Tribune Publishing reports print advertising fell 9.7% in Q3 earnings report
The newspaper part of The Tribune Company, now called Tribune Publishing, today reported its third quarter earnings. The owner of the Los Angeles Times and Chicago Tribune reported that revenue fell 4.7 percent, with advertising falling 9.7 percent. Digital advertising also fell, down 7.4 percent in the quarter, though this segment was impacted by the loss of revenue from Apartments.com and CareerBuilder.
Advertising revenue fell, despite this being a mid-term election cycle.
“During the third quarter, we experienced softness in our print advertising revenue categories, especially in national,” said John Bode, Tribune Publishing Chief Financial Officer. “Although we face secular challenges in print advertising, we are actively engaged in right-sizing the cost structure of the organization to align functions around business opportunities. We continue to evaluate bolt-on acquisitions and target commercial print customers as we further scale Tribune Publishing’s infrastructure investments.”
This was the first quarter the company reported earnings after separating from the rest of The Tribune Company on August 4.