Tribune Q3 Revenue Falls, WGN-A Cited As Among Stations With Largest Declines
November 11, 2013 at 7:14 AM (PT)
TRIBUNE COMPANY third-quarter revenue fell 5% to $695 million, and broadcasting revenues fell 6% to $248 million, with the company's sole radio outlet, Talk WGN-A/CHICAGO, among the stations cited as having the largest declines, blamed on lower ratings for CHICAGO CUBS baseball.
Pres./CEO PETER LIGUORI said, “While we are pleased with the progress we have made on key strategic initiatives in the third quarter, our financial results in the period did not meet our expectations. We are taking targeted actions to position our broadcasting stations for profitable growth and look forward to consummating the pending acquisition of LOCAL TV. Our publishing business has continued to perform well despite ROP revenue declining. Importantly, we are developing compelling original programming content, improving the capabilities of our digital assets, expanding our efforts to increase non-ROP revenue and increasing the profitability and cash flows of our equity investments and real estate portfolio."