In its flagship publishing business, the company reported a second quarter operating revenue loss of 11 percent – or $83 million – to $701 million year-over-year, and a 15 percent decrease, or $91 million, in advertising revenues year-over-year for the quarter.
The company had reported an identical percentage loss – then valued at $103 million – in its publishing division’s operating revenues for the first quarter 2008 year-over-year.
“Our publishing results are, for the most part, in line with industry trends, which remain consistent with what we reported in the first quarter,” Sam Zell, chairman and CEO of Tribune Company said in a statement.
“Since the beginning of the year, we have launched dozens of programs and products that have the potential to make a meaningful impact on our future, and we have made significant progress in aligning our expenses with the realities of an industry in recession,” Zell said.
In Q2 2007, the company, which then was stockholder-owned, reported income from continuing operations of $35 million.
Breaking down its advertising sales results, Tribune Co. said retail advertising slumped 8 percent — or $20 million — for the quarter; national advertising revenues declined 12 percent; and classified advertising dropped 26 percent. Circulation revenues, it said, decreased 2 percent for the quarter.
Its broadcasting and entertainment division, however, experienced a second quarter operating revenue increase of 4 percent to $409 million, with television’s operating revenues increasing 2 percent to $292 million.
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