Tribune Sees 18% Rise in Quarterly Profit

Tribune Co., the media company that is buying Times Mirror Co., said first-quarter profit rose 18% to $85.6 million, or 32 cents a share, on strength in its broadcasting business. The results, which exclude one-time charges and gains, matched analyst estimates. The company, which publishes the Chicago Tribune, said revenue rose 8.7% to $782.5 million. The broadcast and entertainment unit, which includes the Chicago Cubs professional baseball team, rose 33% on an 18% jump in revenue. Strong audience ratings at Tribune’s TV stations pushed up revenue 19% as advertisers paid more for commercial time. The stations profited from reruns of programs such as “The Drew Carey Show” and from affiliation with the WB TV network. Profit in the publishing business edged up 1% as revenue rose 2.7%. Last month, Chicago-based Tribune agreed to buy Times Mirror, publisher of the Los Angeles Times, for $6.3-billion in cash and stock. The company said it will file documents with the Securities and Exchange Commission on the proposed acquisition in about 10 days. Tribune expects to complete the purchase in late June or early July. Tribune shares closed off 31 cents at $37.56 on the NYSE.