Tribune Saw Improvement In '09, Michaels/Spector Memo Says
January 20, 2010 at 1:03 PM (PT)
A memo from TRIBUNE CEO RANDY MICHAELS and COO GERRY SPECTOR to the company's staff, published by the POYNTER INSTITUTE's JIM ROMENESKO, says that the company saw "stronger than expected performance by both the Broadcasting and Publishing Groups in the fourth quarter," resulting in the company finishing 2009 "with close to $500 million in operating cash flow."
The memo notes, "Given that we started the year like most media companies, feeling as though we would be fighting for our very survival, this is truly a remarkable achievement." MICHAELS and SPECTOR credit the staff for the results, saying, "You should be proud. You worked hard, you innovated, you were aggressive, you kept expenses low, and you led from the front. We also got some help from outside the company -- newsprint prices turned lower, retailers had a slightly better than expected holiday season, and the economy is improving a little bit."
TRIBUNE owns Talk WGN-A/CHICAGO and is expected to emerge from Chapter 11 bankruptcy sometime in 2010.