Tribune Q2 Weak But Shares Rise
July 26, 2007 at 5:34 AM (PT)
TRIBUNE second quarter revenues and earnings took another dive, the company reported late WEDNESDAY, but the results may help the company's ability to complete its deal with SAM ZELL to take the operation private, with the company's shares jumping 4% after the company reported that cash flow did not drop as severely as expected and investors reacted favorably to analysts' projections that the deal will close as planned.
Revenues fell 6.8% to $1.31 billion, and net income off 58.7% to $36.3 million (18 cents/share). One bright spot was the Radio/Entertainment division, the revenues of which rose 27.3% to $106 million while division operating profit jumped 179.7% to $18.6 million, all attributed to having more CHICAGO CUBS home games than the same quarter in 2006.
TRIBUNE does not break out results for its only radio property,Talk WGN-A/CHICAGO.