Bulk of Trib Co’s revenue comes from newspapers, profits from broadcasting
By David Roeder Staff Reporteremail@example.com June 17, 2013 5:58PM
Updated: July 19, 2013 6:35AM
Most of Tribune Co.’s revenue comes from the newspapers it is marketing for sale, but the profits are overwhelmingly from its broadcasting business, according to financial results issued Monday.
Tribune said that for 2012, its final year operating under bankruptcy, revenue totaled $3.15 billion, up from $3.11 billion from 2011. Its net income fell 5.7 percent over the same period, to $422.49 million in 2012.
Its numbers show that two-thirds of the revenue comes from newspapers, which include the Chicago Tribune, the Los Angeles Times, the Baltimore Sun and the Orlando Sentinel. But the broadcasting side, including 23 television stations, WGN America and Chicago’s WGN-AM radio, are the profit workhorses.
In 2012, the broadcasting division generated $396 million in operating profit, vs. just $89 million for the publishing division, Tribune said. The company has hired investment bankers to field offers for its eight daily newspapers, which were valued during its bankruptcy at $623 million.
It said its results last year were affected by $198 million in bankruptcy expenses. For the last three years, its bankruptcy bill was $441.9 million, the company said.
Tribune noted that it cut 900 jobs in 2012, 700 in 2011 and 600 in 2010. Its breakdown of severance and other expenses associated with the job cuts showed that they were mostly at the newspapers.