Digest: Tribune posts profit of $162.2 million
EmptyTribune Co. on Thursday posted a third-quarter profit of $162.2 million, when including a one-time tax gain, compared with $21.9 million in the year-ago period. Excluding the gain, results fell below Wall Street estimates because of continued advertising weakness. Tribune revenue declined 3% year-over-year to $1.35 billion. Broadcasting and TV was down 3%, with publishing off 2%. In a conference call, CEO Dennis FitzSimons said the new CW network is "off to a promising start."
Belo Corp. reported a lower third-quarter profit as severance and other charges and advertising challenges at its newspaper group more than offset solid TV advertising gains. Belo's quarterly profit fell from $22.1 million a year ago to $19.2 million. Revenue rose 0.8% to $376.4 million, as TV group revenue jumped 6.9%, but newspaper revenue decreased 4.2%.
Broadcaster Lin TV Corp. has agreed to sell its Puerto Rico TV operations to InterMedia Partners Lp. for $130 million in cash. Lin said the move will focus its operations on the continental U.S. and improve leverage. Sold stations include independent WAPA-TV and a station branded as MTV Puerto Rico.