Tribune Co. said Tuesday that its net income fell 30% in the first quarter, as gains in broadcast revenue were offset by double-digit publishing declines and higher expenses.
Net income was $41.1 million, or 41 cents a share, compared with $58.4 million, or 58 cents a share a year ago. Tribune, owner of the Los Angeles Times and other media properties, had an operating profit of $74 million, an 11% decline.
Total first-quarter revenue was $852 million, up 21% from the same quarter last year. The acquisition of Local TV increased revenue by nearly $145 million, the Chicago company said.
Operating expenses jumped 25% to $778 million.
"In the first quarter of...