• by Joe Mandese  @mp_joemandese, February 29, 2016

Storied media company Tribune Media Co. this morning announced its board has retained Moelis & Co. and Guggenheim Securities to explore “strategic and financial alternatives,” including the “sale or separation of select lines of business or assets, strategic partnerships, programming alliances and return of capital initiatives.”

The announcement, which was made as part of mixed fourth-quarter and full-year 2015 earnings release, as well as a $400 million stock repurchase program, comes amid a broader restructuring of old line media companies.

“We believe that the value of the portfolio of businesses of Tribune Media is not fully reflected in the stock price and intend to explore ways to unlock value by reviewing strategic alternatives,” board Chairman Bruce Karsh said in a statement, adding: “ At the same time, we remain committed to achieving strong operational performance across our businesses."