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Q3 Profit Down for Tribune

Oct 28, 2004  •  Post A Comment

Tribune, the media company that owns 26 television stations and owns stakes in The WB Network and Food Channel, on Thursday reported a 33 percent decline in third-quarter profit as the circulation scandal at a number of its newspapers, coupled with flat revenue and operating income growth at its broadcasting business, took a toll on results.

The Chicago-based company reported that profit fell to $119.6 million, or 38 cents a share, versus a year-earlier profit of $176.2 million, or 56 cents a share. Revenue was up 2 percent to $1.4 billion.

The third-quarter results reflected a $55 million pretax charge related to the anticipated settlement Tribune will reach with advertisers in connection with the circulation inflation scandal at its New York City newspapers. The results also factor in a net-equity loss of $1.6 million tied to Tribune’s investment in The WB Network and job-search Web site CareerBuilder.com.

Tribune’s television business reported that revenue was flat at $327 million, and operating profit also was flat at $121 million.