Tribune Company Loses $121 Million
By THE ASSOCIATED PRESS
Published: November 10, 2008
CHICAGO (AP) — The Tribune Company, owner of newspapers including The Los Angeles Times and The Chicago Tribune, along with the Chicago Cubs and Wrigley Field, said Monday that it lost $121.6 million in the third quarter as newspaper advertising revenue fell.
The company, which is privately held, had net income in the comparable quarter a year earlier of $152.8 million. Revenue fell 10.5 percent, to $1.04 billion, from $1.16 billion a year ago, the company said.
“We are operating in an exceptionally difficult financial and economic environment,” the chief executive, Sam Zell, said in a statement. “The newspaper industry continues to see extraordinary declines in ad revenues, and Tribune is no exception.”
Publishing revenue fell 13 percent, to $654 million, as advertising revenue dropped 19 percent.
Revenue from the broadcasting division, which includes 23 TV stations, fell 8.3 percent, to $264.4 million, from $288.3 million a year ago.
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