Tribune Profit Falls on Circulation Figures

From Bloomberg News

Los Angeles Times publisher Tribune Co. said third-quarter profit fell 33% after the company inflated circulation figures at its Newsday and Hoy newspapers and reimbursed advertisers.

Net income declined to $121.7 million, or 37 cents a share, from $182.3 million, or 53 cents, a year earlier, the Chicago-based company said. Revenue slipped 2% to $1.41 billion.