Tribune Co. revenues drop 10% in 2nd quarter
BY SAM CHARLES Staff Reporter August 30, 2013 12:20AM
Tribune Company’s operating revenues fell 10 percent in the second quarter of 2013, according to figures released by the company Thursday.
The Chicago Tribune’s parent company saw an overall drop of $86 million in operating revenue compared with the same period in 2012. The company said $66 million of that decline occurred in broadcasting, which in 2012 was boosted by one-time royalties of $41 million, according to a statement from the Tribune Company.
“While our second quarter financial results reflect many of the same challenges faced by the other companies in our sector, we have made substantial progresss strategically repositioning Tribune for long-term growth,” Peter Liguori, Tribune Company President and CEO, said in a statement.
A 4 percent, or $19 million, drop in publishing revenue was attributed to a “reduction in Run-of-Press print newspaper advertising.”
Aside from the Chicago Tribune, the company also owns the Los Angeles Times, Baltimore Sun and Orlando Sentinel, among other newspapers. It also owns WGN-TV, CLTV and WGN Radio.