Tribune Media, just one of the major U.S. tv station operators, claimed on Tuesday that activist trader Starboard Worth experienced taken a 6.6 p.c stake in the company.
Tribune’s shares have been up practically two.five p.c at $34.fifty four in investing right after the bell.
Last yr, Starboard disclosed a stake in Tronc, the newspaper enterprise that Tribune spun off in 2014.
Greater programming expenses and a demanding advertising and marketing ecosystem have pushed Tribune to rethink its enterprise technique.
The company claimed in November that it was doing the job with its economic advisers on a strategic evaluate of its belongings. Tribune experienced hired expenditure financial institutions Moelis and Guggenheim Securities as economic advisers early very last yr.
Tribune sold its media data device Gracenote to advertising and marketing monitoring company Nielsen Holdings for $560 million in December. The company could also drop other elements of its enterprise, Reuters experienced described.
Starboard, led by Jeffrey Smith, is known for shaking up boards and pushing organizations into mergers and acquisitions.