Tribune Company reports lower earnings as revenue at both print and broadcasts units falls
The Tribune Company reported Q2 earnings after the bell this afternoon. Net income fell almost 66 percent to $66.3 million from $170.8 million in the same quarter a year ago. Total revenue fell over 10 percent to $730.2 million from $815.8 million a year ago.
Both print and broadcast revenue fell, with the company blaming less sports on WGN. Publishing revenue actually performed best, falling to $469.7 million from $489.1 million, or just under 4 percent. Broadcast revenue fell to $260.5 million from 326.7 million, or over 20 percent in the quarter.
The earnings report said that the proposed spin-off of the publishing business is expected to be completed by mid-2014 and will include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, South Florida Sun Sentinel, Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press.