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Tribune’s Quarterly Profit Doubles

Jul 14, 2005  •  Post A Comment

Publishing and broadcasting giant Tribune reported Thursday that its second-quarter profit more than doubled from a year ago, thanks to cost savings and accounting factors.

The Chicago-based company reported a second-quarter profit of $233.4 million, versus a year-ago profit of $96.4 million. The year-earlier profit was weighed down by pre-tax charges related to the elimination of 375 jobs in the company’s publishing division and settlement charges related to a circulation scandal at the company’s two New York-area newspapers.

Tribune’s broadcasting and entertainment division, which includes the company’s television stations and its investment in The WB Network, posted a 6 percent decline in operating revenue to $423 million and a 16 percent decline in operating profit to $134 million.

Within that division, the company’s TV operations reported a 9 percent decline in revenue to $335 million, while operating profit fell 22 percent to $121 million. The company blamed the results on an uneven advertising environment and the negative impact of Nielsen’s Local People Meters in the New York, Los Angeles, Chicago and Boston markets.