Tribune Media Co. (NYSE: TRCO), owner of 42 local-TV stations and the WGN America cable network, said it intends to explore “strategic and financial alternatives” to better reflect its value, with its stock down 50 percent in the past year.

Tribune’s board and the company are working with Moelis & Co. and Guggenheim Securities on potential options, which may include selling or separating assets or pursuing new partnerships and programming alliances, according to a statement Monday. The company hasn’t set a deadline for completing a review of alternatives, it said.

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