Tribune Co. Reports Profit Decline

Jan 28, 2005  •  Post A Comment

Tribune Co. on Friday reported a 36 percent decline in fourth-quarter profit, as the company was hurt by a one-time charge related to the elimination of around 230 jobs in the company’s publishing unit.

Chicago-based Tribune, which owns newspapers and television stations and holds a stake in The WB Network, reported a profit of $216.8 million, down from the year-ago figure of $338.4 million. Included in the 2004 quarter’s result is a $24 million charge related to those job cuts.

Revenue rose 1 percent to $1.5 billion.

For the full year Tribune’s profit tumbled 38 percent to $555.5 million, on a 2 percent increase in revenue to $5.7 billion.

Tribune’s broadcast and entertainment division’s revenue was flat in the quarter at $386 million, while it was up 3 percent to $1.6 billion for the year.