Newspaper Publishers: Major publishers Tribune Co., Knight-Ridder...
From Times Staff and Wire Reports
Newspaper Publishers: Major publishers Tribune Co., Knight-Ridder Inc. and Washington Post Co. separately reported drops in second-quarter profit due to the weak economy and the resulting decline in advertising. In Chicago, Tribune Co., parent of the Chicago Tribune and New York’s Daily News, said profit fell 25% to $56.1 million. Revenue rose 2% to $656.2 million. Miami-based Knight-Ridder, which owns the Philadelphia Inquirer and Miami Herald, said its net income plunged 65% to $44.6 million. The 1989 quarter included gains from discontinued operations. Revenue increased 2% to $591.7 million. Washington Post Co. reported that net income fell 8% to $55.9 million. Revenue was $379.6 million, about the same as last year.
