Media stocks have outperformed the market since the inauguration of Donald Trump, with TV station owners led by Tribune Media pacing the sector.
The network is sure to put on a brave face as it enters broadcasts without its top-rated host, but its dominance over cable TV news may never be the same.
As the mothership struggles, the country's fifth-biggest broadcaster, with its dozen digital properties, aims to be in the vanguard of a hot, new-again business model: e-shopping.
The company delivers a strong IPO amid enthusiasm for its leading position in a hot cloud software market. But it needs to be careful lest it end up like Nutanix.