Tribune Media to Move Stock to New York Exchange
The company, led by CEO Peter Liguori, expects trading to start on Friday in a move that is expected to make it more widely traded and covered
Tribune Media said Tuesday that it has received approval to move its stock to the New York Stock Exchange, which is expected to give it more investor and Wall Street attention.
The company, led by CEO Peter Liguori, expects trading of its class A common stock on the NYSE to start on Friday under ticker symbol TRCO.
It currently trades on the OTC Bulletin Board for smaller, less broadly followed stocks. That makes it less widely traded and covered by analysts. Liguori previously said that a move to a major exchange would "open us up to more investors."
The company's warrants and class B common stock are expected to continue to be traded on the OTC.
Since exiting bankruptcy in January 2013, Tribune hasn't drawn as much investor interest as observers say it could get with the listing on the major exchange, which attracts more investors and has stricter governance rules.
Tribune Media recently separated from Tribune Publishing, the parent of the Los Angeles Times and Chicago Tribune, in a split of the company.
Tribune Media consists of 42 owned or operated broadcast stations; national entertainment network WGN America, which has had success with original drama Salem; Tribune Studios; Tribune Digital Ventures; WGN Radio; real estate properties and strategic investments.