Tribune Co. had a rough 2013 in publishing and broadcasting — but its one-third share in The Food Network paid off big time.
The Chicago media giant, which values its investment in the foodie cable channel and website at $1.42 billion, earned a $154 million payout from it last year, it was revealed in a regulatory filing.
Last year, while in Chapter 11, Tribune valued its 31 percent stake in Food Network, controlled by Scripps Networks Interactive, at $345 million, according to the filing.
Meanwhile, Tribune is hoping to start talks aimed at keeping hold of its asset. The partnership that governs the stake is set to expire Dec. 31.
Tribune, run by former Fox and Discovery Communications executive Peter Liguori, is in the midst of spinning off its newspaper division, which includes the LA Times and Chicago Tribune, to focus on growing its station operations — including New York’s WPIX.
Tribune is positioning itself as a TV company.
Last year, it spent $2.7 billion on a host of local stations that will make it the largest owner of commercial TV stations in the US.
The company reported Friday that net profit in 2013 fell 43 percent, to $241.6 million.
Broadcasting revenue fell 11 percent, as advertising sales fell by $52 million, in part fuelled by ratings dips at WPIX-TV and lower Cubs’ baseball revenue at WGN-TV, the firm said.
Operating revenue in the publishing business fell 6 percent in 2013 from the prior year.
Liguori, in a statement, noted the challenging first three quarters of the year but said fourth-quarter nonpolitical core advertising revenue stabilized year over year.