Tribune Warns That Earnings Will Fall Short

Tribune Co. became the latest newspaper publisher to warn that its first-quarter earnings would fall short of expectations because of softer advertising spending. Tribune, which publishes the Los Angeles Times and Chicago Tribune, said it expects operating earnings of 18 cents to 20 cents a share for the quarter. The Wall Street consensus estimate was 25 cents, according to First Call/Thomson Financial. The company, which also owns KTLA-TV in Los Angeles and a number of other television stations, earned 32 cents in the year-earlier period. Tribune said it expects advertising revenue to strengthen in the second half of the year. The Chicago-based company said it would defer several projects, which will result in capital spending and investments being cut by $150 million.