Tribune Profit Falls 23%; Ad Sales Rise
Tribune Co., publisher of the Los Angeles Times, said third-quarter earnings fell 23% from a year earlier when the company had a gain on the sale of radio stations. Newspaper advertising sales rose.
Net income fell to $182.3 million, or 53 cents a share, from $236.8 million, or 71 cents, a year earlier, the company said. Per-share earnings reflect the payment of preferred dividends. Sales at the Chicago-based company rose 3.4% to $1.39 billion.
Tribune shares rose 9 cents to $48.50 on the NYSE.