Another Weak Quarter For Tribune
November 10, 2008 at 12:10 PM (PT)
TRIBUNE CO. third-quarter operating revenues dropped 10% to $1 billion, resulting in a loss from continuing operations of $124 million compared with income from continuing operations of $84 million in the third quarter of 2007. Operating cash flow decreased 67% to $90 million, while operating profit declined 83% to $37 million.
Radio/entertainment revenues were up $1 million and operating cash flow decreased $10 million, primarily due to higher player compensation at the CHICAGO CUBS and two fewer home games in 2008. While the division includes the company's only radio station, Talk WGN-A/CHICAGO, the station's results are not broken out in the quarterly report.
"We are operating in an exceptionally difficult financial and economic environment," said Chair./CEO SAM ZELL. "The newspaper industry continues to see extraordinary declines in ad revenues, and TRIBUNE is no exception. But we continue to aggressively pursue our operating strategy, and to tightly manage the factors that are within our control. Internally, we have established momentum on developing new initiatives and our culture now reflects that focus and mindset."