Brooke Sutherland, Columnist

Tribune Media Sends Out Sale Signals

The broadcaster's assets could be a consolation prize after Meredith lost out on another target.

February 29, 2016 at 7:36 PM UTC

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

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The biggest U.S. TV station operator just put out a for-sale sign, and it's not hard to puzzle out why.

Tribune Media, which runs 42 local broadcasting outlets1456763732654, announced Monday that it's exploring strategic options including asset sales. The news sent the Chicago-based company's stock up as much as 12.4 percent, the biggest intraday gain since it emerged from bankruptcy and a sharp contrast to recent trading days.