Tribune’s Net More Than Doubles; Sales Fall

Tribune Co., publisher of the Los Angeles Times and New York’s Newsday, said second-quarter profit more than doubled on a gain from an investment. The company cut costs to combat a 9.1% drop in circulation revenue.

Net income rose to $233.4 million, or 73 cents a share, from $96.4 million, or 29 cents, a year earlier, the Chicago-based company said. Sales fell 2.3% to $1.46 billion. Excluding the gain, profit was 60 cents a share, surpassing analysts’ estimates, as costs declined.

Tribune tempered the effect of lower ad revenue and higher newsprint costs by cutting 1,000 jobs. National advertising fell 3.8% as advertisers shifted spending to the Internet.

Tribune shares rose 35 cents to $35.75.