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Tribune Co. reports $124 million loss for 3rd quarter
The Tribune Company, the publisher of The Chicago Tribune, The Los Angeles Times, Newsday and others has reported a $124 milliion loss for the 3rd quarter, down from a profit of $84 million for the same quarter last year.
The bulk of the loss came from plunging ad revenue, which dropped 19% in the quarter. E&P reports that retail advertising revenue for the group dropped 10%, preprint 15%, national advertising 21% and classified advertising a whopping 30%.
Online revenue didn’t provide any relief, dropping 7% due to a decline in online classified revenue related to the offline drop.
The Tribune Company faces a difficult debt situation with interest expenses growing to $232 million in the quarter up from $175 million for the same period last year. Total debt for the group now totals $11.8 billion, up from $9.4 billion.
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November 20, 2008 at 10:56 am
[...] Tribune Co. reports $124 million loss for 3rd quarter [...]
December 7, 2008 at 4:30 pm
[...] Tribune Company reported a $124 million loss for the 3rd quarter. As we reported November 10, the company faces ...
December 8, 2008 at 1:02 pm
[...] bankruptcy filing had been rumored for some time now. The company reported a $124 million loss for the third ...