As it waits for a resolution to its pending $8 billion buyout, The Tribune Company (NYSE: TRB) is struggling with the same weak advertising market as its peers. Revenue for the third quarter slipped 4 percent to $1.28 billion from $1.33 billion, while operating profit declined 3.7 percent to $229 million from $238 million. A number of one-time events and asset dispositions make year-over-year net income comparisons difficult. In light of the buyout, no conference call is planned.
–Publishing revenue hit $871 million, down 7 percent, which was almost entirely due to a 9 percent drop in advertising revenue.
–Classified advertising revenue plummeted 18 percent, with big declines in Chicago, LA and Florida.
–Interactive revenue up 9 percent to $65 million, accounting for 7.4 percent of the publishing unit’s total sales.