at Cost) |   | Shares |
| Balance at December 25, 2011 (Predecessor)                                                                           | $ | (8,615,856 | ) |   | $ | (7,817,055 | ) |   | $ | (1,053,801 | ) |   | $ | 255,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — |  |   | $ | — |  |   | — |  |
| Comprehensive income:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                | 422,488 |  |   | 422,488 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive income, net of taxes                                                                                  | 145,677 |  |   | — |  |   | 145,677 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Comprehensive income                                                                                                      | 568,165 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Loss on shares allocated by ESOP                                                                                          | (7,337 | ) |   | (7,337 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance at December 30, 2012 (Predecessor)                                                                           | $ | (8,055,028 | ) |   | $ | (7,401,904 | ) |   | $ | (908,124 | ) |   | $ | 255,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — |  |   | $ | — |  |   | — |  |
| Comprehensive income                                                                                                      | 8,018,348 |  |   | 7,110,224 |  |   | 908,124 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Cancellation of Predecessor’s common shares held by ESOP, net of unearned compensation                              | 36,680 |  |   | 36,680 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Cancellation of Predecessor’s stock purchase warrants                                                               | — |  |   | 255,000 |  |   | — |  |   | (255,000 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance at December 31, 2012 (Predecessor)                                                                                | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | — |  |   | $ | — |  |   | — |  |
| Issuance of Successor common stock and stock purchase warrants                                                            | 4,536,000 |  |   | — |  |   | — |  |   | — |  |   | 4,535,917 |  |   | — |  |   | 79 |  |   | 78,754 |  |   | 4 |  |   | 4,456 |  |
| Balance at December 31, 2012 (Successor)                                                                             | $ | 4,536,000 |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | 4,535,917 |  |   | $ | — |  |   | $ | 79 |  |   | 78,754 |  |   | $ | 4 |  |   | 4,456 |  |
| Comprehensive income:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                | 241,555 |  |   | 241,555 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive income, net of taxes                                                                                  | 140,685 |  |   | — |  |   | 140,685 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Comprehensive income                                                                                                      | 382,240 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Conversions of Class B Common Stock to Class A Common Stock                                                               | 2 |  |   | — |  |   | — |  |   | — |  |   | 2 |  |   | — |  |   | 1 |  |   | 1,389 |  |   | (1 | ) |   | (1,389 | ) |
| Warrant exercises                                                                                                         | — |  |   | — |  |   | — |  |   | — |  |   | (10 | ) |   | — |  |   | 10 |  |   | 9,787 |  |   | — |  |   | 119 |  |
| Stock-based compensation                                                                                                  | 7,319 |  |   | — |  |   | — |  |   | — |  |   | 7,319 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Shares issued under equity incentive plan                                                                                 | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 4 |  |   | — |  |   | — |  |
| Balance at December 29, 2013 (Successor)                                                                             | $ | 4,925,561 |  |   | $ | 241,555 |  |   | $ | 140,685 |  |   | $ | — |  |   | $ | 4,543,228 |  |   | $ | — |  |   | $ | 90 |  |   | 89,934 |  |   | $ | 3 |  |   | 3,186 |  |
| Comprehensive income:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                | 476,663 |  |   | 476,663 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive loss, net of taxes                                                                                    | (185,136 | ) |   | — |  |   | (185,136 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Comprehensive income                                                                                                      | 291,527 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Publishing Spin-off (Note 2)                                                                                              | 19,347 |  |   | — |  |   | (2,090 | ) |   | — |  |   | 21,437 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Conversions of Class B Common Stock to Class A Common Stock                                                               | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1 |  |   | 772 |  |   | (1 | ) |   | (772 | ) |
| Warrant exercises                                                                                                         | — |  |   | — |  |   | — |  |   | — |  |   | (5 | ) |   | — |  |   | 5 |  |   | 4,850 |  |   | — |  |   | 24 |  |
| Stock-based compensation                                                                                                  | 27,835 |  |   | — |  |   | — |  |   | — |  |   | 27,835 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Net share settlements of stock-based awards                                                                               | (1,893 | ) |   | — |  |   | — |  |   | — |  |   | (1,893 | ) |   | — |  |   | — |  |   | 152 |  |   | — |  |   | — |  |
| Excess tax benefits from stock-based awards                                                                               | 868 |  |   | — |  |   | — |  |   | — |  |   | 868 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |
| Common stock repurchases                                                                                                  | (67,814 | ) |   | — |  |   | — |  |   | — |  |   | — |  |   | (67,814 | ) |   | — |  |   | — |  |   | — |  |   | — |  |
| Balance at December 28, 2014 (Successor)                                                                             | $ | 5,195,431 |  |   | $ | 718,218 |  |   | $ | (46,541 | ) |   | $ | — |  |   | $ | 4,591,470 |  |   | $ | (67,814 | ) |   | $ | 96 |  |   | 95,708 |  |   | $ | 2 |  |   | 2,438 |  |

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| TRIBUNE MEDIA COMPANY AND SUBIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS (In thousands of dollars) |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                | Successor |   |   | Predecessor |
|                                                                                                | Year Ended |   |   |   |   | Year Ended |
|                                                                                                | December 28, 2014 |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Operating Activities                                                                                |   |   |   |   |   |   |   |   |
| Net income                                                                                          | $ | 476,663 |  |   | $ | 241,555 |  |   |   | $ | 7,110,224 |  |   | $ | 422,488 |  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities:         |   |   |   |   |   |   |   |   |
| Stock-based compensation                                                                            | 27,918 |  |   | 7,319 |  |   |   | — |  |   | — |  |
| Pension (credit) costs, net of contributions                                                        | (41,164 | ) |   | (41,620 | ) |   |   | — |  |   | 86,727 |  |
| Depreciation                                                                                        | 88,890 |  |   | 75,516 |  |   |   | — |  |   | 147,201 |  |
| Amortization of contract intangible assets and liabilities                                          | (35,774 | ) |   | (29,525 | ) |   |   | — |  |   | — |  |
| Amortization of other intangible assets                                                             | 222,216 |  |   | 121,206 |  |   |   | — |  |   | 19,046 |  |
| Income on equity investments, net                                                                   | (236,088 | ) |   | (144,054 | ) |   |   | — |  |   | (197,150 | ) |
| Distributions from equity investments                                                               | 189,789 |  |   | 154,123 |  |   |   | — |  |   | 118,383 |  |
| Amortization of debt issuance costs and original issue discount                                     | 13,433 |  |   | 3,869 |  |   |   | — |  |   | — |  |
| Write-downs of investments                                                                          | 94 |  |   | — |  |   |   | — |  |   | 7,041 |  |
| Non-cash loss on extinguishment of debt                                                             | — |  |   | 17,462 |  |   |   | — |  |   | — |  |
| Gain on investment transactions, net                                                                | (373,968 | ) |   | (150 | ) |   |   | — |  |   | (21,811 | ) |
| Gain on sales of real estate                                                                        | (21,690 | ) |   | (135 | ) |   |   |   |   | (112 | ) |
| Other non-operating loss (gain), net                                                                | 4,729 |  |   | 1,492 |  |   |   | — |  |   | (294 | ) |
| Non-cash reorganization items, net                                                                  | — |  |   | (3,228 | ) |   |   | (8,287,644 | ) |   | 89,433 |  |
| Excess tax benefits from stock-based awards                                                         | (868 | ) |   | — |  |   |   | — |  |   | — |  |
| Transfers from (to) restricted cash                                                                 | 2,357 |  |   | 166,866 |  |   |   | (186,823 | ) |   | — |  |
| Changes in working capital items, excluding effects from acquisitions:                              |   |   |   |   |   |   |   |   |
| Accounts receivable, net                                                                            | 39,149 |  |   | (20,449 | ) |   |   | — |  |   | 67,214 |  |
| Inventories, prepaid expenses and other current assets                                              | (1,532 | ) |   | 26,847 |  |   |   | (275 | ) |   | 2,717 |  |
| Accounts payable                                                                                    | 2,855 |  |   | (85,088 | ) |   |   | (18,942 | ) |   | 6,456 |  |
| Employee compensation and benefits, and other current liabilities                                   | (23,569 | ) |   | 5,528 |  |   |   | (3,450 | ) |   | (27,074 | ) |
| Deferred revenue                                                                                    | 23,189 |  |   | 1,121 |  |   |   | — |  |   | (47 | ) |
| Accrued reorganization costs                                                                        | (780 | ) |   | (111,461 | ) |   |   | 14,136 |  |   | 35,041 |  |
| Income taxes                                                                                        | 261,591 |  |   | (1,947 | ) |   |   | (6,199 | ) |   | 21,212 |  |
| Deferred compensation, postretirement medical, life and other benefits                              | (3,099 | ) |   | (13,581 | ) |   |   | (35,241 | ) |   | (9,233 | ) |
| Change in broadcast rights, net of liabilities                                                      | (21,098 | ) |   | (6,913 | ) |   |   | — |  |   | 1,285 |  |
| Deferred income taxes                                                                               | (179,099 | ) |   | 8,955 |  |   |   | 1,169,483 |  |   | 2,231 |  |
| Change in non-current obligations for uncertain tax positions                                       | (2,814 | ) |   | (3,780 | ) |   |   | — |  |   | (11,973 | ) |
| Other, net                                                                                          | (32,875 | ) |   | (10,357 | ) |   |   | — |  |   | 15,481 |  |
| Net cash provided by (used in) operating activities                                                 | 378,455 |  |   | 359,571 |  |   |   | (244,731 | ) |   | 774,262 |  |

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| TRIBUNE MEDIA COMPANY AND SUBIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS (Continued)(In thousands of dollars) |
|----------------------------------------------------------------------------------------------------------------|
|                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                           | Successor |   |   | Predecessor |
|                                                                                                           | Year Ended |   |   |   |   | Year Ended |
|                                                                                                           | December 28, 2014 |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Investing Activities                                                                                           |   |   |   |   |   |   |   |   |
| Capital expenditures                                                                                           | (89,438 | ) |   | (70,869 | ) |   |   | — |  |   | (146,934 | ) |
| Acquisitions, net of cash acquired                                                                             | (279,833 | ) |   | (2,550,410 | ) |   |   | — |  |   | — |  |
| Increase (decrease) in restricted cash related to acquisition of Local TV                                      | 201,922 |  |   | (201,922 | ) |   |   | — |  |   | — |  |
| Transfers from (to) restricted cash related to New Cubs LLC distribution                                       | — |  |   | — |  |   |   | 727,468 |  |   | (27 | ) |
| Transfers from restricted cash, net                                                                            | (1,109 | ) |   | — |  |   |   | — |  |   | — |  |
| Investments                                                                                                    | (2,330 | ) |   | (2,817 | ) |   |   | — |  |   | (15,864 | ) |
| Distributions from equity investments                                                                          | 180,521 |  |   | 53,871 |  |   |   | — |  |   | 113,936 |  |
| Investment in non-interest bearing loan to the Litigation Trust                                                | — |  |   | — |  |   |   | (20,000 | ) |   | — |  |
| Proceeds from sales of investments                                                                             | 659,395 |  |   | 2,174 |  |   |   | — |  |   | 20,036 |  |
| Proceeds from sales of real estate                                                                             | 49,870 |  |   | 10,739 |  |   |   | — |  |   | 269 |  |
| Net cash provided by (used in) investing activities                                                            | 718,998 |  |   | (2,759,234 | ) |   |   | 707,468 |  |   | (28,584 | ) |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Financing Activities                                                                                           |   |   |   |   |   |   |   |   |
| Long-term borrowings related to Publishing Spin-off (Note 2)                                                   | 346,500 |  |   | — |  |   |   | — |  |   | — |  |
| Long-term borrowings                                                                                           | — |  |   | 3,790,500 |  |   |   | 1,089,000 |  |   | — |  |
| Repayment of Senior Toggle Notes (Note 9)                                                                      | (172,237 | ) |   | — |  |   |   | — |  |   | — |  |
| Repayments of long-term debt                                                                                   | (299,285 | ) |   | (1,102,234 | ) |   |   | (3,394,347 | ) |   | (2,779 | ) |
| Long-term debt issuance costs related to Publishing Spin-off (Note 2)                                          | (10,179 | ) |   | — |  |   |   | — |  |   | — |  |
| Long-term debt issuance costs                                                                                  | — |  |   | (78,480 | ) |   |   | (11,242 | ) |   | (4,451 | ) |
| Common stock repurchases (Note 15)                                                                             | (60,211 | ) |   | — |  |   |   | — |  |   | — |  |
| Cash and restricted cash distributed to Tribune Publishing (Note 2)                                            | (86,530 | ) |   | — |  |   |   | — |  |   | — |  |
| Excess tax benefits from stock-based awards                                                                    | 868 |  |   | — |  |   |   | — |  |   | — |  |
| Tax withholdings related to net share settlements of share-based awards                                        | (3,201 | ) |   | — |  |   |   | — |  |   | — |  |
| Proceeds from stock option exercises                                                                           | 1,308 |  |   | — |  |   |   | — |  |   | — |  |
| Net cash provided by (used in) financing activities                                                            | (282,967 | ) |   | 2,609,786 |  |   |   | (2,316,589 | ) |   | (7,230 | ) |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                                                           | 814,486 |  |   | 210,123 |  |   |   | (1,853,852 | ) |   | 738,448 |  |
| Cash and cash equivalents, beginning of year                                                                   | 640,697 |  |   | 430,574 |  |   |   | 2,284,426 |  |   | 1,545,978 |  |
| Cash and cash equivalents, end of year                                                                         | $ | 1,455,183 |  |   | $ | 640,697 |  |   |   | $ | 430,574 |  |   | $ | 2,284,426 |  |
|                                                                                                           |   |   |   |   |   |   |   |   |
| Supplemental Schedule of Cash Flow Information                                                                 |   |   |   |   |   |   |   |   |
| Cash paid (received) during the period for:                                                                    |   |   |   |   |   |   |   |   |
|    Interest                                                                                     | $ | 140,338 |  |   | $ | 44,280 |  |   |   | $ | — |  |   | $ | 90 |  |
|    Income taxes, net of refunds                                                                 | $ | 217,579 |  |   | $ | 151,311 |  |   |   | $ | — |  |   | $ | (23,994 | ) |

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|         |                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Television and Entertainment: Provides audiences across the country with news, entertainment and sports programming on Tribune Broadcasting local television stations and distinctive, high quality television series and movies on WGN America, including content produced by Tribune Studios and its production partners. |

|         |                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Digital and Data: Provides innovative technology and services that collect and distribute video, music and entertainment data primarily through wholesale distribution channels to consumers globally. |

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|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |
| Accounts receivable allowance balance at December 30, 2012 (Predecessor) | $ | 16,859 |  |
| 2013 additions charged to costs and expenses                                  | 27,838 |  |
| 2013 deductions                                                               | (28,443 | ) |
| Accounts receivable allowance balance at December 29, 2013 (Successor)   | $ | 16,254 |  |
| 2014 additions charged to costs and expenses                                  | 21,306 |  |
| 2014 deductions                                                               | (18,515 | ) |
| Allowance distributed in Publishing Spin-off                                  | (11,732 | ) |
| Accounts receivable allowance balance at December 28, 2014 (Successor)   | $ | 7,313 |  |

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----

----

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|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     | Successor |   |   | Predecessor |
|                                                     | Year Ended |   |   |   |   | Year Ended |
|                                                     | December 28, 2014(1) |   | December 29, 2013 |   |   | December 31, 2012 |   | December 30, 2012 |
| Operating revenues                                       | $ | 970,501 |  |   | $ | 1,755,989 |  |   |   | $ | — |  |   | $ | 1,911,851 |  |
| Operating profit                                         | 38,712 |  |   | 149,906 |  |   |   | — |  |   | 145,553 |  |
| Loss on equity investments, net                          | (626 | ) |   | (1,187 | ) |   |   | — |  |   | (1,540 | ) |
| Interest income                                          | — |  |   | 35 |  |   |   | — |  |   | 5 |  |
| Interest expense (2)                                     | (6,837 | ) |   | (11,042 | ) |   |   | — |  |   | (37 | ) |
| Gain on investment transactions (3)                      | 1,484 |  |   | — |  |   |   | — |  |   | — |  |
| Reorganization items, net                                | (9 | ) |   | (284 | ) |   |   | (173,449 | ) |   | (381 | ) |
| Income (loss) before income taxes                        | 32,724 |  |   | 137,428 |  |   |   | (173,449 | ) |   | 143,600 |  |
| Income tax expense (benefit) (4)                         | 19,172 |  |   | 58,815 |  |   |   | (69,548 | ) |   | 4,747 |  |
| Income (loss) from discontinued operations, net of taxes | $ | 13,552 |  |   | $ | 78,613 |  |   |   | $ | (103,901 | ) |   | $ | 138,853 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Results of operations for the Tribune Publishing businesses are reflected through August 4, 2014, the date of the Publishing Spin-off. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | In connection with the Publishing Spin-off, the Company received a $275 million cash dividend from Tribune Publishing utilizing borrowings of $350 million under a senior secured credit facility entered into by Tribune Publishing prior to the Publishing Spin-off. The full amount of the $275 million cash dividend was used to permanently repay $275 million of outstanding borrowings under the Company’s Term Loan Facility (as defined and described in Note 9). Interest expense associated with the Company’s outstanding debt was allocated to discontinued operations based on the ratio of the $275 million cash dividend received from Tribune Publishing to the total outstanding indebtedness under the outstanding credit facilities in effect in each respective period prior to the Publishing Spin-off and totaled $7 million and $11 million for the years ended December 28, 2014 and December 29, 2013, respectively. Interest expense included in discontinued operations for the year ended December 30, 2012 relates to capital leases held by Tribune Publishing and does not include any allocated interest expense from the Company’s debt facilities while in bankruptcy. |

|     |                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Gain on investment transaction consists of a $1.5 million gain on the remeasurement of Tribune Publishing’s investment in MCT (as defined and described in Note 5) as a result of the acquisition of the remaining 50% interest in MCT during the second quarter of 2014. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The effective tax rate on pretax income from discontinued operations was 58.6% and 42.8% for the years ended December 28, 2014 and December 29, 2013, respectively. This rate differs from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit) and the impact of certain nondeductible transaction costs. While the Company operated as an S Corporation, the effective tax rate on pretax income from discontinued operations was 3.3% for the year ended December 30, 2012. See Note 4 for information on the income tax benefit included in discontinued operations for December 31, 2012. |

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|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |
| Assets:                                           |   |
| Current Assets                                    |   |
| Cash and cash equivalents                         | $ | 59,030 |  |
| Restricted cash                                   | 27,500 |  |
| Accounts receivable, net                          | 187,153 |  |
| Inventories                                       | 14,623 |  |
| Deferred income taxes                             | 32,557 |  |
| Prepaid expenses and other                        | 20,956 |  |
| Total current assets                              | 341,819 |  |
|                                              |   |
| Property, plant and equipment, net                | 160,087 |  |
|                                              |   |
| Other Assets                                      |   |
| Goodwill                                          | 35,450 |  |
| Intangible assets, net                            | 73,300 |  |
| Investments                                       | 1,924 |  |
| Other long-term assets                            | 10,179 |  |
| Deferred income taxes                             | 12,352 |  |
| Total other assets                                | 133,205 |  |
| Total Assets                                      | $ | 635,111 |  |
|                                              |   |
| Liabilities:                                      |   |
| Current Liabilities                               |   |
| Accounts payable                                  | $ | 39,422 |  |
| Employee compensation and benefits                | 98,156 |  |
| Debt due within one year                          | 12,680 |  |
| Deferred revenue                                  | 74,505 |  |
| Accrued expenses and other current liabilities    | 31,031 |  |
| Total current liabilities                         | 255,794 |  |
|                                              |   |
| Non-Current Liabilities                           |   |
| Postretirement, medical life and other benefits   | 45,255 |  |
| Long-term debt                                    | 333,820 |  |
| Other obligations                                 | 19,589 |  |
| Total non-current liabilities                     | 398,664 |  |
|                                              |   |
| Net Liabilities Distributed to Tribune Publishing | $ | (19,347 | ) |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Cancellation of certain prepetition obligations: On the Effective Date, the Debtors’ prepetition equity (other than equity interests in subsidiaries of Tribune Company), debt and certain other obligations were cancelled, terminated and/or extinguished, including: (i) the 56,521,739 shares of the Predecessor’s $0.01 par value common stock held by the ESOP, (ii) the warrants to purchase 43,478,261 shares of the Predecessor’s $0.01 par value common stock held by the Zell Entity and certain other minority interest holders, (iii) the aggregate $225 million subordinate promissory notes (including accrued and unpaid interest) held by the Zell Entity and certain other minority interest holders, (iv) all of the Predecessor’s other outstanding notes and debentures and the indentures governing such notes and debentures (other than for purposes of allowing holders of the notes to receive distributions under the Plan and allowing the trustees for the senior noteholders and the holders of the Predecessor’s Exchangeable Subordinated Debentures due 2029 (“PHONES”) to exercise certain limited rights), and (v) the Predecessor’s prepetition credit facilities applicable to the Debtors (other than for purposes of allowing creditors under a $8.028 billion senior secured credit agreement (as amended, the “Credit Agreement”) to receive distributions under the Plan and allowing the administrative agent for such facilities to exercise certain limited rights). |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Assumption of prepetition executory contracts and unexpired leases: On the Effective Date, any prepetition executory contracts or unexpired leases of the Debtors that were not previously assumed or rejected pursuant to Section 365 of the Bankruptcy Code or rejected pursuant to the Plan were deemed assumed by the applicable Reorganized Debtors, including certain prepetition executory contracts for broadcast rights. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Distributions to Creditors: On the Effective Date (or as soon as practicable thereafter), (i) holders of allowed senior loan claims received approximately $2.9 billion in cash, approximately 98.2 million shares of Common Stock and Warrants (as defined and described below) with a fair value determined pursuant to the Plan of approximately $4.536 billion as of the Effective Date, plus interests in the Litigation Trust (as defined and described below), (ii) holders of allowed claims related to a $1.6 billion twelve-month bridge facility entered into on December 20, 2007 (the “Bridge Facility”) received a pro rata share of $64.5 million in cash (equal to approximately 3.98% of their allowed claim) plus interests in the Litigation Trust (as defined and described below), (iii) holders of allowed senior noteholder claims (including the fee claims of indenture trustees for the senior notes) received a pro rata share of either $431 million of cash or a “strip” of consideration consisting of 6.27% of the proceeds from a term loan facility (see the “Exit Financing Facilities” section of Note 9), common stock or warrants in Reorganized Tribune Company and cash (collectively, a “Strip”) (on average, equal to approximately 33.3% of their allowed claim) plus interests in the Litigation Trust (as defined and described below), (iv) holders of allowed other parent claims received either (a) cash or a Strip in an amount equal to approximately 35.18% of their allowed claim plus a pro rata share of additional cash or a Strip, as applicable, of approximately $2.3 million or (b) cash or a Strip in an amount equal to approximately 32.73% of their allowed claim plus a pro rata share of additional cash or a Strip, as applicable, of approximately $2.3 million plus interests in the Litigation Trust (as defined and described below), (v) holders of allowed general unsecured claims against the Debtors other than Tribune Company and convenience claims against Tribune Company received cash in an amount equal to 100% of their allowed claim, and (vi) holders of unclassified claims, priority non-tax claims and certain other secured claims received cash in an amount equal to 100% of their allowed claim. In the aggregate, Reorganized Tribune Company distributed approximately $3.516 billion of cash, approximately 100 million shares of Common Stock and Warrants (as defined and described below) with a fair value determined pursuant to the Plan of approximately $4.536 billion and interests in the Litigation Trust (as defined and described below). The cash distribution included the $727 million of restricted cash and cash equivalents and the proceeds from a term loan which was entered into on the Effective Date and subsequently extinguished in 2013 (see the “Exit Financing Facilities” section of Note 9). In addition, Reorganized Tribune Company transferred $187 million of cash to certain restricted accounts for the limited purpose of funding certain future claim payments and professional fees. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Issuance of new equity securities: Effective as of the Effective Date, Reorganized Tribune Company issued 78,754,269 shares of Class A Common Stock, par value $0.001 per share (“Class A Common Stock”), and 4,455,767 shares of Class B Common Stock, par value $0.001 per share (“Class B Common Stock,” and together with Class A Common Stock, “Common Stock”). Any holder (with the exception of AG, JPMorgan and Oaktree, each of which previously submitted ownership information to the FCC) who possessed greater than 4.99% of the Class A Common stock after allocation of the Warrants and holders making voluntary elections, were instead allocated Class B Common Stock until such holder’s Class A Common Stock represented no more than 4.99% of Reorganized Tribune Company’s Class A Common Stock in order to comply with the FCC ownership rules and requirements. The Class A Common Stock and Class B Common Stock generally provide identical economic rights, but holders of the Class B Common Stock have limited voting rights, including that such holders have no right to vote in the election of |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Registration Rights Agreement: On the Effective Date, Reorganized Tribune Company entered into a registration rights agreement (the “Registration Rights Agreement”) with certain entities related to AG (the “AG Group”), Oaktree Tribune, L.P., an affiliate of Oaktree (the “Oaktree Group”) and Isolieren Holding Corp., an affiliate of JPMorgan (the “JPM Group,” and each of the JPM Group, AG Group and Oaktree Group, a “Stockholder Group”) and certain other holders of Registrable Securities who become a party thereto. See Note 15 for further information. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Exit credit facilities: On the Effective Date, Reorganized Tribune Company entered into a $1.100 billion secured term loan facility with a syndicate of lenders led by JPMorgan (the “Term Loan Exit Facility”), the proceeds of which were used to fund certain required distributions to creditors under the Plan. In addition, on the Effective Date, Reorganized Tribune Company, along with certain of its reorganized operating subsidiaries as additional borrowers, entered into a secured asset-based revolving credit facility of up to $300 million, subject to borrowing base availability, with a syndicate of lenders led by Bank of America, N.A., to fund ongoing operations. See the “Exit Financing Facilities” section of Note 9 for further information. |

|         |                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Settlement of certain causes of action related to the Leveraged ESOP Transactions: The Plan provided for the settlement of certain causes of action arising in connection with the Leveraged ESOP Transactions, against the lenders under the Credit Agreement, JPMorgan as administrative agent under the Credit |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Litigation Trust: On the Effective Date, except for those claims released as part of the settlements described above, all other causes of action related to the Leveraged ESOP Transactions held by the Debtors’ estates and preserved pursuant to the terms of the Plan (the “Litigation Trust Preserved Causes of Action”) were transferred to a litigation trust formed, pursuant to the Plan, to pursue the Litigation Trust Preserved Causes of Action for the benefit of certain creditors that received interests in the litigation trust as part of their distributions under the Plan (the “Litigation Trust”). The Litigation Trust is managed by an independent third party trustee (the “Litigation Trustee”) and advisory board and, pursuant to the terms of the agreements forming the Litigation Trust, Reorganized Tribune Company is not able to exert any control or influence over the administration of the Litigation Trust, the pursuit of the Litigation Trust Preserved Causes of Action or any other activities of the Litigation Trust. In connection with the formation of the Litigation Trust, and pursuant to the terms of the Plan, Reorganized Tribune Company entered into a credit agreement (the “Litigation Trust Loan Agreement”) with the Litigation Trust whereby Reorganized Tribune Company made a non-interest bearing loan of $20 million in cash to the Litigation Trust on the Effective Date. Subject to the Litigation Trust’s right to maintain an expense fund of up to $25 million, under the terms of the Litigation Trust Loan Agreement, the Litigation Trust is required to repay to Reorganized Tribune Company the principal balance of the loan with the proceeds received by the Litigation Trust from the pursuit of the Litigation Trust Preserved Causes of Action only after the first $90 million in proceeds, if any, are disbursed to certain holders of interests in the Litigation Trust. Concurrent with the disbursement of the $20 million loan to the Litigation Trust on the Effective Date, the Predecessor recorded a valuation allowance of $20 million against the principal balance of the loan given the uncertainty as to the timing and amount of principal repayments to be received in the future. The charge to establish the valuation allowance is included in reorganization items, net in the Predecessor’s consolidated statement of operations for December 31, 2012 (see Note 4 for further information). In addition, pursuant to certain agreements entered into between Reorganized Tribune Company and the Litigation Trust, on the Effective Date in accordance with the Plan, Reorganized Tribune Company is required to reasonably cooperate with the Litigation Trustee in connection with the Litigation Trustee’s pursuit of the Litigation Trust Preserved Causes of Action by providing reasonable access to records and information relating to the Litigation Trust Preserved Causes of Action, provided, however, that the Litigation Trust is required to reimburse Reorganized Tribune Company for reasonable and documented out-of-pocket expenses, subject to limited exceptions, in performing its obligations under such agreements up to a cap of $625,000. Reorganized Tribune Company has the right to petition the Bankruptcy Court to increase the cap upon a showing that Reorganized Tribune Company’s costs significantly exceed $625,000. On January 4, 2013, Reorganized Tribune Company filed a notice with the Bankruptcy Court stating that, in the opinion of the independent valuation expert retained by Reorganized Tribune Company, the fair market value of the Litigation Trust Preserved Causes of Action as of the Effective Date was $358 million. |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Other Plan provisions: The Plan and Confirmation Order also contain various discharges, injunctive provisions and releases that became operative on the Effective Date. |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On April 1, 2007, the Predecessor entered into an Agreement and Plan of Merger (the “Merger Agreement”) with GreatBanc Trust Company (“GreatBanc”), not in its individual or corporate capacity, but solely as trustee of the Tribune Employee Stock Ownership Trust, a separate trust which forms a part of the ESOP, Tesop Corporation, a Delaware corporation wholly-owned by the ESOP (“Merger Sub”), and the Zell Entity (solely for the limited purposes specified therein) providing for Merger Sub to be merged with and into Tribune Company, and following such merger, the Predecessor to continue as the surviving corporation wholly-owned by the ESOP (the “Merger”). |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On April 1, 2007, the ESOP purchased 8,928,571 shares of the Predecessor’s common stock at a price of $28.00 per share. The ESOP paid for this purchase with a promissory note in the principal amount of $250 million, to be repaid by the ESOP over the 30-year life of the loan through its use of annual contributions from the Predecessor to the ESOP and/or distributions paid on the shares of common stock held by the ESOP. Upon consummation of the Merger (as described below), the 8,928,571 shares of the Predecessor’s common stock held by the ESOP were converted into 56,521,739 shares of common stock and represented the only outstanding shares of capital stock of the Predecessor after the Merger. See Note 14 and Note 15 for further information on the ESOP, the classification of the shares of common stock held by the ESOP in the Predecessor’s consolidated balance sheet and the amount of shares held by the ESOP that were committed for release or allocated to employees at December 30, 2012. On April 25, 2007, the Predecessor commenced a tender offer to repurchase up to 126 million shares of common stock that were then outstanding at a price of $34.00 per share in cash (the “Share Repurchase”). The tender offer expired on May 24, 2007 and 126 million shares of the Predecessor’s common stock were repurchased for an aggregate purchase price of $4.289 billion on June 4, 2007 utilizing proceeds from the Credit Agreement and subsequently retired. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On December 20, 2007, the Predecessor completed its merger with Merger Sub, with the Predecessor surviving the Merger. Pursuant to the terms of the Merger Agreement, each share of common stock, par value $0.01 per share, issued and outstanding immediately prior to the Merger, other than shares held by the Predecessor, the ESOP or Merger Sub immediately prior to the Merger (in each case, other than shares held on behalf of third parties) and shares held by shareholders who validly exercised appraisal rights, was cancelled and automatically converted into the right to receive $34.00, without interest and less any applicable withholding taxes, and the Predecessor became wholly-owned by the ESOP. As a result, the Predecessor repurchased approximately 119 million shares for an aggregate purchase price of $4.032 billion. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | In the Merger, the Zell Entity received cash for the shares of the Predecessor’s common stock it had acquired pursuant to the Zell Entity Purchase Agreement and the Predecessor repaid the exchangeable promissory note held by the Zell Entity including approximately $6 million of accrued interest. In addition, the Predecessor paid to the Zell Entity a total of $5 million in legal fee reimbursements, of which $2.5 million was previously paid following the Share Repurchase described above. Following the consummation of the Merger, the Zell Entity purchased, for an aggregate of $315 million, a $225 million subordinated promissory note and a 15-year warrant. For accounting purposes, the subordinated promissory note and 15-year warrant were recorded at fair value based on the relative fair value method. The warrant entitled the Zell Entity to purchase 43,478,261 shares of the Predecessor’s common stock (subject to adjustment), which then represented approximately 40% of the economic equity interest in the Predecessor following the Merger (on a fully-diluted basis, including after giving effect to share equivalents granted under a new management equity incentive plan which is described in Note 16). The warrant had an initial aggregate exercise price of $500 million, increasing by $10 million per year for the first 10 years of the warrant, for a maximum aggregate exercise price of $600 million (subject to adjustment). Thereafter and prior to the Petition Date, the Zell Entity assigned minority interests in the initial subordinated promissory note and the warrant, totaling approximately $65 million of the aggregate principal amount of the subordinated promissory note and warrants to purchase 12,611,610 shares, to certain permitted assignees, including entities controlled by certain members of the Predecessor’s board and certain senior employees of Equity |

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|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                      | Successor |   |   | Predecessor |
|                                      | 2014 |   | 2013 |   |   | December 31, 2012 |   | 2012 |
| Reorganization costs, net:                |   |   |   |   |   |   |   |   |
| Professional advisory fees                | $ | 4,272 |  |   | $ | 13,515 |  |   |   | $ | — |  |   | $ | 101,280 |  |
| Contract rejections and claim settlements | 575 |  |   | (446 | ) |   |   | — |  |   | 86,310 |  |
| Debt valuation adjustments                | — |  |   | — |  |   |   | — |  |   | 3,147 |  |
| Interest income                           | — |  |   | — |  |   |   | — |  |   | (43 | ) |
| Other                                     | 2,421 |  |   | 3,862 |  |   |   | — |  |   | 7,176 |  |
| Total reorganization costs, net           | 7,268 |  |   | 16,931 |  |   |   | — |  |   | 197,870 |  |
| Reorganization adjustments, net           | — |  |   | — |  |   |   | (4,734,050 | ) |   | — |  |
| Fresh-start reporting adjustments, net    | — |  |   | — |  |   |   | (3,550,264 | ) |   | — |  |
| Total reorganization items, net           | $ | 7,268 |  |   | $ | 16,931 |  |   |   | $ | (8,284,314 | ) |   | $ | 197,870 |  |

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Predecessor At December 30, 2012 |   | ReorganizationAdjustments |   |   | Fresh-StartAdjustments |   |   | Successor At December 31, 2012 |
| Assets                               |   |   |   |   |   |   |   |   |   |
| Current Assets                       |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents            | $ | 2,284,426 |  |   | $ | (1,853,852 | ) | (1) |   | $ | — |  |   |   | $ | 430,574 |  |
| Accounts receivable, net             | 491,164 |  |   | — |  |   |   | — |  |   |   | 491,164 |  |
| Inventories                          | 22,249 |  |   | — |  |   |   | (3,901 | ) | (6) |   | 18,348 |  |
| Broadcast rights                     | 151,576 |  |   | — |  |   |   | (22,705 | ) | (6) |   | 128,871 |  |
| Income taxes receivable              | 65,475 |  |   | — |  |   |   | — |  |   |   | 65,475 |  |
| Restricted cash and cash equivalents | — |  |   | 186,823 |  | (1) |   | — |  |   |   | 186,823 |  |
| Prepaid expenses and other           | 82,453 |  |   | 83,021 |  | (1)(3) |   | (4,003 | ) | (6) |   | 161,471 |  |
| Total current assets                 | 3,097,343 |  |   | (1,584,008 | ) |   |   | (30,609 | ) |   |   | 1,482,726 |  |
| Properties                           |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment        | 2,925,355 |  |   | — |  |   |   | (2,048,186 | ) | (6) |   | 877,169 |  |
| Accumulated depreciation             | (1,930,728 | ) |   | — |  |   |   | 1,930,728 |  | (6) |   | — |  |
| Net properties                       | 994,627 |  |   | — |  |   |   | (117,458 | ) |   |   | 877,169 |  |
| Other Assets                         |   |   |   |   |   |   |   |   |   |
| Broadcast rights                     | 80,945 |  |   | — |  |   |   | (16,700 | ) | (6) |   | 64,245 |  |
| Goodwill                             | 409,432 |  |   | — |  |   |   | 1,992,594 |  | (6)(7) |   | 2,402,026 |  |
| Other intangible assets, net         | 360,479 |  |   | — |  |   |   | 1,187,455 |  | (6) |   | 1,547,934 |  |
| Restricted cash and cash equivalents | 727,468 |  |   | (727,468 | ) | (1) |   | — |  |   |   | — |  |
| Assets held for sale                 | 8,853 |  |   | — |  |   |   | 1,247 |  | (6) |   | 10,100 |  |
| Investments                          | 605,420 |  |   | — |  |   |   | 1,618,893 |  | (6) |   | 2,224,313 |  |
| Other                                | 66,469 |  |   | 11,242 |  | (5) |   | (12,944 | ) | (6) |   | 64,767 |  |
| Total other assets                   | 2,259,066 |  |   | (716,226 | ) |   |   | 4,770,545 |  |   |   | 6,313,385 |  |
| Total assets                         | $ | 6,351,036 |  |   | $ | (2,300,234 | ) |   |   | $ | 4,622,478 |  |   |   | $ | 8,673,280 |  |

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|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                       | Predecessor At December 30, 2012 |   | ReorganizationAdjustments |   |   | Fresh-StartAdjustments |   |   | Successor At December 31, 2012 |
| Liabilities and Shareholder’s Equity (Deficit)                       |   |   |   |   |   |   |   |   |   |
| Current Liabilities                                                        |   |   |   |   |   |   |   |   |   |
| Current portion of term loan                                               | $ | — |  |   | $ | 6,843 |  | (5) |   | $ | — |  |   |   | $ | 6,843 |  |
| Accrued reorganization costs                                               | 102,191 |  |   | 24,791 |  | (1)(4) |   | — |  |   |   | 126,982 |  |
| Employee compensation and benefits                                         | 171,012 |  |   | 6,103 |  | (1)(4) |   | — |  |   |   | 177,115 |  |
| Contracts payable for broadcast rights                                     | 109,894 |  |   | 61,595 |  | (4) |   | (19,272 | ) | (6) |   | 152,217 |  |
| Income taxes payable                                                       | 1,605 |  |   | 58,485 |  | (1)(4) |   | — |  |   |   | 60,090 |  |
| Deferred revenue                                                           | 76,909 |  |   | — |  |   |   | (170 | ) | (6) |   | 76,739 |  |
| Accounts payable, accrued expenses and other current liabilities           | 141,845 |  |   | 95,392 |  | (1)(4)(5) |   | (8,842 | ) | (6) |   | 228,395 |  |
| Total current liabilities                                                  | 603,456 |  |   | 253,209 |  |   |   | (28,284 | ) |   |   | 828,381 |  |
| Non-Current Liabilities                                                    |   |   |   |   |   |   |   |   |   |
| Term loan                                                                  | — |  |   | 1,082,157 |  | (5) |   | — |  |   |   | 1,082,157 |  |
| Deferred income taxes                                                      | 50,635 |  |   | 293,718 |  | (1)(3) |   | 969,399 |  | (6) |   | 1,313,752 |  |
| Contracts payable for broadcast rights                                     | 67,839 |  |   | 21,791 |  | (4) |   | (7,701 | ) | (6) |   | 81,929 |  |
| Contract intangibles                                                       | — |  |   | — |  |   |   | 227,017 |  | (6) |   | 227,017 |  |
| Pension obligations and postretirement and other benefits, net             | 540,618 |  |   | 9,763 |  | (1)(4) |   | — |  |   |   | 550,381 |  |
| Other obligations                                                          | 57,632 |  |   | 9,033 |  | (1)(4) |   | (13,002 | ) | (6) |   | 53,663 |  |
| Total non-current liabilities                                              | 716,724 |  |   | 1,416,462 |  |   |   | 1,175,713 |  |   |   | 3,308,899 |  |
| Liabilities Subject to Compromise                           | 13,049,204 |  |   | (13,049,204 | ) | (1)(4) |   | — |  |   |   | — |  |
| Common Shares Held by ESOP, net of Unearned Compensation    | 36,680 |  |   | (36,680 | ) | (2) |   | — |  |   |   | — |  |
| Shareholder’s Equity (Deficit)                                       |   |   |   |   |   |   |   |   |   |
| Common stock and additional paid-in capital                                | — |  |   | — |  |   |   | — |  |   |   | — |  |
| Stock purchase warrants                                                    | 255,000 |  |   | (255,000 | ) | (2) |   | — |  |   |   | — |  |
| Retained earnings (deficit)                                                | (7,401,904 | ) |   | 4,834,979 |  | (1)(2) |   | 2,566,925 |  | (6) |   | — |  |
| Accumulated other comprehensive income (loss)                              | (908,124 | ) |   | — |  |   |   | 908,124 |  | (6) |   | — |  |
| Common stock – Reorganized Tribune Company                           | — |  |   | 83 |  | (1) |   | — |  |   |   | 83 |  |
| Additional paid-in capital – Reorganized Tribune Company             | — |  |   | 4,535,917 |  | (1) |   | — |  |   |   | 4,535,917 |  |
| Total shareholder’s equity (deficit)                                 | (8,055,028 | ) |   | 9,115,979 |  |   |   | 3,475,049 |  |   |   | 4,536,000 |  |
| Total liabilities and shareholder’s equity (deficit)                 | $ | 6,351,036 |  |   | $ | (2,300,234 | ) |   |   | $ | 4,622,478 |  |   |   | $ | 8,673,280 |  |

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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Reflects adjustments arising from implementation of the Plan, including the settlement of prepetition liabilities, the transfer of cash to certain restricted accounts for the limited purpose of funding certain claim payments and professional fees, the cancellation of the Company’s existing common stock and stock purchase warrants and distributions of cash and issuance of Common Stock and Warrants to its creditors. The Predecessor’s consolidated statement of operations for December 31, 2012 includes a net pretax gain of $4.739 billion ($4.543 billion after taxes), including a $5 million gain ($9 million loss after taxes) recorded in income from discontinued operations, net of taxes, to reflect these changes in the Predecessor’s capital structure arising from the implementation of the Plan and is comprised of the following adjustments (in thousands): |

|                                                                                                               |
|---------------------------------------------------------------------------------------------------------------|
|                                                                                                               |  |  |  |
| Liabilities subject to compromise on the Effective Date                                                       | $ | 13,049,204 |  |
| Less: Liabilities assumed and reinstated on the Effective Date                                                | (169,513 | ) |
| Less: Liabilities for prepetition claims to be settled subsequent to the Effective Date and other adjustments | (50,488 | ) |
| Liabilities subject to compromise and settled on the Effective Date                                           | 12,829,203 |  |
| Less: Cash distributions on settled claims                                                                    | (3,515,996 | ) |
| Less: Issuance of Common Stock and Warrants                                                                   | (4,536,000 | ) |
| Gain on settlement of liabilities subject to compromise                                                       | 4,777,207 |  |
| Less: Valuation allowance on non-interest bearing loan to the Litigation Trust                                | (20,000 | ) |
| Less: Professional advisory fees incurred due to emergence from Chapter 11                                    | (14,136 | ) |
| Less: Other reorganization adjustments, net                                                                   | (4,372 | ) |
| Total reorganization adjustments before taxes                                                                 | 4,738,699 |  |
| Less: Income taxes on reorganization adjustments                                                              | (195,400 | ) |
| Net reorganization gain after taxes (1)                                                                       | $ | 4,543,299 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Net reorganization gain after taxes includes a $9 million loss reflected in income from discontinued operations, net of taxes. |

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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | As described in Note 3, in connection with the Debtors’ emergence from Chapter 11, on the Effective Date and in accordance with and subject to the terms of the Plan, (i) the ESOP was deemed terminated in accordance with its terms, (ii) the unpaid principal and interest remaining on the promissory note of the ESOP in favor of the Predecessor was forgiven and (iii) all of the Predecessor’s $0.01 par value common stock held by the ESOP was cancelled, including the 56,521,739 shares held by the ESOP and the 8,294,000 of shares held by the ESOP that were committed for release or allocated to employees at December 30, 2012. In addition, the warrants to purchase 43,478,261 shares of the Predecessor’s $0.01 par value common stock held by the Zell Entity and certain other minority interest holders were cancelled. As a result, the $37 million of common shares held by the ESOP, net of unearned compensation and the $255 million of stock purchase warrants reflected in the Predecessor’s consolidated balance sheet as of December 30, 2012 were eliminated as direct adjustments to retained earnings (deficit) and were not included in the Predecessor’s consolidated statement of operations for December 31, 2012. These direct adjustments to retained earnings (deficit) and the net reorganization gain after taxes of $4.552 billion described in (1) above resulted in a total adjustment to retained earnings (deficit) of $4.835 billion. |

|     |                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (3) | Reflects the conversion of Reorganized Tribune Company from a subchapter S corporation to a C corporation under the IRC. |

|     |                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Reflects the reclassification of certain liabilities from liabilities subject to compromise upon the assumption of certain executory contracts and unexpired leases, including contracts for broadcast rights. |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | On the Effective Date, Reorganized Tribune Company entered into a $1.100 billion secured term loan facility, the proceeds of which were used to fund certain required distributions to creditors under the Plan. The secured term loan facility was issued at a discount of 1% of the principal balance totaling $11 million. See the “Exit Financing Facilities” section of Note 9 for further information related to the secured term loan facility. |

|                                        |
|----------------------------------------|
|                                        |  |  |  |
| Current portion of term loan:          |   |
| Portion due within one year            | $ | 8,250 |  |
| Less: Current portion of debt discount | (1,407 | ) |
| Current portion of term loan           | $ | 6,843 |  |
|                                   |   |
| Non-current portion of term loan:      |   |
| Issuance of term loan                  | $ | 1,100,000 |  |
| Less: Debt discount of 1%              | (11,000 | ) |
| Less: Current portion of term loan     | (6,843 | ) |
| Non-current portion of term loan       | $ | 1,082,157 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The Predecessor’s consolidated statement of operations for December 31, 2012 includes certain adjustments recorded as a result of the adoption of fresh-start reporting in accordance with ASC Topic 852 as of the Effective Date. These fresh-start reporting adjustments resulted in a net pretax gain of $3.372 billion ($2.567 billion after taxes), including a loss of $178 million ($95 million after taxes) reflected in income from discontinued operations, net of taxes, and primarily resulted from adjusting the Predecessor’s recorded values for certain assets and liabilities to fair values in accordance with ASC Topic 805, recording related adjustments to deferred income taxes, and eliminating the Company’s accumulated other comprehensive income (loss) as of the Effective Date. |

----

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |
| Fair value adjustments to net properties                                                    | $ | (116,211 | ) |
| Fair value adjustments to intangibles                                                       | 1,186,701 |  |
| Fair value adjustments to investments                                                       | 1,615,075 |  |
| Fair value adjustments to broadcast rights and other contracts                              | (234,098 | ) |
| Write-off of Predecessor’s existing goodwill and establish Successor’s goodwill | 1,992,594 |  |
| Other fair value adjustments, net                                                           | (1,131 | ) |
| Elimination of accumulated other comprehensive income (loss)                                | (1,070,764 | ) |
| Gain from fresh-start reporting adjustments before taxes                                    | 3,372,166 |  |
| Less: Income taxes attributable to fair value adjustments                                   | (805,241 | ) |
| Net gain from fresh-start reporting adjustments after taxes (1)                             | $ | 2,566,925 |  |

|        |
|--------|
|        |
|   |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As a result of adopting fresh-start reporting, Reorganized Tribune Company established goodwill of $2.402 billion, which represents the excess of reorganization value over amounts assigned to all other assets and liabilities. The following table presents a reconciliation of the enterprise value attributed to Reorganized Tribune Company’s net assets, a determination of the total reorganization value to be allocated to Reorganized Tribune Company’s net assets and the determination of goodwill (in thousands): |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |
| Determination of goodwill:                                                |   |
| Enterprise value of Reorganized Tribune Company                           | $ | 5,194,426 |  |
| Plus:  Cash and cash equivalents                                          | 430,574 |  |
| Plus:  Fair value of liabilities (excluding debt)                         | 3,048,280 |  |
| Total reorganization value to be allocated to assets                      | 8,673,280 |  |
| Less:  Fair value assigned to tangible and identifiable intangible assets | (6,271,254 | ) |
| Reorganization value allocated to goodwill                                | $ | 2,402,026 |  |

----

|                                                                                |
|--------------------------------------------------------------------------------|
|                                                                                |  |  |  |
| Consideration:                                                                 |   |
| Cash                                                                           | $ | 18,425 |  |
| Less: cash acquired                                                            | (176 | ) |
| Net cash                                                                       | $ | 18,249 |  |
|                                                                           |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities:               |   |
| Accounts receivable and other current assets                                   | $ | 780 |  |
| Property and equipment                                                         | 40 |  |
| Intangible assets subject to amortization                                      |   |
|      Technologies (useful life of 7 years)            | 3,600 |  |
|      Customer relationships (useful life of 12 years) | 2,500 |  |
|      Content database (useful life of 5 years)        | 2,400 |  |
| Accounts payable and other current liabilities                                 | (147 | ) |
| Deferred revenue                                                               | (267 | ) |
| Deferred income taxes                                                          | (2,550 | ) |
| Other liabilities                                                              | (45 | ) |
| Total identifiable net assets                                                  | 6,311 |  |
| Goodwill                                                                       | 11,938 |  |
| Total net assets acquired                                                      | $ | 18,249 |  |

----

|                                                                                        |
|----------------------------------------------------------------------------------------|
|                                                                                        |  |  |  |
| Consideration:                                                                         |   |
| Cash                                                                                   | $ | 48,988 |  |
| Less: cash acquired                                                                    | (200 | ) |
| Net cash                                                                               | $ | 48,788 |  |
|                                                                                   |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities:                       |   |
| Accounts receivable and other current assets                                           | $ | 1,362 |  |
| Other long term assets                                                                 | 23 |  |
| Property and equipment                                                                 | 153 |  |
| Intangible assets subject to amortization                                              |   |
|      Trade name and trademarks (useful lives of 3 to 5 years) | 1,000 |  |
|      Technologies (useful lives of 6 to 7 years)              | 3,200 |  |
|      Customer relationships (useful lives of 6 to 7 years)    | 7,600 |  |
|      Content database (useful life of 15 years)               | 14,000 |  |
| Accounts payable and other current liabilities                                         | (561 | ) |
| Deferred revenue                                                                       | (700 | ) |
| Total identifiable net assets                                                          | 26,077 |  |
| Goodwill                                                                               | 22,711 |  |
| Total net assets acquired                                                              | $ | 48,788 |  |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |
| Consideration:                                                                      |   |
| Cash                                                                                | $ | 23,403 |  |
| Less: Cash acquired                                                                 | (2,203 | ) |
| Plus: NPV of deferred payments                                                      | 5,625 |  |
| Net consideration                                                                   | $ | 26,825 |  |
|                                                                                |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities                     |   |
| Accounts receivable and other current assets                                        | $ | 1,407 |  |
| Other long term assets                                                              | 1,009 |  |
| Property and equipment                                                              | 163 |  |
| Intangible assets subject to amortization                                           |   |
|      Trade name and trademarks (useful life of 3 years)    | 200 |  |
|      Technologies (useful lives of 6 to 7 years)           | 3,100 |  |
|      Customer relationships (useful lives of 6 to 7 years) | 2,800 |  |
|      Non-competition agreement (useful life of 5 years)    | 600 |  |
|      Content databases (useful lives of 13 to 14 years)    | 7,700 |  |
| Accounts payable and other current liabilities                                      | (1,437 | ) |
| Deferred income taxes                                                               | (4,393 | ) |
| Total identifiable net assets                                                       | 11,149 |  |
| Goodwill                                                                            | 15,676 |  |
| Total net assets acquired                                                           | $ | 26,825 |  |

----

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |
| Consideration:                                                          |   |
| Cash                                                                    | $ | 160,867 |  |
| Less: cash acquired                                                     | (3,053 | ) |
| Net cash                                                                | $ | 157,814 |  |
|                                                                    |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities:        |   |
| Restricted cash and cash equivalents                                    | $ | 5,283 |  |
| Accounts receivable and other current assets                            | 26,143 |  |
| Property, plant and equipment                                           | 10,659 |  |
| Intangible assets subject to amortization                               |   |
|    Trade name and trademarks (useful life of 15 years)   | 8,100 |  |
|    Technology (useful life of 7 to 10 years)             | 30,100 |  |
|    Customer relationships (useful life of 5 to 10 years) | 33,100 |  |
|    Content databases (useful life of 13 years)           | 41,400 |  |
| Deferred income tax assets                                              | 7,159 |  |
| Other assets                                                            | 396 |  |
| Accounts payable and other current liabilities                          | (22,299 | ) |
| Deferred income tax liabilities                                         | (41,121 | ) |
| Other liabilities                                                       | (7,489 | ) |
| Total identifiable net assets                                           | 91,431 |  |
| Goodwill                                                                | 66,383 |  |
| Total net assets acquired                                               | $ | 157,814 |  |

----

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |
| Consideration:                                                   |   |
| Cash                                                             | $ | 2,816,101 |  |
| Less: cash acquired                                              | (65,567 | ) |
| Net cash                                                         | $ | 2,750,534 |  |
|                                                             |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities: |   |
| Restricted cash and cash equivalents (1)                         | $ | 201,922 |  |
| Accounts receivable and other current assets                     | 137,377 |  |
| Property and equipment                                           | 170,795 |  |
| Broadcast rights                                                 | 26,468 |  |
| FCC licenses                                                     | 126,925 |  |
| Network affiliation agreements                                   | 225,400 |  |
| Advertiser backlog                                               | 29,290 |  |
| Retransmission consent agreements                                | 707,000 |  |
| Broadcast rights intangible assets                               | 1,187 |  |
| Other assets                                                     | 5 |  |
| Accounts payable and other current liabilities                   | (50,249 | ) |
| Senior Toggle Notes                                              | (172,237 | ) |
| Contracts payable for broadcast rights                           | (34,732 | ) |
| Broadcast rights intangible liabilities                          | (9,344 | ) |
| Deferred income taxes                                            | (20,238 | ) |
| Other liabilities                                                | (1,185 | ) |
| Total identifiable net assets                                    | 1,338,384 |  |
| Goodwill                                                         | 1,412,150 |  |
| Total net assets acquired                                        | $ | 2,750,534 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As further described in Note 9, on December 27, 2013, the Company deposited $202 million with the Trustee together with irrevocable instructions to apply the deposited money to the full repayment of the Senior Toggle Notes. The Senior Toggle Notes were fully repaid on January 27, 2014 through the use of the deposited funds held by the Trustee, including amounts owed to the Company’s subsidiary. |

----

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |
|                                   | December 28, 2014 |   | December 29, 2013 |
| Property, plant and equipment, net     | $ | 999 |  |   | $ | 1,636 |  |
| Broadcast rights                       | 2,869 |  |   | 3,073 |  |
| Other intangible assets, net           | 103,500 |  |   | 114,125 |  |
| Other assets                           | 124 |  |   | — |  |
| Total Assets                           | $ | 107,492 |  |   | $ | 118,834 |  |
|                                   |   |   |   |
| Debt due within one year               | $ | 4,034 |  |   | $ | 3,019 |  |
| Contracts payable for broadcast rights | 6,552 |  |   | 3,560 |  |
| Long-term debt                         | 19,880 |  |   | 23,913 |  |
| Other liabilities                      | 157 |  |   | 490 |  |
| Total Liabilities                      | $ | 30,623 |  |   | $ | 30,982 |  |

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |
|                              | 2014 |   | 2013 |
| Fair value of assets acquired (1) | $ | 2,000 |  |   | $ | 3,095 |  |
| Liabilities assumed               | — |  |   | 1,297 |  |
| Net cash paid                     | $ | 2,000 |  |   | $ | 1,798 |  |

|        |
|--------|
|        |
|   |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | Includes intangible assets, net of acquisition-related deferred taxes. |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
|                                                         | 2014 |   | 2013 |
| Total revenues                                               | $ | 1,961,788 |  |   | $ | 1,814,545 |  |
| Income from continuing operations                            | $ | 466,690 |  |   | $ | 146,938 |  |
| Basic earnings per common share from continuing operations   | $ | 4.66 |  |   | $ | 1.47 |  |
| Diluted earnings per common share from continuing operations | $ | 4.65 |  |   | $ | 1.47 |  |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |
| Consideration:                                                          |   |
| Cash                                                                    | $ | 28,983 |  |
| Less: cash acquired                                                     | (2 | ) |
| Net cash                                                                | $ | 28,981 |  |
|                                                                    |   |
| Allocated Fair Value of Acquired Assets and Assumed Liabilities:        |   |
| Accounts receivable and other current assets                            | $ | 2,942 |  |
| Property, plant and equipment                                           | 560 |  |
| Intangible assets subject to amortization                               |   |
|    Trade names and trademarks (useful life of 20 years)  | 7,500 |  |
|    Advertiser relationships (useful life of 12 years)    | 6,500 |  |
|    Other customer relationships (useful life of 7 years) | 2,500 |  |
| Accounts payable and other current liabilities                          | (3,961 | ) |
| Total identifiable net assets                                           | 16,041 |  |
| Goodwill                                                                | 12,940 |  |
| Total net assets acquired                                               | $ | 28,981 |  |

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |
|                                                       | December 28, 2014 |
| Fair value of assets acquired                              | $ | 11,292 |  |
| Liabilities assumed                                        | (800 | ) |
| Net assets acquired                                        | 10,492 |  |
| Less: fair value of non-cash and contingent consideration  | (4,439 | ) |
| Less: fair value of the preexisting equity interest in MCT | (2,752 | ) |
| Net cash paid                                              | $ | 3,301 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |
| Balance at December 30, 2012 (Predecessor)   | $ | 3,951 |  |
| Additions                                    | 19,492 |  |
| Payments                                     | (11,803 | ) |
| Balance at December 29, 2013 (Successor)     | $ | 11,640 |  |
| Additions                                    | 12,176 |  |
| Payments                                     | (15,895 | ) |
| Liability distributed in Publishing Spin-Off | (5,308 | ) |
| Balance at December 28, 2014 (Successor)     | $ | 2,613 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | Successor |   |   | Predecessor |
|                                 | 2014 |   | 2013 |   |   | 2012 |
| Loss on extinguishment of debt       | $ | — |  |   | $ | (28,380 | ) |   |   | $ | — |  |
| Gain on investment transactions, net | 372,485 |  |   | 150 |  |   |   | 21,811 |  |
| Write-downs of investments           | (94 | ) |   | — |  |   |   | (7,041 | ) |
| Other non-operating gain (loss), net | (4,710 | ) |   | (1,492 | ) |   |   | 294 |  |
| Total non-operating items            | $ | 367,681 |  |   | $ | (29,722 | ) |   |   | $ | 15,064 |  |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | December 28, 2014 |   | December 29, 2013 |
|                                                               | Gross Amount |   | Accumulated Amortization |   | Net Amount |   | Gross Amount |   | Accumulated Amortization |   | Net Amount |
| Other intangible assets subject to amortization (1)                |   |   |   |   |   |   |   |   |   |   |   |
| Affiliate relationships (useful life of 16 years)                  | $ | 212,000 |  |   | $ | (26,500 | ) |   | $ | 185,500 |  |   | $ | 212,000 |  |   | $ | (13,250 | ) |   | $ | 198,750 |  |
| Advertiser relationships (useful life of 8 years)                  | 168,000 |  |   | (42,000 | ) |   | 126,000 |  |   | 182,332 |  |   | (23,032 | ) |   | 159,300 |  |
| Network affiliation agreements (useful life of 5 to 16 years) | 362,000 |  |   | (50,485 | ) |   | 311,515 |  |   | 362,000 |  |   | (8,811 | ) |   | 353,189 |  |
| Retransmission consent agreements (useful life of 7 to 12 years)   | 830,100 |  |   | (106,897 | ) |   | 723,203 |  |   | 830,100 |  |   | (16,782 | ) |   | 813,318 |  |
| Other customer relationships (useful life of 3 to 12 years)        | 99,528 |  |   | (12,632 | ) |   | 86,896 |  |   | 60,962 |  |   | (5,729 | ) |   | 55,233 |  |
| Technology (useful life of 5 to 15 years)                          | 163,785 |  |   | (17,023 | ) |   | 146,762 |  |   | 58,000 |  |   | (4,755 | ) |   | 53,245 |  |
| Advertiser backlog (useful life of 6 months)                       | — |  |   | — |  |   | — |  |   | 29,290 |  |   | (483 | ) |   | 28,807 |  |
| Trade names and trademarks (useful life of 3 to 15 years)          | 9,300 |  |   | (597 | ) |   | 8,703 |  |   | — |  |   | — |  |   | — |  |
| Other (useful life of 3 to 11 years)                          | 10,770 |  |   | (2,955 | ) |   | 7,815 |  |   | 27,989 |  |   | (6,488 | ) |   | 21,501 |  |
| Total                                                              | $ | 1,855,483 |  |   | $ | (259,089 | ) |   | 1,596,394 |  |   | $ | 1,762,673 |  |   | $ | (79,330 | ) |   | 1,683,343 |  |
| Other intangible assets not subject to amortization                |   |   |   |   |   |   |   |   |   |   |   |
| Newspaper mastheads                                                |   |   |   |   | — |  |   |   |   |   |   | 31,800 |  |
| FCC licenses                                                       |   |   |   |   | 786,600 |  |   |   |   |   |   | 786,600 |  |
| Trade name                                                         |   |   |   |   | 14,800 |  |   |   |   |   |   | 14,800 |  |
| Total other intangible assets, net                                 |   |   |   |   | 2,397,794 |  |   |   |   |   |   | 2,516,543 |  |
| Goodwill                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Television and Entertainment                                       |   |   |   |   | 3,601,300 |  |   |   |   |   |   | 3,601,300 |  |
| Digital and Data                                                   |   |   |   |   | 316,836 |  |   |   |   |   |   | 198,565 |  |
| Discontinued Operations                                            |   |   |   |   | — |  |   |   |   |   |   | 15,331 |  |
| Total goodwill                                                     |   |   |   |   | 3,918,136 |  |   |   |   |   |   | 3,815,196 |  |
| Total goodwill and other intangible assets                         |   |   |   |   | $ | 6,315,930 |  |   |   |   |   |   | $ | 6,331,739 |  |
| Intangible liabilities subject to amortization                     |   |   |   |   |   |   |   |   |   |   |   |
| Broadcast rights intangible liabilities                            | $ | (102,373 | ) |   | $ | 68,059 |  |   | $ | (34,314 | ) |   | $ | (223,999 | ) |   | $ | 30,757 |  |   | $ | (193,242 | ) |
| Lease contract intangible liabilities                              | (209 | ) |   | 98 |  |   | (111 | ) |   | (754 | ) |   | 266 |  |   | (488 | ) |
| Total intangible liabilities subject to amortization               | $ | (102,582 | ) |   | $ | 68,157 |  |   | $ | (34,425 | ) |   | $ | (224,753 | ) |   | $ | 31,023 |  |   | $ | (193,730 | ) |

|        |
|--------|
|        |
|   |

|     |                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------|
| (1) | Useful lives presented in the table above represent those used by the Company following the Publishing Spin-off. |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                | Television and Entertainment |   | Digital and Data |   | Discontinued Operations |   | Total |
| Other intangible assets subject to amortization                                     |   |   |   |   |   |   |   |
| Balance as of December 30, 2012 (Predecessor)                                       | $ | 138,582 |  |   | $ | 3,490 |  |   | $ | 24,995 |  |   | $ | 167,067 |  |
| Fresh-start reporting adjustments                                                   | 557,051 |  |   | 106,748 |  |   | 10,093 |  |   | 673,892 |  |
| Balance as of December 31, 2012 (Successor)                                         | $ | 695,633 |  |   | $ | 110,238 |  |   | $ | 35,088 |  |   | $ | 840,959 |  |
| Acquisitions (1)                                                                    | 962,877 |  |   | 2,014 |  |   | — |  |   | 964,891 |  |
| Additions                                                                           | — |  |   | — |  |   | 175 |  |   | 175 |  |
| Amortization                                                                        | (106,911 | ) |   | (9,213 | ) |   | (6,581 | ) |   | (122,705 | ) |
| Foreign currency translation adjustment                                             | — |  |   | 23 |  |   | — |  |   | 23 |  |
| Balance as of December 29, 2013 (Successor)                                         | $ | 1,551,599 |  |   | $ | 103,062 |  |   | $ | 28,682 |  |   | $ | 1,683,343 |  |
| Acquisitions (1)                                                                    | — |  |   | 161,900 |  |   | 17,009 |  |   | 178,909 |  |
| Amortization (2)                                                                    | (198,441 | ) |   | (21,255 | ) |   | (4,191 | ) |   | (223,887 | ) |
| Balance sheet reclassifications (3)                                                 | (291 | ) |   | — |  |   | — |  |   | (291 | ) |
| Distributed in Publishing Spin-off                                                  | — |  |   | — |  |   | (41,500 | ) |   | (41,500 | ) |
| Foreign currency translation adjustment                                             | — |  |   | (180 | ) |   | — |  |   | (180 | ) |
| Balance as of December 28, 2014 (Successor)                                         | $ | 1,352,867 |  |   | $ | 243,527 |  |   | $ | — |  |   | $ | 1,596,394 |  |
|                                                                                |   |   |   |   |   |   |   |
| Other intangible assets not subject to amortization                                 |   |   |   |   |   |   |   |
| Balance as of December 30, 2012 (Predecessor)                                       | $ | 187,412 |  |   | $ | — |  |   | $ | 6,000 |  |   | $ | 193,412 |  |
| Fresh-start reporting adjustments                                                   | 487,763 |  |   | — |  |   | 25,800 |  |   | 513,563 |  |
| Balance as of December 31, 2012 (Successor)                                         | $ | 675,175 |  |   | $ | — |  |   | $ | 31,800 |  |   | $ | 706,975 |  |
| Acquisitions (1)                                                                    | 126,925 |  |   | — |  |   | — |  |   | 126,925 |  |
| Impairment charge                                                                   | (700 | ) |   | — |  |   | — |  |   | (700 | ) |
| Balance as of December 29, 2013 (Successor)                                         | $ | 801,400 |  |   | $ | — |  |   | $ | 31,800 |  |   | $ | 833,200 |  |
| Impairment charge                                                                   | — |  |   | — |  |   | — |  |   | — |  |
| Distributed in Publishing Spin-off                                                  | — |  |   | — |  |   | (31,800 | ) |   | (31,800 | ) |
| Balance as of December 28, 2014 (Successor)                                         | $ | 801,400 |  |   | $ | — |  |   | $ | — |  |   | $ | 801,400 |  |
|                                                                                |   |   |   |   |   |   |   |
| Goodwill                                                                            |   |   |   |   |   |   |   |
| Gross balance as of December 30, 2012 (Predecessor)                            | $ | 1,440,628 |  |   | $ | 123,337 |  |   | $ | 3,192,707 |  |   | $ | 4,756,672 |  |
| Accumulated impairment losses as of December 30, 2012                          | (1,154,533 | ) |   | — |  |   | (3,192,707 | ) |   | (4,347,240 | ) |
| Balance as of December 30, 2012 (Predecessor)                                       | $ | 286,095 |  |   | $ | 123,337 |  |   | $ | — |  |   | $ | 409,432 |  |
| Fresh-start reporting adjustments                                                   | 1,903,055 |  |   | 74,208 |  |   | 15,331 |  |   | 1,992,594 |  |
| Balance as of December 31, 2012 (Successor)                                         | $ | 2,189,150 |  |   | $ | 197,545 |  |   | $ | 15,331 |  |   | $ | 2,402,026 |  |
| Acquisitions (1)                                                                    | 1,412,150 |  |   | 1,008 |  |   | — |  |   | 1,413,158 |  |
| Foreign currency translation adjustment                                             | — |  |   | 12 |  |   | — |  |   | 12 |  |
| Balance as of December 29, 2013 (Successor)                                         | $ | 3,601,300 |  |   | $ | 198,565 |  |   | $ | 15,331 |  |   | $ | 3,815,196 |  |
| Acquisitions (1)                                                                    | — |  |   | 118,378 |  |   | 20,119 |  |   | 138,497 |  |
| Distributed in Publishing Spin-off                                                  | — |  |   | — |  |   | (35,450 | ) |   | (35,450 | ) |
| Foreign currency translation adjustment                                             | — |  |   | (107 | ) |   | — |  |   | (107 | ) |
| Balance as of December 28, 2014 (Successor)                                         | $ | 3,601,300 |  |   | $ | 316,836 |  |   | $ | — |  |   | $ | 3,918,136 |  |
| Total goodwill and other intangible assets as of December 28, 2014 (Successor) | $ | 5,755,567 |  |   | $ | 560,363 |  |   | $ | — |  |   | $ | 6,315,930 |  |

|        |
|--------|
|        |
|   |

|     |                                                                   |
|-----|-------------------------------------------------------------------|
| (1) | See Note 5 for additional information regarding acquisitions. |

|     |                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Amortization of intangible assets includes $1 million related to lease contract intangible assets and is recorded in cost of sales or selling, general and administrative expense, if applicable, in the Successor’s consolidated statements of operations. |

|     |                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Represents net reclassifications which are reflected as an increase to broadcast rights assets in the Company’s consolidated balance sheet at December 28, 2014. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                           | Television and Entertainment |   | Discontinued Operations |   | Total |
| Intangible liabilities subject to amortization |   |   |   |   |   |
| Balance at December 30, 2012 (Predecessor)     | $ | — |  |   | $ | — |  |   | $ | — |  |
| Fresh-start reporting adjustments              | (226,472 | ) |   | (545 | ) |   | (227,017 | ) |
| Balance as of December 31, 2012 (Successor)    | $ | (226,472 | ) |   | $ | (545 | ) |   | $ | (227,017 | ) |
| Acquisitions                                   | (9,344 | ) |   | — |  |   | (9,344 | ) |
| Amortization                                   | 30,807 |  |   | 217 |  |   | 31,024 |  |
| Balance sheet reclassifications (1)            | 11,607 |  |   | — |  |   | 11,607 |  |
| Balance at December 29, 2013 (Successor)       | $ | (193,402 | ) |   | $ | (328 | ) |   | $ | (193,730 | ) |
| Amortization                                   | 37,351 |  |   | 94 |  |   | 37,445 |  |
| Balance sheet reclassifications (1)            | 121,626 |  |   | — |  |   | 121,626 |  |
| Distributed in Publishing Spin-off             | — |  |   | 234 |  |   | 234 |  |
| Balance at December 28, 2014 (Successor)       | $ | (34,425 | ) |   | $ | — |  |   | $ | (34,425 | ) |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Represents net reclassifications which are reflected as a reduction of broadcast rights assets in the Company’s consolidated balance sheet at December 28, 2014. |

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         | December 28, 2014 |   | December 29, 2013 |
| Equity method investments    | $ | 1,689,996 |  |   | $ | 2,145,651 |  |
| Cost method investments      | 18,238 |  |   | 17,511 |  |
| Marketable equity securities | 8,958 |  |   | — |  |
| Total investments            | $ | 1,717,192 |  |   | $ | 2,163,162 |  |

----

|                               |
|-------------------------------|
|                               |  |
| Company                       | % Owned |
| CareerBuilder, LLC            | 32% |
| Locality Labs, LLC            | 35% |
| NimbleTV, Inc                 | 23% |
| Television Food Network, G.P. | 31% |
| Topix, LLC                    | 34% |

|                                                                              |
|------------------------------------------------------------------------------|
|                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                         | Successor |   |   | Predecessor |
|                                                                         | 2014 |   | 2013 |   |   | 2012 |
| Income from equity investments, net, before amortization of basis difference | $ | 379,048 |  |   | $ | 243,528 |  |   |   | $ | 199,947 |  |
| Amortization of basis difference (1)                                         | (142,335 | ) |   | (98,287 | ) |   |   | (1,257 | ) |
| Income from equity investments, net                                          | $ | 236,713 |  |   | $ | 145,241 |  |   |   | $ | 198,690 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amortization of basis difference for year ended December 28, 2014 includes $85 million related to the sale by CV of its Apartments.com business. |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |
|                                           | Successor |   |   | Predecessor |
|                                           | 2014 |   | 2013 |   |   | 2012 |
| Cash distributions from equity investments (1) | $370,310 |   | $ | 207,994 |  |   |   | $ | 232,319 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Cash distributions for the year ended December 28, 2014 include $160 million for the Company’s share of the proceeds from the sale by CV of its Apartments.com business. This distribution is presented as an investing activity in the Company’s consolidated statement of cash flows for the year ended December 28, 2014. |

----

----

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |
|             | Fiscal Year |
|             | 2014 |   | 2013 |   | 2012 |
| Revenues, net    | $ | 1,070,671 |  |   | $ | 1,031,320 |  |   | $ | 982,009 |  |
| Operating income | $ | 534,477 |  |   | $ | 520,942 |  |   | $ | 521,876 |  |
| Net income       | $ | 549,058 |  |   | $ | 511,235 |  |   | $ | 538,787 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | December 28, 2014 |   | December 29, 2013 |
| Current assets          | $ | 708,988 |  |   | $ | 789,146 |  |
| Non-current assets      | $ | 156,580 |  |   | $ | 162,800 |  |
| Current liabilities     | $ | 63,257 |  |   | $ | 92,176 |  |
| Non-current liabilities | $ | 619 |  |   | $ | 704 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | Fiscal Year |
|                                            | 2014 |   | 2013 |   | 2012 |
| Revenues, net (1)                               | $ | 1,063,321 |  |   | $ | 1,096,799 |  |   | $ | 997,108 |  |
| Operating income from continuing operations (1) | $ | 147,165 |  |   | $ | 183,800 |  |   | $ | 116,203 |  |
| Net income (2)                                  | $ | 713,108 |  |   | $ | 224,052 |  |   | $ | 149,838 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Revenues and operating income that relate to CV include results through October 1, 2014 and are presented exclusive of discontinued operations related to Apartments.com, which was sold by CV on April 1, 2014. See above for further information. |

|     |                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------|
| (2) | Net income that relates to CV include results through October 1, 2014. See above for further information. |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |
|                                | December 28, 2014(1) |   | December 29, 2013 |
| Current assets                      | $ | 200,006 |  |   | $ | 314,596 |  |
| Non-current assets                  | $ | 492,769 |  |   | $ | 502,392 |  |
| Current liabilities                 | $ | 201,517 |  |   | $ | 271,097 |  |
| Non-current liabilities             | $ | 21,231 |  |   | $ | 51,782 |  |
| Redeemable non-controlling interest | $ | 20,470 |  |   | $ | 14,618 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Balance sheet information presented as of December 28, 2014 does not include CV, which was sold by the Company on October 1, 2014. See above for further information. |

----

----

----

|                                                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                                | December 28, 2014 |   | December 29, 2013 |
| Term Loan Facility due 2020, effective interest rate of 4.04%, net of unamortized discount of $8,118 and $9,423     | $ | 3,471,017 |  |   | $ | 3,763,577 |  |
| Dreamcatcher Credit Facility due 2018, effective interest rate of 4.08%, net of unamortized discount of $49 and $67 | 23,914 |  |   | 26,933 |  |
| 9.25%/10% Senior Toggle Notes due 2015 (1)                                                                          | — |  |   | 172,237 |  |
| Other obligations                                                                                                   | 54 |  |   | 2,437 |  |
| Total debt                                                                                                          | $ | 3,494,985 |  |   | $ | 3,965,184 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On December 27, 2013, the Company provided a notice to holders of the Senior Toggle Notes that it intended to redeem the notes within a thirty-day period. The Senior Toggle Notes were fully repaid on January 27, 2014. See below for further discussion. |

|            |
|------------|
|            |  |  |  |
| 2015       | $ | 4,088 |  |
| 2016       | 4,036 |  |
| 2017       | 5,052 |  |
| 2018       | 10,792 |  |
| 2019       | — |  |
| Thereafter | 3,471,017 |  |
| Total      | $ | 3,494,985 |  |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | December 28, 2014 |   | December 29, 2013 |
| Current Liabilities:                                                              |   |   |   |
| Current portion of term loans, net of unamortized discount of $16 and $1,246      | $ | 4,034 |  |   | $ | 30,089 |  |
| Senior Toggle Notes                                                               | — |  |   | 172,237 |  |
| Current portion of other obligations                                              | 54 |  |   | 2,383 |  |
| Total debt due within one year                                                    | 4,088 |  |   | 204,709 |  |
| Non-Current Liabilities:                                                          |   |   |   |
| Long-term portion of term loans, net of unamortized discount of $8,151 and $8,244 | 3,490,897 |  |   | 3,760,421 |  |
| Long-term portion of other obligations                                            | — |  |   | 54 |  |
| Total long-term debt                                                              | 3,490,897 |  |   | 3,760,475 |  |
| Total Debt                                                         | $ | 3,494,985 |  |   | $ | 3,965,184 |  |

----

----

----

|            |
|------------|
|            |  |  |  |
| 2015       | $ | 178,685 |  |
| 2016       | 81,261 |  |
| 2017       | 67,768 |  |
| 2018       | 49,669 |  |
| 2019       | 33,513 |  |
| Thereafter | 47,608 |  |
| Total      | $ | 458,504 |  |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. |

|         |                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2 – Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. |

|         |                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3 – Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. |

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | December 28, 2014 |   | December 29, 2013 |
|                         | Fair Value |   | Carrying Amount |   | Fair Value |   | Carrying Amount |
| Cost method investments      | $ | 18,238 |  |   | $ | 18,238 |  |   | $ | 17,511 |  |   | $ | 17,511 |  |
| Convertible note receivable  | $ | 2,000 |  |   | $ | 2,000 |  |   | $ | — |  |   | $ | — |  |
| Senior Toggle Notes          | $ | — |  |   | $ | — |  |   | $ | 172,237 |  |   | $ | 172,237 |  |
| Term Loan Facility           | $ | 3,411,744 |  |   | $ | 3,471,017 |  |   | $ | 3,758,851 |  |   | $ | 3,763,577 |  |
| Dreamcatcher Credit Facility | $ | 23,498 |  |   | $ | 23,914 |  |   | $ | 26,899 |  |   | $ | 26,933 |  |

----

|            |
|------------|
|            |  |  |  |
| 2015       | $ | 28,059 |  |
| 2016       | 25,405 |  |
| 2017       | 21,995 |  |
| 2018       | 16,712 |  |
| 2019       | 13,878 |  |
| Thereafter | 43,774 |  |
| Total      | $ | 149,823 |  |

----

----

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | Successor |   |   | Predecessor |
|                                                                    | 2014 |   | 2013 |   |   | Dec. 31, 2012 |   | 2012 |
| Income from continuing operations before income taxes                   | $ | 741,810 |  |   | $ | 258,907 |  |   |   | $ | 8,284,314 |  |   | $ | 266,730 |  |
|                                                                    |   |   |   |   |   |   |   |   |
| Federal income taxes (35% in 2014, 2013 and 0% in 2012)                 | 259,633 |  |   | 90,617 |  |   |   | — |  |   | — |  |
| State and local income taxes, net of federal tax benefit                | 31,535 |  |   | 11,768 |  |   |   | — |  |   | 6,156 |  |
| Domestic production activities deduction                                | (7,910 | ) |   | (7,560 | ) |   |   | — |  |   | — |  |
| Non-deductible reorganization and acquisition costs                     | 4,268 |  |   | 6,466 |  |   |   | — |  |   | — |  |
| Federal income taxes related to non-qualified subchapter S subsidiaries | — |  |   | — |  |   |   | — |  |   | 2,395 |  |
| Income tax settlements and other adjustments, net                       | (1,801 | ) |   | (15,878 | ) |   |   | — |  |   | (26,867 | ) |
| Tax rate change due to Publishing Spin-off                              | (10,810 | ) |   | — |  |   |   | — |  |   | — |  |
| Excess capital losses                                                   | — |  |   | 6,944 |  |   |   | — |  |   | — |  |
| Other, net                                                              | 3,784 |  |   | 3,608 |  |   |   | — |  |   | 1,411 |  |
| Income taxes on reorganization items                                    | — |  |   | — |  |   |   | 181,734 |  |   | — |  |
| Income taxes attributable to fair value adjustments                     | — |  |   | — |  |   |   | 888,455 |  |   | — |  |
| Income tax expense (benefit) from continuing operations                 | $ | 278,699 |  |   | $ | 95,965 |  |   |   | $ | 1,070,189 |  |   | $ | (16,905 | ) |
|                                                                    |   |   |   |   |   |   |   |   |
| Effective tax rate                                                      | 37.6% |   | 37.1% |   |   | 12.9% |   | (6.3)% |

----

----

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                          | Successor |   |   | Predecessor |
|                                                          | 2014 |   | 2013 |   |   | Dec. 31, 2012 |   | 2012 |
| Current:                                                      |   |   |   |   |   |   |   |   |
| U.S. federal                                                  | $ | 382,727 |  |   | $ | 97,914 |  |   |   | $ | (7,246 | ) |   | $ | 12,223 |  |
| State and local                                               | 77,179 |  |   | 20,308 |  |   |   | 1,047 |  |   | (31,592 | ) |
| Sub‑total                                               | 459,906 |  |   | 118,222 |  |   |   | (6,199 | ) |   | (19,369 | ) |
| Deferred:                                                     |   |   |   |   |   |   |   |   |
| U.S. federal                                                  | (136,869 | ) |   | (18,727 | ) |   |   | 918,604 |  |   | (3,302 | ) |
| State and local                                               | (44,338 | ) |   | (3,530 | ) |   |   | 157,784 |  |   | 5,766 |  |
| Sub‑total                                               | (181,207 | ) |   | (22,257 | ) |   |   | 1,076,388 |  |   | 2,464 |  |
| Total income tax expense (benefit) from continuing operations | $ | 278,699 |  |   | $ | 95,965 |  |   |   | $ | 1,070,189 |  |   | $ | (16,905 | ) |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |
|                                                                      | December 28, 2014 |   | December 29, 2013 |
| Deferred tax assets:                                                      |   |   |   |
|    Broadcast rights                                        | $ | 71,407 |  |   | $ | 81,562 |  |
|    Postretirement benefits other than pensions             | 5,570 |  |   | 24,456 |  |
|    Stock-based compensation and other employee benefits    | 13,447 |  |   | 5,300 |  |
|    Pensions                                                | 185,514 |  |   | 80,280 |  |
|    Other accrued liabilities                               | 21,923 |  |   | 45,169 |  |
|    Other future deductible items                           | 14,451 |  |   | 18,118 |  |
|    Net operating loss carryforwards                        | 12,327 |  |   | 7,131 |  |
|    Accounts receivable                                     | 2,671 |  |   | 6,716 |  |
|                                                                      | 327,310 |  |   | 268,732 |  |
|    Valuation allowance on net operating loss carryforwards | (7,557 | ) |   | (2,634 | ) |
| Total deferred tax assets                                                 | $ | 319,753 |  |   | $ | 266,098 |  |
|                                                                      |   |   |   |
| Deferred tax liabilities:                                                 |   |   |   |
|    Net intangible assets                                   | $ | 668,450 |  |   | $ | 629,645 |  |
|    Investments                                             | 442,554 |  |   | 612,759 |  |
|    Deferred gain on partnership contributions              | 283,950 |  |   | 309,248 |  |
|    Net properties                                          | 49,122 |  |   | 51,404 |  |
|    Other                                                   | 2,216 |  |   | 2,234 |  |
| Total deferred tax liabilities                                            | 1,446,292 |  |   | 1,605,290 |  |
| Net deferred tax liabilities                                              | $ | 1,126,539 |  |   | $ | 1,339,192 |  |

----

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |
| Liability at December 25, 2011                                            | $ | 35,147 |  |
| Gross increase as a result of tax positions related to a prior period     | 257 |  |
| Gross increase as a result of tax positions related to the current period | 8,065 |  |
| Decreases related to settlements with taxing authorities                  | (19,887 | ) |
| Liability at December 30, 2012                                            | $ | 23,582 |  |
| Gross increase as a result of tax positions related to a prior period     | 642 |  |
| Gross increase as a result of tax positions related to the current period | 7,009 |  |
| Decreases related to settlements with taxing authorities                  | (9,689 | ) |
| Liability at December 29, 2013                                            | $ | 21,544 |  |
| Gross increase as a result of tax positions related to a prior period     | 913 |  |
| Decreases related to statute expirations                                  | (3,605 | ) |
| Liability at December 28, 2014                                            | $ | 18,852 |  |

----

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                  |   | EIN/Pension Plan Number |   | PPA Zone Status |   | FIP/RP Status Pending/Implemented |   | Company Contributions           (in thousands) |   | Surcharge Imposed |   | Expiration Date of Collective Bargaining Agreement |
| Pension Fund          |   |   | 2014 |   | 2013 |   |   | 2014 |   | 2013 |   | 2012 |   |   |
| AFTRA Retirement Plan |   | 13-6414972 |   | Green (1) |   | Green (1) |   | N/A |   | $ | 2,671 |  |   | $ | 2,075 |  |   | $ | 2,005 |  |   | N/A |   | May 31, 2014 to August 31, 2017 (2) |
| Other Plans (3)       |   | — |   | — |   | — |   | — |   | 3,378 |  |   | 4,284 |  |   | 3,823 |  |   | — |   | — |
|                  |   |   |   |   |   |   |   |   |   | $ | 6,049 |  |   | $ | 6,359 |  |   | $ | 5,828 |  |   |   |   |   |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The most recent PPA Zone Status available in 2014 and 2013 is for the plan’s year end at November 30, 2013 and November 30, 2012, respectively. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The Company is party to five collective bargaining agreements that require contributions to the AFTRA Retirement Plan. Two of the agreements expired on May 31, 2014 and June 20, 2014 with the parties operating under the terms of those agreements while the terms of a successor collective bargaining agreements are being negotiated. One of the agreements expired on September 14, 2014 with the parties mutually agreeing to an open-ended extension agreement. The other agreements expire on March 18, 2016 and August 31, 2017. |

|     |                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | These contributions include contributions related to multiemployer pension plans which were assumed by Tribune Publishing subsequent to the Publishing Spin-off and totaled $3 million in 2014, $4 million in 2013 and $4 million in 2012. |

----

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Pension Plans |   | Other Postretirement Plans |
|                                                    | December 28, 2014 |   | December 29, 2013 |   | December 28, 2014 |   | December 29, 2013 |
| Change in benefit obligations:                          |   |   |   |   |   |   |   |
| Projected benefit obligations, beginning of year        | $ | 1,794,470 |  |   | $ | 2,070,320 |  |   | $ | 62,072 |  |   | $ | 66,083 |  |
| Service cost                                            | 463 |  |   | 616 |  |   | 328 |  |   | 559 |  |
| Interest cost                                           | 82,109 |  |   | 74,489 |  |   | 1,466 |  |   | 1,994 |  |
| Impact of Medicare Reform Act                           | — |  |   | — |  |   | 78 |  |   | 100 |  |
| Actuarial (gain) loss                                   | 353,374 |  |   | (176,759 | ) |   | (2,224 | ) |   | (1,133 | ) |
| Benefits paid                                           | (106,043 | ) |   | (99,050 | ) |   | (3,821 | ) |   | (5,531 | ) |
| Liability distributed in Publishing Spin-off            | — |  |   | — |  |   | (43,894 | ) |   | — |  |
| Settlement payments for non-qualified pension plans (1) | — |  |   | (25,851 | ) |   | — |  |   | — |  |
| Adjustments to non-qualified pension plans (1)          | — |  |   | (49,295 | ) |   | — |  |   | — |  |
| Projected benefit obligations, end of year              | 2,124,373 |  |   | 1,794,470 |  |   | 14,005 |  |   | 62,072 |  |
| Change in plans’ assets:                          |   |   |   |   |   |   |   |
| Fair value of plans’ assets, beginning of year    | 1,595,294 |  |   | 1,523,131 |  |   | — |  |   | — |  |
| Actual return on plans’ assets                    | 155,456 |  |   | 164,373 |  |   | — |  |   | — |  |
| Employer contributions                                  | 10,550 |  |   | 6,840 |  |   | 3,821 |  |   | 5,531 |  |
| Benefits paid                                           | (106,043 | ) |   | (99,050 | ) |   | (3,821 | ) |   | (5,531 | ) |
| Fair value of plans’ assets, end of year          | 1,655,257 |  |   | 1,595,294 |  |   | — |  |   | — |  |
| Funded (under funded) status of the plans               | $ | (469,116 | ) |   | $ | (199,176 | ) |   | $ | (14,005 | ) |   | $ | (62,072 | ) |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On the Effective Date, the Predecessor’s obligations with respect to its non-qualified pension plans were reduced from $75 million to $26 million, which were paid under the Plan on or subsequent to the Effective Date. As a result, the Predecessor recognized a pretax gain of $49 million which was included in reorganization items, net in the Predecessor’s consolidated statements of operations for December 31, 2012. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            | Pension Plans |   | Other Postretirement Plans |
|                                            | December 28, 2014 |   | December 29, 2013 |   | December 28, 2014 |   | December 29, 2013 |
| Employee compensation and benefits              | $ | — |  |   | $ | — |  |   | $ | (1,495 | ) |   | $ | (6,687 | ) |
| Pension obligations, net                        | (469,116 | ) |   | (199,176 | ) |   | — |  |   | — |  |
| Postretirement medical, life and other benefits | — |  |   | — |  |   | (12,510 | ) |   | (55,385 | ) |
| Net amount recognized                           | $ | (469,116 | ) |   | $ | (199,176 | ) |   | $ | (14,005 | ) |   | $ | (62,072 | ) |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           | Pension Plans |   | Other Postretirement Plans |
|                                           | Successor |   |   | Predecessor |   | Successor |   |   | Predecessor |
|                                           | 2014 |   | 2013 |   |   | Dec. 31, 2012 |   | 2012 |   | 2014 |   | 2013 |   |   | Dec. 31, 2012 |   | 2012 |
| Service cost                                   | $ | 463 |  |   | $ | 616 |  |   |   | $ | — |  |   | $ | 877 |  |   | $ | 328 |  |   | $ | 559 |  |   |   | $ | — |  |   | $ | 890 |  |
| Interest cost                                  | 82,109 |  |   | 74,489 |  |   |   | — |  |   | 77,846 |  |   | 1,466 |  |   | 1,994 |  |   |   | — |  |   | 2,654 |  |
| Expected return on plans’ assets         | (113,056 | ) |   | (109,885 | ) |   |   | — |  |   | (104,056 | ) |   | — |  |   | — |  |   |   | — |  |   | — |  |
| Recognized actuarial loss (gain)               | (159 | ) |   | — |  |   |   | — |  |   | 126,898 |  |   | (22 | ) |   | — |  |   |   | — |  |   | (5,343 | ) |
| Amortization of prior service costs (credits)  | — |  |   | — |  |   |   | — |  |   | 208 |  |   | — |  |   | — |  |   |   | — |  |   | (1,132 | ) |
| Net periodic benefit cost (credit)             | $ | (30,643 | ) |   | $ | (34,780 | ) |   |   | $ | — |  |   | $ | 101,773 |  |   | $ | 1,772 |  |   | $ | 2,553 |  |   |   | $ | — |  |   | $ | (2,931 | ) |
| Adjustments to non-qualified pension plans (1) | $ | — |  |   | $ | — |  |   |   | $ | (49,295 | ) |   | $ | — |  |   | $ | — |  |   | $ | — |  |   |   | $ | — |  |   | $ | — |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | On the Effective Date, the Predecessor’s obligations with respect to its non-qualified pension plans were reduced from $75 million to $26 million, which were paid under the Plan on or subsequent to the Effective Date. As a result, the Predecessor recognized a pretax gain of $49 million which was included in reorganization items, net in the Predecessor’s consolidated statements of operations for December 31, 2012. |

----

|                           |
|---------------------------|
|                           |  |  |  |  |  |  |  |  |  |  |  |  |
|                      | Other Postretirement Plans |
|                      | Successor |   |   | Predecessor |
|                      | 2014 |   | 2013 |   |   | 2012 |
| Continuing operations     | $ | 605 |  |   | $ | 556 |  |   |   | $ | (411 | ) |
| Discontinued operations   | 1,167 |  |   | 1,997 |  |   |   | (2,520 | ) |
| Net periodic benefit cost | $ | 1,772 |  |   | $ | 2,553 |  |   |   | $ | (2,931 | ) |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Pension Plans |   | Other Postretirement Plans |   | Total |
|                                                  | December 28, 2014 |   | December 29, 2013 |   | December 28, 2014 |   | December 29, 2013 |   | December 28, 2014 |   | December 29, 2013 |
| Unrecognized net actuarial gains (losses), net of tax | $ | (49,262 | ) |   | $ | 139,905 |  |   | $ | (61 | ) |   | $ | 685 |  |   | $ | (49,323 | ) |   | $ | 140,590 |  |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                                        | Pension Plans |   | Other Postretirement Plans |
|                                                        | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Discount rate for expense through Publishing Spin-Off (1)   | 4.70 | % |   | 3.85 | % |   | 3.95 | % |   | 3.15 | % |
| Discount rate for expense following Publishing Spin-Off (1) | 4.70 | % |   | N/A |  |   | 3.35 | % |   | N/A |  |
| Discount rate for obligations                               | 3.95 | % |   | 4.70 | % |   | 3.30 | % |   | 3.95 | % |
| Increase in future salary levels for expense                | 3.50 | % |   | 3.50 | % |   | — |  |   | — |  |
| Increase in future salary levels for obligations            | 3.50 | % |   | 3.50 | % |   | — |  |   | — |  |
| Long-term rate of return on plans’ assets for expense | 7.50 | % |   | 7.50 | % |   | — |  |   | — |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | In connection with the Publishing Spin-off, the Company distributed to Tribune Publishing approximately $44 million of postretirement health care and life insurance liabilities. As a result, the Company remeasured its remaining other post retirement plan obligations as of the date of the Publishing Spin-off. |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |
|                           | 1% Increase |   | 1% Decrease |
| Service cost and interest cost | $ | 40 |  |   | $ | (36 | ) |
| Projected benefit obligation   | $ | 682 |  |   | $ | (616 | ) |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |  |  |  |  |  |
|                                  | Percentage of Plan Assets |
|                                  | Actual Allocations |   | Target Allocations |
| Asset category:                  | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Equity securities                     | 51.9 | % |   | 55.0 | % |   | 50.0 | % |   | 50.0 | % |
| Fixed income securities               | 41.4 | % |   | 38.8 | % |   | 45.0 | % |   | 45.0 | % |
| Cash and other short-term investments | 1.8 | % |   | 1.4 | % |   | — |  |   | — |  |
| Other alternative investments         | 4.9 | % |   | 4.8 | % |   | 5.0 | % |   | 5.0 | % |
| Total                                 | 100.0 | % |   | 100.0 | % |   | 100.0 | % |   | 100.0 | % |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 | Pension Plan Assets as of December 28, 2014 |
|                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Pension plan assets measured at fair value:                                          |   |   |   |   |   |   |   |
| Registered investment companies                                                      | $ | 675,548 |  |   | $ | — |  |   | $ | — |  |   | $ | 675,548 |  |
| Common/collective trusts                                                             | — |  |   | 127,805 |  |   | — |  |   | 127,805 |  |
| 103-12 investment entity                                                             | — |  |   | 164,168 |  |   | — |  |   | 164,168 |  |
| International equity limited partnership                                             | — |  |   | 46,539 |  |   | — |  |   | 46,539 |  |
| Fixed income:                                                                        |   |   |   |   |   |   |   |
| U.S. government securities                                                           | — |  |   | 174,201 |  |   | — |  |   | 174,201 |  |
| Corporate bonds                                                                      | — |  |   | 246,737 |  |   | — |  |   | 246,737 |  |
| Mortgage-backed and asset-backed securities                                          | — |  |   | 33,828 |  |   | — |  |   | 33,828 |  |
| Other                                                                                | — |  |   | 30,578 |  |   | — |  |   | 30,578 |  |
| Pooled separate account                                                              | — |  |   | 19,669 |  |   | — |  |   | 19,669 |  |
| Loan fund limited partnership                                                        | — |  |   | 31,044 |  |   | — |  |   | 31,044 |  |
| Real estate                                                                          | — |  |   | — |  |   | 77,731 |  |   | 77,731 |  |
| Private equity limited partnerships                                                  | — |  |   | — |  |   | 1,461 |  |   | 1,461 |  |
| Venture capital limited partnerships                                                 | — |  |   | — |  |   | 2,015 |  |   | 2,015 |  |
|       Total pension plan assets measured at fair value | $ | 675,548 |  |   | $ | 874,569 |  |   | $ | 81,207 |  |   | 1,631,324 |  |
| Pension plan assets measured at contract value:                                      |   |   |   |   |   |   |   |
| Insurance contracts                                                                  |   |   |   |   |   |   | 23,933 |  |
| Total pension plan assets                                                            |   |   |   |   |   |   | $ | 1,655,257 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                 | Pension Plan Assets as of December 29, 2013 |
|                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Pension plan assets measured at fair value:                                          |   |   |   |   |   |   |   |
| Registered investment companies                                                      | $ | 648,428 |  |   | $ | — |  |   | $ | — |  |   | $ | 648,428 |  |
| Common/collective trusts                                                             | — |  |   | 127,143 |  |   | — |  |   | 127,143 |  |
| 103-12 investment entity                                                             | — |  |   | 182,537 |  |   | — |  |   | 182,537 |  |
| International equity limited partnership                                             | — |  |   | 46,629 |  |   | — |  |   | 46,629 |  |
| Fixed income:                                                                        |   |   |   |   |   |   |   |
| U.S. government securities                                                           | — |  |   | 165,694 |  |   | — |  |   | 165,694 |  |
| Corporate bonds                                                                      | — |  |   | 193,309 |  |   | — |  |   | 193,309 |  |
| Mortgage-backed and asset-backed securities                                          | — |  |   | 31,555 |  |   | — |  |   | 31,555 |  |
| Other                                                                                | — |  |   | 16,955 |  |   | — |  |   | 16,955 |  |
| Pooled separate account                                                              | — |  |   | 53,129 |  |   | — |  |   | 53,129 |  |
| Loan fund limited partnership                                                        | — |  |   | 30,110 |  |   | — |  |   | 30,110 |  |
| Real estate                                                                          | — |  |   | — |  |   | 71,580 |  |   | 71,580 |  |
| Private equity limited partnerships                                                  | — |  |   | — |  |   | 2,389 |  |   | 2,389 |  |
| Venture capital limited partnerships                                                 | — |  |   | — |  |   | 2,150 |  |   | 2,150 |  |
|       Total pension plan assets measured at fair value | $ | 648,428 |  |   | $ | 847,061 |  |   | $ | 76,119 |  |   | 1,571,608 |  |
| Pension plan assets measured at contract value:                                      |   |   |   |   |   |   |   |
| Insurance contracts                                                                  |   |   |   |   |   |   | 23,686 |  |
| Total pension plan assets                                                            |   |   |   |   |   |   | $ | 1,595,294 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
|                                 | 2014 |
|                                 | RealEstate |   | PrivateEquity Limited Partnerships |   | VentureCapital Limited Partnerships |
| Balance, beginning of year           | $ | 71,580 |  |   | $ | 2,389 |  |   | $ | 2,150 |  |
| Realized net gains                   | 4,003 |  |   | 1 |  |   | — |  |
| Unrealized net gains (losses)        | 5,551 |  |   | (680 | ) |   | (56 | ) |
| Transfers out of Level 3 investments | (2,447 | ) |   | (1 | ) |   | — |  |
| Purchases                            | 1,212 |  |   | — |  |   | — |  |
| Sales                                | (2,168 | ) |   | (248 | ) |   | (79 | ) |
| Balance, end of year                 | $ | 77,731 |  |   | $ | 1,461 |  |   | $ | 2,015 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
|                                 | 2013 |
|                                 | RealEstate |   | PrivateEquity Limited Partnerships |   | VentureCapital Limited Partnerships |
| Balance, beginning of year           | $ | 66,270 |  |   | $ | 2,519 |  |   | $ | 2,246 |  |
| Realized net gains (losses)          | 3,301 |  |   | (5,486 | ) |   | (3,219 | ) |
| Unrealized net gains                 | 5,155 |  |   | 5,706 |  |   | 3,311 |  |
| Transfers out of Level 3 investments | (3,327 | ) |   | (180 | ) |   | (30 | ) |
| Purchases                            | 1,778 |  |   | — |  |   | — |  |
| Sales                                | (1,597 | ) |   | (170 | ) |   | (158 | ) |
| Balance, end of year                 | $ | 71,580 |  |   | $ | 2,389 |  |   | $ | 2,150 |  |

|            |
|------------|
|            |  |  |  |  |  |  |  |
|       | Qualified Pension Plan Benefits |   | Other Postretirement Benefits |
| 2015       | $ | 123,002 |  |   | $ | 1,495 |  |
| 2016       | $ | 112,004 |  |   | $ | 1,394 |  |
| 2017       | $ | 114,818 |  |   | $ | 1,353 |  |
| 2018       | $ | 117,931 |  |   | $ | 1,280 |  |
| 2019       | $ | 119,930 |  |   | $ | 1,224 |  |
| Thereafter | $ | 621,462 |  |   | $ | 5,341 |  |

----

----

----

----

----

|         |                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Non-Qualified Stock Options - The number of NSOs outstanding as of the date of the Publishing Spin-off was increased via the calculated Ratio and the strike price of NSOs was decreased via the Ratio in order to preserve the intrinsic value of NSOs. |

|         |                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Restricted Stock Units - The number of outstanding RSUs as of the date of the Publishing Spin-off was increased utilizing the calculated Ratio in order to preserve the fair value of RSUs. |

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Performance Share Units - The number of outstanding PSUs as of the date of the Publishing Spin-off was increased utilizing the calculated Ratio in order to preserve the fair value of PSUs. |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |
|                            | 2014 |   | 2013 |
| Risk-free interest rate         | 1.95 | % |   | 1.30 | % |
| Expected dividend yield         | 0.00 | % |   | 0.00 | % |
| Expected stock price volatility | 54.05 | % |   | 50.05 | % |
| Expected life (in years)        | 6.24 |   | 6.20 |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | Shares |   | Weighted Avg. Exercise Price |   | Weighted Avg.Fair Value |   | Weighted Avg. Remaining Contractual Term (in years) |   | AggregateIntrinsic Value (In thousands) |
| Outstanding, December 31, 2012                      | — |  |   | $ | — |  |   | $ | — |  |   | — |  |   | $ | — |  |
| Granted                                             | 375 |  |   | 57.27 |  |   | 27.97 |  |   |   |   |   |
| Forfeited                                           | (23 | ) |   | 56.60 |  |   | 27.53 |  |   |   |   |   |
| Outstanding, December 29, 2013                      | 352 |  |   | $ | 57.32 |  |   | $ | 28.00 |  |   | 9.4 |  |   | $ | 7,134 |  |
| Granted                                             | 770 |  |   | 79.59 |  |   | 42.24 |  |   |   |   |   |
| Exercised                                           | (25 | ) |   | 56.93 |  |   | 27.79 |  |   |   |   |   |
| Cancelled                                           | (4 | ) |   | 56.73 |  |   | 27.82 |  |   |   |   |   |
| Forfeited                                           | (84 | ) |   | 66.60 |  |   | 34.21 |  |   |   |   |   |
| Adjustments due to the Publishing Spin-off (1)      | (34 | ) |   | * |  |   | * |  |   |   |   |   |
| Outstanding, December 28, 2014 (2)                  | 975 |  |   | $ | 70.90 |  |   | $ | 37.15 |  |   | 9.0 |  |   | $ | 1,164 |  |
| Vested and exercisable,       December 28, 2014 (2) | 45 |  |   | $ | 54.45 |  |   | $ | 26.66 |  |   | 8.4 |  |   | $ | 257 |  |

|        |
|--------|
|        |
|   |

|   |                |
|---|----------------|
| * | Not meaningful |

|     |                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of the date of the Publishing Spin-off, 90,086 of NSOs attributable to employees of Tribune Publishing were cancelled, offset by an increase of 56,071 NSOs to preserve the intrinsic value of outstanding NSOs attributable to Tribune Media Company employees, while also preserving the fair value of the awards immediately before and after the Publishing Spin-off. |

|     |                                                                                                                                                                                                           |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The weighted average exercise price and weighted-average fair value of options outstanding as of December 28, 2014 reflect the adjustments to the awards as a result of the Publishing Spin-off. |

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |
|                                           | Shares |   | Weighted Avg. Fair Value |   | Weighted Avg.Remaining Contractual Term (in years) |
| Outstanding, December 31, 2012                 | — |  |   | $ | — |  |   |   |
| Granted                                        | 422 |  |   | 57.64 |  |   |   |
| Forfeited                                      | (20 | ) |   | 56.60 |  |   |   |
| Outstanding, December 29, 2013                 | 402 |  |   | $ | 57.69 |  |   | 3.1 |  |
| Granted                                        | 521 |  |   | 78.58 |  |   |   |
| Vested and issued                              | (149 | ) |   | 63.70 |  |   |   |
| Forfeited                                      | (86 | ) |   | 68.10 |  |   |   |
| Adjustments due to the Publishing Spin-off (1) | (55 | ) |   | * |  |   |   |
| Outstanding and nonvested, December 28, 2014   | 633 |  |   | $ | 68.76 |  |   | 2.7 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of the date of the Publishing Spin-off, 94,365 of RSUs attributable to employees of Tribune Publishing were cancelled, offset by an increase of 38,846 RSUs to preserve the fair value of outstanding RSUs attributable to Tribune Media Company employees. |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |
|                                         | Shares |   | Weighted Avg. Fair Value |   | Weighted Avg.Remaining Contractual Term (in years) |
| Outstanding, December 31, 2012               | — |  |   | $ | — |  |   |   |
| Granted                                      | 38 |  |   | 57.50 |  |   |   |
| Vested and issued (1)                        | (4 | ) |   | 56.90 |  |   |   |
| Outstanding, December 29, 2013               | 34 |  |   | $ | 57.58 |  |   | 2.0 |  |
| Granted                                      | 6 |  |   | 77.40 |  |   |   |
| Vested and issued (1)                        | (6 | ) |   | 77.40 |  |   |   |
| Vested                                       | (17 | ) |   | 57.42 |  |   |   |
| Outstanding and nonvested, December 28, 2014 | 17 |  |   | $ | 56.80 |  |   | 1.0 |  |

|        |
|--------|
|        |
|   |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |
|                                          | Shares |   | Weighted Avg. Fair Value |   | Weighted Avg.Remaining Contractual Term (in years) |
| Outstanding December 29, 2013                 | — |  |   | $ | — |  |   | — |  |
| Granted                                       | 55 |  |   | 79.16 |  |   |   |
| Forfeited                                     | (11 | ) |   | 75.92 |  |   |   |
| Adjustment due to the Publishing Spin-off (1) | (1 | ) |   | * |  |   |   |
| Outstanding and nonvested, December 28, 2014  | 43 |  |   | $ | 74.35 |  |   | 1.3 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                      |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As of the date of the Publishing Spin-off, 7,936 of PSUs attributable to employees of Tribune Publishing were cancelled, offset by an increase of 6,945 PSUs to preserve the fair value of outstanding PSUs attributable to Tribune Media Company employees. |

|                  |
|------------------|
|                  |  |  |  |  |  |
|             | Unrecognized Compensation Cost |   | Weighted Average Remaining Recognition Period(in years) |
| Nonvested awards | $ | 62,755 |  |   | 2.8 |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |
|                                                                                                  | 2014 |   | 2013 |
| EPS numerator:                                                                                        |   |   |   |
| Income from continuing operations, as reported                                                        | $ | 463,111 |  |   | $ | 162,942 |  |
| Less: Undistributed earnings allocated to Warrants                                                    | 15,562 |  |   | 19,497 |  |
| Income from continuing operations attributable to common shareholders for basic EPS                   | $ | 447,549 |  |   | $ | 143,445 |  |
| Add: Undistributed earnings allocated to dilutive securities (1)                                      | 38 |  |   | 33 |  |
| Income from continuing operations attributable to common shareholders for diluted EPS                 | $ | 447,587 |  |   | $ | 143,478 |  |
|                                                                                                  |   |   |   |
| Income from discontinued operations, as reported                                                      | $ | 13,552 |  |   | $ | 78,613 |  |
| Less: Undistributed earnings allocated to Warrants                                                    | 502 |  |   | 9,406 |  |
| Income from discontinued operations attributable to common shareholders for basic and diluted EPS (1) | $ | 13,050 |  |   | $ | 69,207 |  |
|                                                                                                  |   |   |   |
|    Net income attributable to common shareholders for basic EPS                        | $ | 460,599 |  |   | $ | 212,652 |  |
|                                                                                                       |   |   |   |
|    Net income attributable to common shareholders for diluted EPS                      | $ | 460,637 |  |   | $ | 212,685 |  |
|                                                                                                  |   |   |   |
| EPS denominator:                                                                                      |   |   |   |
| Weighted average shares outstanding - basic                                                           | 96,689 |  |   | 88,037 |  |
| Impact of dilutive securities (1)                                                                     | 234 |  |   | 114 |  |
| Weighted average shares outstanding - diluted                                                         | 96,923 |  |   | 88,151 |  |
|                                                                                                  |   |   |   |
| Basic Earnings Per Common Share from:                                                                 |   |   |   |
| Continuing Operations                                                                                 | $ | 4.63 |  |   | $ | 1.63 |  |
| Discontinued Operations                                                                               | 0.13 |  |   | 0.79 |  |
| Net income attributable to common shareholders                                                        | $ | 4.76 |  |  | $ | 2.42 |  |
|                                                                                                  |   |   |   |
| Diluted Earnings Per Common Share from:                                                               |   |   |   |
| Continuing Operations                                                                                 | $ | 4.62 |  |   | $ | 1.62 |  |
| Discontinued Operations                                                                               | 0.13 |  |   | 0.79 |  |
| Net income attributable to common shareholders                                                        | $ | 4.75 |  |   | $ | 2.41 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The impact of dilutive securities associated with Equity Awards held by Tribune Publishing employees is immaterial. As such, all of the impact of dilutive securities has been allocated to diluted EPS from continuing operations.  |

----

|                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                              | Unrecognized Benefit Plan Gains and Losses |   | Foreign Currency Translation Adjustments (2) |   | Unrecognized Gain on Marketable Securities |   | Total |
| Balance at December 25, 2011 (Predecessor)                                                                                                                        | $ | (1,049,744 | ) |   | $ | (4,057 | ) |   | $ | — |  |   | $ | (1,053,801 | ) |
| Other comprehensive income                                                                                                                                        | 144,430 |  |   | 1,247 |  |   | — |  |   | 145,677 |  |
| Balance at December 30, 2012 (Predecessor)                                                                                                                        | (905,314 | ) |   | (2,810 | ) |   | — |  |   | (908,124 | ) |
| Fresh-start reporting adjustments to eliminate Predecessor's accumulated other comprehensive income (loss), net of taxes of $163,183 and $(543), respectively (1) | 905,314 |  |   | 2,810 |  |   | — |  |   | 908,124 |  |
| Balance at December 31, 2012 (Successor)                                                                                                                          | — |  |   | — |  |   | — |  |   | — |  |
| Other comprehensive income                                                                                                                                        | 140,590 |  |   | 95 |  |   | — |  |   | 140,685 |  |
| Balance at December 29, 2013 (Successor)                                                                                                                          | 140,590 |  |   | 95 |  |   | — |  |   | 140,685 |  |
| Distributed in Publishing Spin-off                                                                                                                                | (2,083 | ) |   | (7 | ) |   | — |  |   | (2,090 | ) |
| Other comprehensive income (loss)                                                                                                                                 | (187,830 | ) |   | (2,753 | ) |   | 5,447 |  |   | (185,136 | ) |
| Balance at December 28, 2014 (Successor)                                                                                                                          | $ | (49,323 | ) |   | $ | (2,665 | ) |   | $ | 5,447 |  |   | $ | (46,541 | ) |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | As a result of the adoption of fresh-start reporting, amounts included in the Predecessor’s accumulated other comprehensive income (loss) at December 30, 2012 were eliminated. As a result, the Company recorded $1.071 billion of previously unrecognized pretax losses in reorganization items, net in the Predecessor’s consolidated statement of operations for December 31, 2012. The net balance at December 30, 2012 of $(905) million for benefit plans was comprised of $(948) million related to pension plans and $43 million related to other postretirement plans. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The changes included $(2.1) million, $0.3 million and $1 million, net of taxes, related to the Company’s 32.1% investment interest in CareerBuilder for 2014, 2013 and 2012, respectively. The changes also included $(0.3) million, $(0.3) million and $0.1 million, net of taxes, related to the Company’s 31.3% investment interest in TV Food Network for 2014, 2013 and 2012, respectively. See Note 8 for the discussion of the Company’s equity-method investments. |

----

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                      | Successor |   |   | Predecessor |
|                                                      | 2014 |   | 2013 |   |   | 2012 |
| Operating Revenues from Continuing Operations (1)         |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 1,720,536 |  |   | $ | 1,014,424 |  |   |   | $ | 1,141,701 |  |
| Digital and Data                                          | 174,031 |  |   | 79,217 |  |   |   | 84,512 |  |
| Corporate and Other                                       | 54,792 |  |   | 53,599 |  |   |   | 6,634 |  |
| Total operating revenues                                  | $ | 1,949,359 |  |   | $ | 1,147,240 |  |   |   | $ | 1,232,847 |  |
| Operating Profit (Loss) from Continuing Operations (1)(2) |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 336,921 |  |   | $ | 195,940 |  |   |   | $ | 366,472 |  |
| Digital and Data                                          | 3,409 |  |   | 16,497 |  |   |   | 24,365 |  |
| Corporate and Other                                       | (39,148 | ) |   | (13,397 | ) |   |   | (139,934 | ) |
| Total operating profit                                    | $ | 301,182 |  |   | $ | 199,040 |  |   |   | $ | 250,903 |  |
| Depreciation from Continuing Operations (3)               |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 50,262 |  |   | $ | 29,947 |  |   |   | $ | 37,995 |  |
| Digital and Data                                          | 7,744 |  |   | 2,576 |  |   |   | 2,755 |  |
| Corporate and Other                                       | 12,181 |  |   | 8,664 |  |   |   | 2,238 |  |
| Total depreciation                                        | $ | 70,187 |  |   | $ | 41,187 |  |   |   | $ | 42,988 |  |
| Amortization from Continuing Operations (3)               |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 197,054 |  |   | $ | 105,526 |  |   |   | $ | 10,594 |  |
| Digital and Data                                          | 21,233 |  |   | 9,191 |  |   |   | 1,133 |  |
| Corporate and Other                                       | — |  |   | — |  |   |   | 198 |  |
| Total amortization                                        | $ | 218,287 |  |   | $ | 114,717 |  |   |   | $ | 11,925 |  |
| Capital Expenditures                                      |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 34,149 |  |   | $ | 18,813 |  |   |   | $ | 36,383 |  |
| Digital and Data                                          | 13,102 |  |   | 2,993 |  |   |   | 3,265 |  |
| Corporate and Other                                       | 35,892 |  |   | 33,205 |  |   |   | 54,950 |  |
| Discontinued Operations                                   | 6,295 |  |   | 15,858 |  |   |   | 52,336 |  |
| Total capital expenditures                                | $ | 89,438 |  |   | $ | 70,869 |  |   |   | $ | 146,934 |  |
| Assets                                                    |   |   |   |   |   |   |
| Television and Entertainment                              | $ | 8,234,456 |  |   | $ | 8,604,353 |  |   |   |   |
| Digital and Data (4)                                      | 644,985 |  |   | 323,959 |  |   |   |   |
| Corporate and Other (4)(5)                                | 2,511,369 |  |   | 2,123,724 |  |   |   |   |
| Discontinued Operations                                   | — |  |   | 423,973 |  |   |   |   |
| Assets held for sale                                      | 5,645 |  |   | — |  |   |   |   |
| Total assets                                              | $ | 11,396,455 |  |   | $ | 11,476,009 |  |   |   |  |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | See Note 2 for the disclosures of operating revenues and operating profit included in discontinued operations for the historical periods. |

|     |                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Operating profit for each segment excludes income and loss on equity investments, interest and dividend income, interest expense, non‑operating items, reorganization costs and income taxes. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Depreciation from discontinued operations totaled $19 million, $34 million, and $104 million for the years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. Amortization from discontinued operations totaled $4 million, $6 million, and $7 million for the years ended December 28, 2014, December 29, 2013 and December 30, 2012, respectively. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | At December 28, 2014, Digital and Data total assets included $4 million related to restricted cash and cash equivalents held to satisfy deferred compensation commitments and Corporate total assets included $18 million related to restricted cash held to satisfy remaining claim obligations to holders of priority claims and fees earned by professional advisors during Chapter 11 proceedings (see Note 3). At December 29, 2013 Television and Entertainment total assets included restricted cash and cash equivalents of $202 million comprised of cash held with the Trustee related to the Senior Toggle Notes assumed in connection with the Company’s acquisition of Local TV (see Note 5) and Corporate total assets included $20 million related to restricted cash held to satisfy remaining claim obligations to holders of priority claims and fees earned by professional advisors during Chapter 11 proceedings (see Note 3). |

|     |                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | As of December 28, 2014 Corporate and Other assets include certain real estate assets (see Note 2) as well as the Company’s equity investments in CareerBuilder. As of December 29, 2013, Corporate and Other assets include certain real estate assets (see Note 2) as well as the Company’s equity investments in CareerBuilder and CV. |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | 2014 |
|                                                                    | Quarters |   | 2014 Total |
|                                                                    | First |   | Second |   | Third |   | Fourth |   |
| Operating Revenues                                                      |   |   |   |   |   |   |   |   |   |
| Television and Entertainment                                            | $ | 398,414 |  |   | $ | 425,796 |  |   | $ | 417,169 |  |   | $ | 479,157 |  |   | $ | 1,720,536 |  |
| Digital and Data                                                        | 33,272 |  |   | 34,972 |  |   | 44,559 |  |   | 61,228 |  |   | 174,031 |  |
| Other                                                                   | 14,416 |  |   | 14,211 |  |   | 13,130 |  |   | 13,035 |  |   | 54,792 |  |
| Total operating revenues                                                | $ | 446,102 |  |   | $ | 474,979 |  |   | $ | 474,858 |  |   | $ | 553,420 |  |   | $ | 1,949,359 |  |
| Operating Profit                                                        |   |   |   |   |   |   |   |   |   |
| Television and Entertainment                                            | $ | 64,153 |  |   | $ | 52,248 |  |   | $ | 74,129 |  |   | $ | 146,391 |  |   | $ | 336,921 |  |
| Digital and Data                                                        | (1,542 | ) |   | (8,744 | ) |   | (231 | ) |   | 13,926 |  |   | 3,409 |  |
| Corporate and Other                                                     | (12,351 | ) |   | (11,311 | ) |   | (18,613 | ) |   | 3,127 |  |   | (39,148 | ) |
| Total operating profit                                                  | 50,260 |  |   | 32,193 |  |   | 55,285 |  |   | 163,444 |  |   | 301,182 |  |
| Income on equity investments, net                                       | 38,263 |  |   | 118,953 |  |   | 40,559 |  |   | 38,938 |  |   | 236,713 |  |
| Interest and dividend income                                            | 171 |  |   | 147 |  |   | 363 |  |   | 687 |  |   | 1,368 |  |
| Interest expense                                                        | (40,519 | ) |   | (39,146 | ) |   | (39,150 | ) |   | (39,051 | ) |   | (157,866 | ) |
| Gain on investment transactions, net (1)                                | — |  |   | 700 |  |   | 2 |  |   | 371,783 |  |   | 372,485 |  |
| Write-down of investment                                                | — |  |   | — |  |   | — |  |   | (94 | ) |   | (94 | ) |
| Other non-operating gain (loss), net (1)                                | 157 |  |   | (1,295 | ) |   | 68 |  |   | (3,640 | ) |   | (4,710 | ) |
| Reorganization items, net (2)                                           | (2,216 | ) |   | (2,165 | ) |   | (1,594 | ) |   | (1,293 | ) |   | (7,268 | ) |
| Income from Continuing Operations Before Income Taxes    | 46,116 |  |   | 109,387 |  |   | 55,533 |  |   | 530,774 |  |   | 741,810 |  |
| Income tax expense                                                      | 17,649 |  |   | 42,305 |  |   | 2,647 |  |   | 216,098 |  |   | 278,699 |  |
| Income from Continuing Operations                                       | 28,467 |  |   | 67,082 |  |   | 52,886 |  |   | 314,676 |  |   | 463,111 |  |
| Income (loss) from Discontinued Operations, net of taxes                | 12,601 |  |   | 15,840 |  |   | (14,889 | ) |   | — |  |   | 13,552 |  |
| Net Income                                                              | $ | 41,068 |  |   | $ | 82,922 |  |   | $ | 37,997 |  |   | $ | 314,676 |  |   | $ | 476,663 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Common Share from:                                   |   |   |   |   |   |   |   |   |   |
| Continuing Operations                                                   | $ | 0.28 |  |   | $ | 0.67 |  |   | $ | 0.53 |  |   | $ | 3.15 |  |   | $ | 4.63 |  |
| Discontinued Operations                                                 | 0.13 |  |   | 0.16 |  |   | (0.15 | ) |   | — |  |   | 0.13 |  |
| Net income attributable to common shareholders                          | $ | 0.41 |  |   | $ | 0.83 |  |   | $ | 0.38 |  |   | $ | 3.15 |  |   | $ | 4.76 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Common Share from:                                 |   |   |   |   |   |   |   |   |   |
| Continuing Operations                                                   | $ | 0.28 |  |   | $ | 0.67 |  |   | $ | 0.53 |  |   | $ | 3.14 |  |   | $ | 4.62 |  |
| Discontinued Operations                                                 | 0.13 |  |   | 0.16 |  |   | (0.15 | ) |   | — |  |   | 0.13 |  |
| Net income attributable to common shareholders                          | $ | 0.41 |  |   | $ | 0.83 |  |   | $ | 0.38 |  |   | $ | 3.14 |  |   | $ | 4.75 |  |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    | 2013 |
|                                                                    | Quarters |   | 2013 Total |
|                                                                    | First |   | Second |   | Third |   | Fourth |   |
| Operating Revenues                                                      |   |   |   |   |   |   |   |   |   |
| Television and Entertainment                                            | $ | 239,159 |  |   | $ | 260,499 |  |   | $ | 248,196 |  |   | $ | 266,570 |  |   | $ | 1,014,424 |  |
| Digital and Data                                                        | 21,744 |  |   | 19,265 |  |   | 18,903 |  |   | 19,305 |  |   | 79,217 |  |
| Other                                                                   | 13,253 |  |   | 13,151 |  |   | 13,509 |  |   | 13,686 |  |   | 53,599 |  |
| Total operating revenues                                                | $ | 274,156 |  |   | $ | 292,915 |  |   | $ | 280,608 |  |   | $ | 299,561 |  |   | $ | 1,147,240 |  |
| Operating Profit                                                        |   |   |   |   |   |   |   |   |   |
| Television and Entertainment                                            | $ | 46,979 |  |   | $ | 50,596 |  |   | $ | 42,387 |  |   | $ | 55,978 |  |   | $ | 195,940 |  |
| Digital and Data                                                        | 4,218 |  |   | 3,755 |  |   | 4,339 |  |   | 4,185 |  |   | 16,497 |  |
| Corporate and Other                                                     | 3,839 |  |   | 423 |  |   | (927 | ) |   | (16,732 | ) |   | (13,397 | ) |
| Total operating profit                                                  | 55,036 |  |   | 54,774 |  |   | 45,799 |  |   | 43,431 |  |   | 199,040 |  |
| Income on equity investments, net                                       | 16,441 |  |   | 37,695 |  |   | 31,899 |  |   | 59,206 |  |   | 145,241 |  |
| Interest and dividend income                                            | 93 |  |   | 102 |  |   | 100 |  |   | 118 |  |   | 413 |  |
| Interest expense                                                        | (9,396 | ) |   | (9,575 | ) |   | (9,558 | ) |   | (10,605 | ) |   | (39,134 | ) |
| Loss on extinguishment of debt                                          | — |  |   | — |  |   | — |  |   | (28,380 | ) |   | (28,380 | ) |
| Gain on investment transactions, net (1)                                | 29 |  |   | 17 |  |   | 104 |  |   | — |  |   | 150 |  |
| Other non-operating gain (loss), net (1)                                | (140 | ) |   | 386 |  |   | (67 | ) |   | (1,671 | ) |   | (1,492 | ) |
| Reorganization items, net (2)                                           | (7,331 | ) |   | (4,502 | ) |   | (1,708 | ) |   | (3,390 | ) |   | (16,931 | ) |
| Income from Continuing Operations Before Income Taxes    | 54,732 |  |   | 78,897 |  |   | 66,569 |  |   | 58,709 |  |   | 258,907 |  |
| Income tax expense                                                      | 11,682 |  |   | 31,509 |  |   | 27,325 |  |   | 25,449 |  |   | 95,965 |  |
| Income from Continuing Operations                                       | 43,050 |  |   | 47,388 |  |   | 39,244 |  |   | 33,260 |  |   | 162,942 |  |
| Income (loss) from Discontinued Operations, net of taxes                | 15,309 |  |   | 18,923 |  |   | 10,527 |  |   | 33,854 |  |   | 78,613 |  |
| Net Income                                                              | $ | 58,359 |  |   | $ | 66,311 |  |   | $ | 49,771 |  |   | $ | 67,114 |  |   | $ | 241,555 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Basic Earnings Per Common Share from:                                   |   |   |   |   |   |   |   |   |   |
| Continuing Operations                                                   | $ | 0.43 |  |   | $ | 0.47 |  |   | $ | 0.39 |  |   | $ | 0.33 |  |   | $ | 1.63 |  |
| Discontinued Operations                                                 | 0.15 |  |   | 0.19 |  |   | 0.11 |  |   | 0.34 |  |   | 0.79 |  |
| Net income attributable to common shareholders                          | $ | 0.58 |  |   | $ | 0.66 |  |   | $ | 0.50 |  |   | $ | 0.67 |  |   | $ | 2.42 |  |
|                                                                    |   |   |   |   |   |   |   |   |   |
| Diluted Earnings Per Common Share from:                                 |   |   |   |   |   |   |   |   |   |
| Continuing Operations                                                   | $ | 0.43 |  |   | $ | 0.47 |  |   | $ | 0.39 |  |   | $ | 0.33 |  |   | $ | 1.62 |  |
| Discontinued Operations                                                 | 0.15 |  |   | 0.19 |  |   | 0.11 |  |   | 0.34 |  |   | 0.79 |  |
| Net income attributable to common shareholders                          | $ | 0.58 |  |  | $ | 0.66 |  |  | $ | 0.50 |  |  | $ | 0.67 |  |  | $ | 2.41 |  |

|        |
|--------|
|        |
|   |

|     |                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | See Note 6 to the Company’s consolidated financial statements for information pertaining to non-operating items recorded in 2013 and 2014. |

|     |                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | See Note 3 to the Company’s consolidated financial statements for information pertaining to reorganization items recorded in 2013 and 2014. |

----