Tribune Q1 Revenues Down, Broadcasting/Entertainment Up
May 8, 2008 at 3:24 PM (PT)
TRIBUNE CO.'s first-quarter revenue dropped 8% to $1.1 billion, with publishing off 11% to $823 million, but broadcasting and entertainment up 3% to $292 million. Pre-tax income from continuing operations fell from a gain of $31 million last year to a loss of $30 million this year, although a one-time favorable non-cash income tax adjustment of $1.86 billion due to the change in the company's status to subchapter-S resulted in earnings rising from $11 million to $1.82 billion. The company does not separately report revenues from its only radio property, Talk WGN-A/CHICAGO.
"As we stated on our call in APRIL, print ad revenues continue to be challenged by the weak economy's impact on real estate and classified advertising," said Chairman/CEO SAM ZELL. "Broadcasting operating results are notably more stable. This business segment is tracking ahead of 2007 and it is outperforming the industry average. We continue to make significant progress on our strategy to transform operations, and to realize the full value of the Company's unparalleled brands."