We purchased Tribune Media (NYSE:TRCO) and one other holding during the quarter. We previously invested profitably in Tribune via its distressed bonds when the company went through bankruptcy. After completing the spin-off of its publishing business last year, Tribune is now a diverse mix of television and digital properties spanning news, entertainment, and sports. The company owns or operates 42 broadcast stations, representing the country’s largest combined independent station group. Additionally, Tribune’s spectrum ownership is uniquely valuable given its concentration in large, coastal cities. Management’s capital allocation discipline has beendemonstrated by repurchasing undervalued shares and selling off non-core assets at compelling prices.
From Longleaf Partners' third quarter 2015 commentary.
